Section 2.1 — Canada Business Corporations Act: Individual with significant control

For the purposes of this Act, any of the following individuals is an individual with significant control over a corporation: an individual who has any of the following interests or rights, or any combination of them, in respect of a significant number of shares of the corporation: the individual is the registered holder of them, the individual is the beneficial owner of them, or the individual has direct or indirect control or direction over them; an individual who has any direct or indirect influence that, if exercised, would result in control in fact of the corporation; or an individual to whom prescribed circumstances apply. Two or more individuals are each considered to be an individual with significant control over a corporation if, in respect of a significant number of shares of the corporation, an interest or right, or a combination of interests or rights, referred to in paragraph (1)(a) is held jointly by those individuals; or a right, or combination of rights, referred to in paragraph (1)(a) is subject to any agreement or arrangement under which the right or rights are to be exercised jointly or in concert by those individuals. For the purposes of this section, a significant number of shares of a corporation is any number of shares that carry 25% or more of the voting rights attached to all of the corporation’s outstanding voting shares; or any number of shares that is equal to 25% or more of all of the corporation’s outstanding shares measured by fair market value.