Canadian Telecommunications Common Carrier Ownership and Control Regulations — 2
2 (1) In these Regulations, Act means the Telecommunications Act ; ( Loi ) board means the board of directors of a corporation; ( conseil d’administration ) carrier holding corporation means (a) a corporation that beneficially owns and controls, in the aggregate and otherwise than by way of security only, not less than 66 2/3 per cent of the issued and outstanding voting shares of a Canadian carrier and that is not otherwise controlled by non-Canadians, or (b) an acquiring corporation as defined in section 18; ( société mère d’une entreprise ou société mère ) depository means any person who provides centralized facilities for the clearing of trades in securities and is acting in relation to trades in voting shares solely in relation to the payment of funds or the delivery of securities, or both; ( dépositaire ) excess voting shares means issued and outstanding voting shares beneficially owned, or controlled, by non-Canadians in an amount greater than (a) 20 per cent of the total issued and outstanding voting shares, in the case of a corporation referred to in subsection 16(1) of the Act, or (b) the percentage of the total issued and outstanding voting shares that were beneficially owned, and controlled, by non-Canadians as at July 22, 1987, in the case of a corporation referred to in subsection 16(2) of the Act; ( actions avec droit de vote excédentaires ) holdco excess voting shares means issued and outstanding voting shares of a carrier holding corporation beneficially owned, or controlled, by non-Canadians (a) in the case of a carrier holding corporation that purports to be a qualified corporation, in an amount greater than 33 1/3 per cent of the total issued and outstanding voting shares of the carrier holding corporation, or (b) in the case of a carrier holding corporation that is an acquiring corporation as defined in section 18, in an amount greater than the percentage of the total issued and outstanding voting shares of the carrier as defined in that section that were beneficially owned, and controlled, by non-Canadians as at July 22, 1987; ( actions avec droit de vote excédentaires de la société mère ) holdco principal stock exchange means, at any given time, the stock exchange in Canada on which the highest volume of voting shares of a carrier holding corporation is traded; ( marché boursier principal de la société mère ) intermediary means a person or entity, excluding a depository and trustee, that holds a security on behalf of another person or entity; ( intermédiaire ) non-Canadian means a person or entity that is not a Canadian; ( non-Canadien ) principal stock exchange means, at any given time, the stock exchange in Canada on which the highest volume of voting shares of a Canadian carrier is traded; ( marché boursier principal ) qualified corporation means a corporation in which those of its shareholders who are Canadians beneficially own, and control, in the aggregate and otherwise than by way of security only, not less than 66 2/3 per cent of the issued and outstanding voting shares, and which is not otherwise controlled by non-Canadians; ( personne morale qualifiée ) qualified mutual insurance company means a mutual insurance company the head office and principal place of business of which are in Canada, and not less than 80 per cent of the board and of each committee of its directors of which are individual Canadians; ( société mutuelle d’assurance qualifiée ) qualified partnership means a partnership in which those of its partners who are Canadians beneficially own, and control, in the aggregate and otherwise than by way of security only, not less than 66 2/3 per cent of the beneficial interest in the partnership, and which is not otherwise controlled by non-Canadians; ( société de personnes qualifiée ) qualified pension fund society means a pension fund society the majority of whose members of its board of directors are individual Canadians, and that is established under An Act to Incorporate the Pension