Pension Benefits Standards Regulations, 1985 — 12
12 (1) The administrator of a plan shall not, directly or indirectly, invest the moneys of the plan in the securities of a real estate corporation to which are attached more than 30% of the votes that may be cast to elect the directors of the corporation, unless the administrator obtains and deposits with the Superintendent an undertaking by the corporation that, while those securities are held, the corporation will (a) file with the Superintendent, at such intervals or times as the Superintendent directs, (i) copies of its annual financial statements, (ii) copies of its audited financial statements in respect of fiscal years ending after December 31, 1994, (iii) a list clearly identifying the assets of the corporation and the market value of each asset, (iv) a list of the names of its officers, directors and shareholders, and (v) a certificate stating that the corporation is complying with its undertaking; (b) permit the Superintendent or an authorized member of the Superintendent’s staff to visit its head office and to examine its books and records; (c) limit its activities to acquiring, holding, maintaining, improving, leasing or managing real property other than real property that yields petroleum or natural gas; (d) not carry on the activities referred to in paragraph (c) in respect of any real property that is not owned by, or on behalf of, or mortgaged to, (i) the plan, (ii) the corporation, (iii) any other real estate corporation in which securities to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation have been invested in by, or on behalf of, the plan pursuant to this subsection, or (iv) any other real estate corporation in which securities to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation are owned by the corporation or by a real estate corporation referred to in subparagraph (iii); (e) procure, at the request of the Superintendent and at its own expense, an appraisal by one or more accredited appraisers of any parcel of real property owned by it or on its behalf; (f) not lend any of its assets to, or invest any of its moneys in, a related party of the plan; (g) restrict its investments and loans, other than investments in real property or in the securities of other real estate corporations, to those authorized for the plan under this Schedule; and (h) not invest, or hold an investment, in securities of any other real estate corporation to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation, unless the corporation first obtains and deposits with the Superintendent an undertaking by the other real estate corporation not to invest, or hold an investment, in the securities of any other real estate corporation. (2) A list of assets referred to in subparagraph (1)(a)(iii) (a) shall not include any asset, other than an asset referred to in paragraph (1)(g), that is not authorized under this Schedule; and (b) shall value any securities that are included in the assets of the corporation at a value not exceeding the market value thereof. (3) Any financial statement of a plan filed under subsection 12(2) of the Act shall value the common shares of the real estate corporation held by, or on behalf of, the plan at a value not greater than the amount obtained by multiplying (a) an amount equal to the total assets of the corporation less the sum of its total liabilities and its preferred capital stock by (b) the number of common shares of the corporation held by, or on behalf of, the plan divided by the total number of the issued and outstanding common shares of the corporation.