Direction to the CRTC (Ineligibility of Non-Canadians) — 1
e functions performed by a chief executive officer, and not less than 80 per cent of the directors are Canadians; (b) in the case of a corporation having share capital, Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, not less than 80 per cent of all the issued and outstanding voting shares of the corporation and not less than 80 per cent of the votes; and (c) in the case of a corporation that is a subsidiary corporation, (i) the parent corporation is incorporated or continued under the laws of Canada or a province, (ii) Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, not less than 66 2/3 per cent of all of the issued and outstanding voting shares of the parent corporation and not less than 66 2/3 per cent of the votes, and (iii) the parent corporation or its directors do not exercise control or influence over any programming decisions of the subsidiary corporation where (A) Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, less than 80 per cent of the issued and outstanding voting shares of the parent corporation and less than 80 per cent of the votes, (B) the chief executive officer of the parent corporation or, where the parent corporation has no chief executive officer, the person performing functions that are similar to the functions performed by a chief executive officer is a non-Canadian, or (C) less than 80 per cent of the directors of the parent corporation are Canadian. ( 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 of directors and of each committee of the directors of which are Canadians. ( société mutuelle d’assurance qualifiée ) qualified pension fund society means a pension fund society, not less than 80 per cent of the board of directors of which and of each committee of the directors of which are Canadians, and that is established under An Act to incorporate the Guarantee and Pension Fund Society of the Dominion Bank , S.C. 1887, c. 55, An Act to incorporate the Pension Fund Society of the Bank of Montreal , S.C. 1885, c. 13, the Pension Fund Societies Act , R.S., 1985, c. P-8, or under any provincial legislation that relates to the establishment of pension fund societies. ( société de caisse de retraite qualifiée ) qualified successor means a corporation referred to in paragraph 17(2)(b) or (c) of the Canadian Telecommunications Common Carrier Ownership and Control Regulations as they read on October 25, 1994, registered as SOR/94-667, incorporated or continued under the laws of Canada or a province and directly controlled by a Canadian carrier referred to in subsection 16(2) of the Telecommunications Act , or by its acquiring corporation, where (a) the control of the Canadian carrier and its acquiring corporation has remained unchanged since the date of the coming into force of this Direction; (b) the chief executive officer of the corporation or, where the corporation has no chief executive officer, the person performing functions that are similar to the functions performed by a chief executive officer, and all its directors are Canadians; (c) all the voting shares of the corporation that are not beneficially owned and controlled by the Canadian carrier or its acquiring corporation are beneficially owned and controlled by Canadians; (d) in the case of a corporation referred to in subparagraph (i)(ii) of the definition Canadian , all the voting shares of the qualified corporation that are not beneficially owned by the corporation are beneficially owned and controlled by Canadians; (e) the corporation operates only in the operating territory of the Canadian carrier; (f) the corporation does not beneficially own, directly o