Public Sector Pension Investment Board Regulations — 13
13 (1) The Board shall not directly or indirectly invest in the securities of a corporation to which are attached more than 30 per cent of the votes that may be cast to elect the directors of the corporation. (2) Subsection (1) does not apply in respect of investments in securities issued by a subsidiary of the Board. (3) Subsection (1) does not apply in respect of investments in securities issued by an investment corporation if the corporation (a) does not enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16; (b) limits its investments to those that are authorized for the Board under these Regulations; (c) does not invest, or hold an investment, in securities of any other investment 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 provides to the Board, an undertaking by the other investment corporation (i) not to enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16, (ii) not to invest, or hold an investment, in the securities of any other investment corporation, and (iii) to limit its investments to those that are authorized for the Board under these Regulations; and (d) has provided to the Board an undertaking described in subsection (6). (4) Subsection (1) does not apply in respect of investments in securities issued by a real estate corporation if the corporation (a) limits its activities to acquiring, holding, maintaining, improving, leasing or managing real or immovable property, that is owned by, or held on behalf of, or mortgaged or hypothecated to (i) the Board, (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 Board 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); (b) restricts its investments and loans, other than investments in real or immovable property or in the securities of other real estate corporations, to those authorized for the Board; (c) does not enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16; (d) does 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 Board an undertaking by the other real estate corporation (i) not to enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16, (ii) not to invest, or hold an investment, in the securities of any other real estate corporation; and (e) has provided to the Board an undertaking described in subsection (6). (5) Subsection (1) does not apply in respect of investments in securities issued by a resource corporation if the corporation (a) limits its activities to acquiring, holding, exploring, developing, maintaining, improving, managing, operating or disposing of Canadian resource properties that are