Canadian Telecommunications Common Carrier Ownership and Control Regulations — 17
osest to July 22, 1987 within a six-month period, is in Canada; (b) subject to subsection (8), voting shares registered in the name of a shareholder who is not an individual, whose holdings were not greater than ten per cent of the voting shares of the carrier issued and outstanding as at that date and whose address as shown in the security register or books and records compiled as of the date closest to July 22, 1987 within a six-month period, is in Canada; (c) voting shares held by a depository that maintained its head office and principal place of business in Canada, where the address of the person on whose behalf the depository held the shares is in Canada, as shown on the books and records of the depository compiled as of a date closest to July 22, 1987 within a six-month period; and (d) voting shares held by a shareholder who establishes by affidavit or declaration filed pursuant to subsection (8) or (9) that the shareholder is a Canadian. (8) Where the directors of a corporation have information that causes them to believe that a shareholder referred to in paragraph (7)(a) or (b) was not the beneficial owner of the shares or that a person who was the beneficial owner of the shares was not a Canadian or would be considered to be a non-Canadian pursuant to these Regulations, the directors shall not include the voting shares of the shareholder or person in the determination referred to in subsection (7) unless the directors receive an affidavit or a declaration requested pursuant to section 7 that establishes (a) where the shareholder was not the beneficial owner, the identity of the beneficial owner at the relevant time and that the beneficial owner at the relevant time was a Canadian; or (b) where the shareholder was the beneficial owner at the relevant time, that the shareholder was a Canadian at the relevant time. (9) Where a shareholder, other than a depository that maintains its head office and principal place of business in Canada, owned or controlled shares consisting in the aggregate, on July 22, 1987 or the date closest to July 22, 1987 within a six-month period, of more than ten per cent of the issued and outstanding voting shares on that date, the shareholder shall, within six months after the coming into force of these Regulations, file with the Commission an affidavit or a declaration setting out the identity of the beneficial owner of the shares as at that date, and indicating whether the beneficial owner was a Canadian as at that date. (10) The shareholder referred to in subsection (9) shall send a copy of an affidavit or declaration to the carrier at the same time as the affidavit or declaration is sent to the Commission. (11) Where a shareholder fails to file an affidavit or declaration pursuant to subsection (8), the shares of the shareholder shall be considered to have been beneficially owned, and controlled, by a non-Canadian as at the relevant date. (12) Where the directors of a carrier or acquiring corporation determine the number of voting shares of the carrier pursuant to subsection (7), no further determination of the voting shares of that carrier or of the acquiring corporation shall be required for any period before the coming into force of these Regulations.