Source: http://web2.gov.mb.ca/laws/statutes/2008/c01408e.php
Timestamp: 2016-08-26 13:39:08
Document Index: 455304697

Matched Legal Cases: ['art. 107', 'art 2', 'arty 10', 'art 8', 'art 7', 'ART 9']

1(1) The following definitions apply in this Act. "adverse claim" means a claim that
"communicate" means (a) send a signed writing; or
Notice 3(1) For the purposes of this Act, a person has notice of a fact if
(b) the person has received a notice of it; or (c) information comes to the person's attention under circumstances in which a reasonable person would take cognizance of it.
4(2) In this section, "good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. Variation of Act by agreement
8(1) Subject to subsection (2), this Act applies to the Crown. Application of Proceedings Against the Crown Act
12(3) In this section, "limited liability company" means an unincorporated association, other than a partnership, formed under the laws of another jurisdiction, that grants to each of its members limited liability with respect to the liabilities of the association. Bill of exchange, promissory note
Exception 19(2) Despite subsection (1), a person has notice of an adverse claim if that person knows that
Purchaser's control of certificated security in bearer form 23(1) A purchaser has control of a certificated security that is in bearer form if the certificated security is delivered to the purchaser.
Purchaser's control of certificated security in registered form 23(2) A purchaser has control of a certificated security that is in registered form if the certificated security is delivered to the purchaser and
(ii) in the case of an entitlement order referred to in clause 25(1)(b), the person who has control of the security entitlement; or (c) the appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness.
Securities intermediary's warranties re security certificate 43(1) If a securities intermediary delivers a security certificate to its entitlement holder, the securities intermediary makes to the entitlement holder the warranties set out in section 33.
(a) if the issuer is incorporated under a law of Canada, the law, other than the conflict of law rules, of Canada; (b) if the issuer is the Crown in right of Canada, the law, other than the conflict of law rules, of Canada;
Law governing other matters re securities 44(2) The law, other than the conflict of law rules, of the issuer's jurisdiction governs
(a) if the issuer is incorporated under a law of Canada, the law, other than the conflict of law rules, of the province or territory in Canada in which the issuer has its registered or head office; (b) if the issuer is the Crown in right of Canada, the law, other than the conflict of law rules, of the issuer's jurisdiction;
(d) if the issuer is the Commissioner of a territory in Canada, the law, other than the conflict of law rules, of the territory; (e) in any other case, the law, other than the conflict of law rules, of the jurisdiction under which the issuer is incorporated or otherwise organized. Definition
(a) if the issuer is incorporated under a law of Canada, the province or territory in Canada in which the issuer has its registered or head office or, if permitted by the law of Canada, another jurisdiction specified by the issuer; (b) if the issuer is the Crown in right of Canada, the jurisdiction specified by the issuer; (c) if the issuer is the Crown in right of a province in Canada, the province or, if permitted by the law of that province, another jurisdiction specified by the issuer; (d) if the issuer is the Commissioner of a territory in Canada, the territory or, if permitted by the law of that territory, another jurisdiction specified by the issuer; (e) in any other case, the jurisdiction under which the issuer is incorporated or otherwise organized or, if permitted by the law of that jurisdiction, another jurisdiction specified by the issuer. Matters governed by law of securities intermediary's jurisdiction
Definition 45(2) In this section, "securities intermediary's jurisdiction" means the jurisdiction determined in accordance with the following rules:
53(3) A signature on a security certificate is presumed to be genuine and authorized but, if the effectiveness of the signature is put in issue, the burden of establishing that it is genuine and authorized is on the party claiming under the signature. Recovery on certificate
53(6) The following definitions apply in this section. "defendant" includes respondent. (« défendeur »)
Reference to another instrument, etc. 56(2) A reference described in clause (1)(b) does not by itself constitute notice to a purchaser for value of a defect that goes to the validity of the security, even if the security certificate expressly states that a person accepting it admits notice.
57(2) Except as provided in subsection (3), a security issued with a defect going to its validity is enforceable against the issuer if held by a purchaser for value and without notice of the defect. Exception
(a) there has been substantial compliance with the legal requirements governing the issue; or (b) the issuer has received all or a substantial part of the consideration for the issue as a whole or for the particular security and the purpose of the issue is one for which the issuer has power to borrow money or issue the security. Lack of genuineness of certificated security
(b) the security is an uncertificated security and the registered owner has been given a notice of the restriction by a person required to give such notice in order to make the restriction effective. Completion of security certificate
67(1) Except as otherwise provided in subsections (2) and (3), the provisions of this Act that make a security enforceable against an issuer despite a defence or defect or that compel a security's issue or reissue do not apply to the extent that the application of such provision would result in an overissue. Identical security reasonably available for purchase
67(2) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue of a security, or a person entitled to enforce a security against an issuer despite a defence or defect as provided under section 57, 58 or 59 or under a similar law of another jurisdiction, may compel the issuer to purchase the security and deliver it, if certificated, or register its transfer, if uncertificated, against surrender of any security certificate the person holds. Identical security not reasonably available for purchase
67(3) If an identical security not constituting an overissue is not reasonably available for purchase, a person entitled to issue of a security, or a person entitled to enforce a security against an issuer despite a defence or defect as provided under section 57, 58 or 59 or under a similar law of another jurisdiction, may recover from the issuer the price that the last purchaser for value paid for the security with interest from the date of the person's demand. Overissue deemed not to have occurred
Warranties by guarantor of endorsement of security certificate 82(2) A person who guarantees an endorsement of a security certificate makes the warranties of a signature guarantor under section 79 and also warrants the rightfulness of the transfer in all respects.
Liability of issuer 86(2) If, under subsection (1), an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration, or to that person's principal, for any loss resulting from unreasonable delay in registration or the failure or refusal to register the transfer.
(e) if the endorsement is made or the instruction is originated by a person not referred to in clause (b), (c) or (d), assurance appropriate to the case corresponding as nearly as may be to the assurance required by clause (b), (c) or (d). Reasonable assurance beyond requirements
(ii) a certificate certifying the appointment issued by or on behalf of a person reasonably believed by the issuer to be a responsible person, or (iii) in the absence of a document or certificate referred to in subclause (i) or (ii), other evidence that the issuer reasonably considers appropriate. (« preuve appropriée de la nomination ou du mandat »)
Standards re responsibility 87(4) For the purposes of the definition "guarantee" in subsection (3), an issuer may adopt any standards with respect to responsibility so long as those standards are not manifestly unreasonable.
Replacement of lost, destroyed or wrongfully taken security certificate 92(1) If an owner of a certificated security, whether in registered form or bearer form, claims that the security certificate has been lost, destroyed or wrongfully taken, the issuer must issue a new security certificate if the owner
(a) must register the transfer unless the registration would result in an overissue, in which case the issuer's liability is governed by section 67; (b) may exercise the rights the issuer may have under the indemnity bond referred to in clause (1)(b); and
101(2) If a securities intermediary transfers a financial asset under an ineffective entitlement order, the securities intermediary must (a) re-establish a security entitlement in favour of the person entitled to it; and
Duties of securities intermediary — general 103(1) If the substance of a duty imposed on a securities intermediary under section 98, 99, 100, 101 or 102 is the subject of another statute, regulation or rule, compliance with that other statute, regulation or rule satisfies the duty. Limits on securities intermediary's duties
(i) the purchaser's becoming the person for whom the securities account in which the securities entitlement is carried is maintained, if the purchaser obtained control under clause 25(1)(a), (ii) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under clause 25(1)(b), or
105(1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both the securities intermediary's obligations to entitlement holders who have security entitlements to that financial asset and the securities intermediary's obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor. When creditor has priority
C.C.S.M. c. P35 amended 106 The Personal Property Security Act is amended by this Part. 107 Section 1 is amended (a) in the definition "goods", by striking out "a security" and substituting "investment property";
(b) in clause (d) of the definition "instrument", by striking out "a security" and substituting "investment property"; (c) in the definition "intangible", by striking out "security" and substituting "investment property"; (d) in the definition "personal property", by striking out "securities" and substituting "investment property"; (e) in the definition "proceeds", (i) by striking out "and" at the end of clause (b),
(iii) by adding the following after clause (c): (d) rights arising out of, or property collected on, or distributed on account of, collateral that is investment property; (f) in clauses (a) and (b) of the definition "purchase money security interest", by adding ", other than investment property," after "reserved in collateral";
"futures contract" means a standardized future or an option on futures, other than a clearing house option, that is (a) traded on or subject to the rules of a futures exchange recognized or otherwise regulated by the Manitoba Securities Commission or by a securities regulatory authority of another province or territory of Canada, or
"futures intermediary" means a person who (a) is registered as a dealer permitted to trade in futures contracts, whether as principal or agent, under the securities laws or commodity futures laws of a province or territory of Canada, or
1.Receive an amount of cash determinable by reference to a specified quantity of the underlying interest of the option.
2.Purchase a specified quantity of the underlying interest of the option.
3.Sell a specified quantity of the underlying interest of the option. (« option »)
1.Make or take delivery of the underlying interest of the agreement.
2.Settle the obligation in cash instead of delivery of the underlying interest. (« contrat à terme normalisé »)
110 Section 4 is amended (a) in clause (b), by striking out "contract of annuity or"; (b) by adding the following after clause (b):
111(1) Subsection 5(1) is amended (a) in the part before clause (a), by striking out "this Act" and substituting "sections 6 to 8"; and
(b) in clause (b), by striking out "a security,". 111(2) Subsection 5(2) is repealed. 111(3) Subsection 5(3) of the English version is amended in the part before clause (a) by striking out "continues" and substituting "remains". 112(1) Subsection 7(1) is amended in the part before clause (a) by adding "and section 7.1" after "this section".
(b) in the part after clause (b) of the English version, by striking out "where the debtor" and substituting "in which the debtor". 112(3) Subsection 7(3) of the English version is amended in the part before clause (a) by striking out "continues" and substituting "remains". 112(4) Clause 7(4)(b) is amended by striking out "a security,". 113 The following is added after section 7:
(c) the day that perfection ceases under the previously applicable law. Perfection of security interest under law of issuer's jurisdiction, etc.
(a) procedural issues involved in the enforcement of the rights of a secured party against collateral are governed by the law of the jurisdiction in which the enforcement rights are exercised; and (b) substantive issues involved in the enforcement of the rights of a secured party against collateral are governed by the proper law of the contract between the secured party and the debtor. 114(2) Subsection 8(2) is amended by striking out "For the proposes of sections 5 to 7," and substituting "For the purposes of sections 5 to 7.1,". 115 The following is added after section 8 as part of Part 2:
116 Subsection 10(1) is replaced with the following: Enforceability against third party 10(1) Subject to subsection (2) and section 12.1, a security interest is enforceable against a third party only if (a) the collateral is not a certificated security and is in the possession of the secured party;
(ii) a description of collateral that is a security entitlement, securities account, or futures account if it describes the collateral by those terms or as "investment property" or if it describes the underlying financial asset or futures contract, (iii) a statement that a security interest is taken in all of the debtor's present and after acquired personal property, or
(iv) a statement that a security interest is taken in all of the debtor's present and after-acquired personal property except (A) specified items or kinds of personal property, or (B) personal property described as "goods", "chattel paper", "investment property", "documents of title", "instruments", "money" or "intangibles".
117(2) The following is added after subsection 12(3): Attachment in securities account
(ii) delivered under an agreement between persons in the business of dealing with such securities or financial assets; and (b) the agreement calls for delivery against payment.
119 Subsection 17(2) is amended by striking out ", a security". 120 The following is added after section 17:
Perfection of security interest — securities account 19.1(1) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
Perfection of security interest — futures account 19.1(2) Perfection of a security interest in a futures account also perfects a security interest in the futures contracts carried in the futures account.
122 Clause 20(c) is amended in the part before subclause (i) by striking out "a security,". 123(1) Clause 24(1)(d) is repealed. 123(2) The following is added after subsection 24(2):
(ii) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner, (iii) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
125 Clause 26(1)(a) is amended in the part before subclause (i) by striking out "a security" and substituting "a certificated security". 126 The following is added after subsection 28(1): Exception 28(1.1) The limitation of the amount secured by a security interest as provided in subsection (1) does not apply where the collateral is investment property.
acquires the security free from the security interest. No requirement to determine granting of security interest or breach of security agreement
128(1) Subsection 31(4) is amended (a) in the part before clause (a), by striking out "or a security"; and (b) by striking out "or security" wherever it occurs. 128(2) Subsection 31(6) is amended by striking out "or a security". 129 The following is added after section 31:
Rights of protected purchaser 31.1(1) This Act does not limit the rights of a protected purchaser of a security under The Securities Transfer Act.
Priority of protected purchaser's interest 31.1(2) The interest of a protected purchaser of a security under The Securities Transfer Act takes priority over an earlier security interest, even if perfected, to the extent provided in that Act.
130(1) Subsection 35(1) is amended (a) in subclause (a)(ii), by adding "or delivery" after "possession"; and (b) in subclause (a)(iii), by adding "7.1," after "7,". 130(2) Subsection 35(3) is amended by adding ", delivery" after "possession" wherever it occurs. 131 The following is added after section 35:
(b) if the collateral is a security entitlement carried in a securities account, (i) the secured party's becoming the person for which the securities account is maintained, if the secured party obtained control under clause 25(1)(a) of The Securities Transfer Act,
133(1) Subsection 56(2) is amended (a) in subclause (a)(iii), by adding "or control" after "in possession"; and (b) in subclauses (a)(iii) and (b)(iii), by adding "or 17.1" after "section 17". 133(2) Subsection 56(3) is (a) by striking out "in sections 17, 59," and substituting "in sections 17, 17.1, 59,"; and (b) by striking out "of sections 17 or 58 to 63," and substituting "of sections 17, 17.1 or 58 to 63,". 134 The following is added after section 74 as part of Part 8:
74.1(1) The provisions of The Securities Transfer Act, including any consequential amendments under Part 7 of that Act made to this Act, do not affect an action or proceeding commenced before this section comes into force. Perfection of security interest
(a) the security interest in the security was a perfected security interest immediately before this section comes into force; and (b) the action by which the security interest was perfected would suffice to perfect the security interest under this Act.
(a) the security interest in the security was a perfected security interest immediately before this section comes into force; but (b) the action by which the security interest was perfected would not suffice to perfect the security interest under this Act.
(a) the security interest was a perfected security interest immediately before this section comes into force; and (b) the security interest can be perfected by registration under this Act.
135(1) The Corporations Act is amended by this section. 135(2) Subsection 1(1) is amended by adding the following definition:
135(5) Section 45 is amended (a) by repealing subsection (8); and (b) in subsection (9), by replacing the section heading with "Transfer restriction on public shares". 135(6) Section 47 is amended (a) in subsection (1), by striking out "subject to sections 128, 129 and 132," and substituting "subject to The Executions Act and sections 128, 129 and 132 of this Act,";
(c) in clause (7)(d), (i) in subclause (ii), by striking out "section 61" and substituting "section 29 of The Securities Transfer Act", and (ii) in the part after subclause (ii), by striking out "section 72" and substituting "section 87 of The Securities Transfer Act". 135(7) Section 48 is replaced with the following:
Non-application 48(2) Subsection (1) does not apply if the issuer has purchased and delivered a security in accordance with subsection 67(2) or (3) of The Securities Transfer Act.
135(8) Sections 49 to 76 are repealed. 135(9) Subsections 140(4) and 181(10) are amended by striking out "Subject to subsection 45(8), a" and substituting "A". THE COURT OF QUEEN'S BENCH ACT
136(1) The Court of Queen's Bench Act is amended by this section. 136(2) Subsection 60(2) is amended by striking out "sections 10 and 11" and substituting "sections 8 to 9.1".
137(1) The Executions Act is amended by this section. 137(2) The following is added after subsection 7(5):
7(6) This section does not apply to the interest of a judgment debtor in a security or security entitlement. Definitions
7(7) For the purpose of subsection (6), "security" and "security entitlement" have the same meanings as in The Securities Transfer Act. 137(3) Sections 8 and 9 are replaced with the following:
Application 9.1(3) Subject to subsection (5), if the transfer of the seized security is restricted by the terms of the security, by a restriction imposed by the issuer or by a unanimous shareholder agreement governed by the law of Manitoba, the sheriff is bound by the restriction.
137(4) Sections 10 to 15 are repealed. PART 9
138 This Act may be referred to as chapter S60 of the Continuing Consolidation of the Statutes of Manitoba. Coming into force