29 (1) A corporation may in the capacity of a legal representative hold shares in itself or in its holding body corporate unless it or the holding body corporate or a subsidiary of either of them has a beneficial interest in the shares.  R.S.O. 1990, c. B.16, s. 29 (1). Idem (2) A corporation may permit a subsidiary body corporate to hold shares of the corporation in the capacity of a legal representative unless the corporation or the subsidiary body corporate or a subsidiary of either of them has a beneficial interest in the shares.  R.S.O. 1990, c. B.16, s. 29 (2). Idem (3) A corporation may hold shares in itself or in its holding body corporate by way of security for the purposes of a transaction entered into by it in the ordinary course of a business that includes the lending of money.  R.S.O. 1990, c. B.16, s. 29 (3). Exception relating to Canadian ownership (4) A corporation may, for the purpose of assisting the corporation or any of its affiliates or associates to qualify under any prescribed Act of Canada or a province or ordinance of a territory to receive licences, permits, grants, payments or other benefits by reason of attaining or maintaining a specified level of Canadian ownership or control, hold shares in itself that, (a)  are not restricted for the purpose of assisting the corporation or any of its affiliates or associates to so qualify; or (b)  are shares into which shares held under clause (a) were converted by the corporation that are restricted for the purpose of assisting the corporation to so qualify and that were not previously held by the corporation.  R.S.O. 1990, c. B.16, s. 29 (4). Prohibited transfers (5) A corporation shall not transfer shares held under subsection (4) to any person unless the corporation is satisfied, on reasonable grounds, that the ownership of the shares as a result of the transfer would assist the corporation or any of its affiliates or associates to achieve the purpose set out in subsection (4).  R.S.O. 1990, c. B.16, s. 29 (5). Where shares are transferred (6) Where shares held under subsection (4) are transferred by a corporation, subsections 23 (1), (3), (4), (5) and (6), clause 127 (3) (c) and subsection 130 (1) apply, with such modifications as the circumstances require, in respect of the transfer as if the transfer were an issue.  R.S.O. 1990, c. B.16, s. 29 (6). Transfer not void (7) No transfer of shares by a corporation shall be void or voidable solely because the transfer is in contravention of subsection (5).  R.S.O. 1990, c. B.16, s. 29 (7). Corporation holding shares in itself (8) A corporation holding shares in itself or in its holding body corporate or a subsidiary body corporate of a corporation holding shares of the corporation shall not vote or permit those shares to be voted unless the corporation or subsidiary body corporate, as the case may be, (a)  holds the shares in the capacity of a legal representative; and (b)  has complied with section 49 of the Securities Act where that section is applicable.  R.S.O. 1990, c. B.16, s. 29 (8). Exception, conditions precedent (9) A corporation may permit any of its subsidiary bodies corporate to acquire shares of the corporation through the issuance of those shares by the corporation to the subsidiary body corporate if, before the acquisition takes place, the conditions prescribed for the purposes of this subsection are met.  2006, c. 34, Sched. B, s. 7. Conditions subsequent (10) After the acquisition has taken place under the purported authority of subsection (9), the conditions prescribed for the purposes of this subsection shall be met.  2006, c. 34, Sched. B, s. 7. Non-compliance with conditions (11) If a corporation permits a subsidiary body corporate to acquire shares of the corporation under the purported authority of subsection (9) and either, (a)  one or more of the conditions prescribed for the purposes of subsection (9) were not met; or (b)  one or more of the conditions prescribed for the purposes of subsection (10) were not met or have ceased to be met, then, despite subsections 17 (3) and 24 (2), the prescribed consequences apply in respect of the acquisition of the shares and their issuance.  2006, c. 34, Sched. B, s. 7. Section Amendments with date in force (d/m/y) 2006, c. 34, Sched. B, s. 7 - 01/08/2007