Incorporation of Continuous Disclosure Documents into Disclosure Documents
32. (1) A person who becomes an insider of a specified employee ownership corporation shall, within ten days after the end of the month in which the person becomes an insider, file a report with the Commission disclosing, as at the day the person becomes an insider of the corporation, (a) the person’s beneficial ownership, direct or indirect, of shares of the corporation; and (b) the person’s control or direction over shares of the corporation. O. Reg. 591/92, s. 32 (1). (2) Subsection (3) applies to a person, (a) who has filed or is required to file a report under this section; (b) whose direct or indirect beneficial ownership of or control or direction over shares of the specified employee ownership corporation changes from that disclosed or required to be disclosed in the most recent report filed or required to be filed by the person under this section; and (c) who is an insider of the specified employee ownership corporation at any time during a month in which such change takes place. O. Reg. 591/92, s. 32 (2). (3) A person referred to in subsection (2) shall, within ten days after the end of a month in which a change referred to in clause (2) (b) takes place, file a report with the Commission disclosing, (a) the change together with the details of each transaction causing the change; (b) the person’s beneficial ownership, direct or indirect, of shares of the specified employee ownership corporation as at the end of the month in which the change takes place; and (c) the person’s control or direction over shares of the specified employee ownership corporation as at the end of the month in which the change takes place. O. Reg. 591/92, s. 32 (3). (4) The reports required to be filed under subsections (1) and (3) shall be in Form 36 under Regulation 1015 of the Revised Regulations of Ontario, 1990 made under the Securities Act and shall be marked “Insider Reporting — LSVCC”. O. Reg. 591/92, s. 32 (4). (5) A person who becomes an insider of a specified employee ownership corporation is exempt from the requirement of filing a report under subsection (1) if, (a) the transaction as a result of which the person becomes an insider is a transaction referred to in subsection (7); and (b) an officer of the corporation has filed with the Commission a notice disclosing that the person has become an insider of the corporation and describing the transaction as a result of which the person has become an insider. O.Reg. 591/92, s. 32 (5). (6) A person referred to in subsection (2) is exempt from the requirement of filing a report under subsection (3) if, (a) the transaction causing the change is a transaction referred to in subsection (7); and (b) an officer of the corporation has filed with the Commission a notice disclosing the change and describing the transaction causing the change. O. Reg. 591/92, s. 32 (6). (7) For the purposes of clauses (5) (a) and (6) (a), the transactions are the following: 1. A stock dividend, including a distribution through a stock dividend plan. 2. A stock split. 3. A consolidation. 4. An amalgamation, reorganization or other similar corporate event. 5. An acquisition of shares of a specified employee ownership corporation through a share purchase plan or other plan available to holders of shares. O. Reg. 591/92, s. 32 (7). PART V   PROXIES AND PROXY SOLICITATION