“Equity share” defined
11. (1) In this section, “equity share” means a share of a class of shares that carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing. R.S.O. 1990, c. T.19, s. 11 (1). Notice of transfer of shares (2) Every registrant that is a corporation shall notify the Registrar in writing within thirty days after the issue or the entry of a transfer of any shares of its capital stock where such issue or transfer results in, (a) any shareholder and shareholders associated with the registrant acquiring or accumulating at least 10 per cent of the total number of all issued and outstanding equity shares of such stock; or (b) any shareholder and shareholders associated with the registrant who already own 10 per cent or more of the total number of all issued and outstanding equity shares of such stock increasing such holding. R.S.O. 1990, c. T.19, s. 11 (2). Idem (3) In calculating the total number of equity shares of the corporation beneficially owned or controlled for the purposes of this section, the total number shall be calculated as the total of all the shares actually owned or controlled, but each share that carries the right to more than one vote shall be calculated as the number of shares equalling the total number of votes it carries. R.S.O. 1990, c. T.19, s. 11 (3). Idem (4) Where a registrant that is a corporation is aware that a transfer that comes within the provisions of subsection (2) has taken place, it shall notify the Registrar in writing within thirty days after such knowledge came to the attention of its officers or directors, and not within thirty days of the entry of the transfer. R.S.O. 1990, c. T.19, s. 11 (4). Associated shareholder (5) For the purposes of subsection (2), a shareholder shall be deemed to be associated with another shareholder if, (a) one shareholder is a company of which the other shareholder is an officer or director; (b) one shareholder is a partnership of which the other shareholder is a partner; (c) one shareholder is a company that is controlled directly or indirectly by the other shareholder; (d) both shareholders are companies and one shareholder is controlled directly or indirectly by the same individual or company that controls directly or indirectly the other shareholder; (e) both shareholders are members of a voting trust where the trust relates to shares of a corporation; or (f) both shareholders are associated within the meaning of clauses (a) to (e) with the same shareholder. R.S.O. 1990, c. T.19, s. 11 (5). Application of s. 10 (6) Where, in the opinion of the Registrar, an issue or transfer of equity shares of capital stock of a registered corporation results in a shareholder and shareholders associated with the shareholder having a material or substantial interest in the corporation, such issue or transfer shall be deemed to be a change of ownership for the purposes of section 10 and the registration ceases to exist except with the consent of the Registrar and the provisions of this Act applying to the refusal to renew a registration apply with necessary modifications to the refusal to give a consent under this subsection. R.S.O. 1990, c. T.19, s. 11 (6).