Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 287 from 2003-01-01 to 2006-11-27:

Marginal note:Payment to dissenter

  •  (1) Within twenty days after the offeror sends an offeror’s notice under subsection 285(1), the offeror shall pay or transfer to the offeree bank the amount of money or other consideration that the offeror would have had to pay or transfer to a dissenting offeree if the dissenting offeree had elected to transfer the dissenting offeree’s shares as described in subparagraph 285(1)(c)(i).

  • Marginal note:Consideration in trust

    (2) An offeree bank is deemed to hold in a fiduciary capacity for the dissenting offerees the money or other consideration it receives under subsection (1).

  • Marginal note:Deposit or custody

    (3) An offeree bank shall deposit the money received under subsection (1) in a separate account in another deposit-taking financial institution in Canada and the offeree bank shall place any other consideration in the custody of another deposit-taking financial institution in Canada.

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