Older Uniform Acts

Securities Transfer Act


DIVISION 4 - CONTROL

When purchaser has control of certificated security

30(1)    A purchaser has control of a certificated security that is in bearer form if the certificated security is delivered to the purchaser.
(2)    A purchaser has control of a certificated security that is in registered form if the certificated security is delivered to the purchaser and
(a)    the certificate is endorsed to the purchaser or in blank by an effective endorsement, or
(b)    the certificate is registered in the name of the purchaser at the time of the original issue or registration of transfer by the issuer.

Purchaser’s control of uncertificated security

31(1)    A purchaser has control of an uncertificated security if
(a)    the uncertificated security is delivered to the purchaser, or
(b)    the issuer has agreed that the issuer will comply with instructions that are originated by the purchaser without the further consent of the registered owner.
(2)    A purchaser to whom subsection (1) applies in relation to an uncertificated security has control of the uncertificated security even if the registered owner retains the right
(a)    to make substitutions for the uncertificated security,
(b)    to originate instructions to the issuer, or
(c)    to otherwise deal with the uncertificated security.

Purchaser’s control of security entitlement

32(1)    A purchaser has control of a security entitlement if
(a)    the purchaser becomes the entitlement holder,
(b)    the securities intermediary has agreed that it will comply with entitlement orders that are originated by the purchaser without the further consent of the entitlement holder, or
(c)    another person has control of the security entitlement on behalf of the purchaser or, having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.
(2)    A purchaser to whom subsection (1) applies in relation to a security entitlement has control of the security entitlement even if the entitlement holder retains the right
(a)    to make substitutions for the security entitlement,
(b)    to originate entitlement orders to the securities intermediary, or
(c)    to otherwise deal with the security entitlement.

Security entitlement; securities intermediary’s control

33    If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder’s own securities intermediary, the securities intermediary has control of the security entitlement.

Entering into agreements, etc. re uncertificated security

34(1)    An issuer may not, in the case of an uncertificated security, enter into an agreement of the kind referred to in paragraph 31(1)(b) without the consent of the registered owner.
(2)    An issuer that has entered into an agreement of the kind referred to in paragraph 31(1)(b) is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner.
(3)    An issuer is not required to enter into an agreement of the kind referred to in paragraph 31(1)(b) even if the registered owner so requests.

Entering into agreements, etc. re security entitlement

35(1)    A securities intermediary may not, in the case of a security entitlement, enter into an agreement of the kind referred to in paragraph 32(1)(b) without the consent of the entitlement holder.
(2)    A securities intermediary that has entered into an agreement of the kind referred to in paragraph 32(1)(b) is not required to confirm the existence of the agreement to another party unless requested to do so by the entitlement holder.
(3)    A securities intermediary is not required to enter into an agreement of the kind referred to in paragraph 32(1)(b) even if the entitlement holder so requests.

Next Annual Meeting

2020 Annual Meeting

Place to be Announced

August 9 – 13, 2020