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ARTICLE · 18 OCTOBER 2006

PPSA Amendments Relating To Pledges Of Shares

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Forthcoming changes in legislation regarding transfers of securities will result in significant changes to the law regarding pledges of shares under the Personal Property Security Acts of Ontario and Alberta (referred to below as the "PPSA"), and probably changes to similar legislation in other provinces.

CanadaFinance and Banking
James Mathers
James Mathers
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Forthcoming changes in legislation regarding transfers of securities will result in significant changes to the law regarding pledges of shares under the Personal Property Security Acts of Ontario and Alberta (referred to below as the "PPSA"), and probably changes to similar legislation in other provinces.

New Regime: Securities Transfer Acts

The Securities Transfer Act, 2006 (Ontario) and the Securities Transfer Act (Alberta) (collectively referred to below as the "STA") each received Royal Assent in May 2006 and will come into force on proclamation. It is expected that proclamation will occur in early 2007. These Acts are based on the Uniform Securities Transfer Act developed by the Canadian Securities Administrators’ USTA Task Force as a joint project with the Uniform Law Conference of Canada. They introduce a new regime that is intended to bring Canadian law regarding transfers of securities up to date by better reflecting market practices that have moved away from the issuance

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