RECO / TRESA · Share ownership
Non-voting shares carry a right to convert into voting shares
What the rule requires
A conversion right can silently turn a permitted non-voting share into a voting share and end eligibility.
Authority: TRESA s. 1(1) ("equity share")
What goes wrong
CLASS B NON-VOTING SPECIAL SHARES carry an express conversion right. A conversion into a voting share would create a second equity holder and end eligibility without any transfer taking place.
What good looks like
The articles contain a provision to this effect.
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