RECO / TRESA · Interpretation
Private-company restrictions carried
What the check looks for
Share transfers restricted, which the OBCA governs, and, under Ontario securities law (the NI 45-106 private issuer exemption), no more than fifty non-employee shareholders and no invitation to the public.
Authority: OBCA (transfer restriction); Ontario securities law (NI 45-106 private issuer exemption)
What good looks like
Share transfers are restricted, beneficial holders are capped at fifty, and any invitation to the public is prohibited.
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