Bijural Terminology Records

Common Law

fractional interest

Civil Law

right

Title of the Legislative Text

Canada Business Corporations Act, R.S.C., 1985, c. C-44.

Provision

48. ...

(2) ...

"issuer" includes a corporation

...

  • (b) that directly or indirectly creates fractional interests in its rights or property and that issues securities as evidence of such fractional interests;

Problem

Only common law terminology ("fractional interests") is used in the English version and only civil law terminology ("droits") is used in the French version.

Since the concept of "fractional interests" cannot be rendered in civil law terms, it is necessary to insert a vertical list in this section in which each legal system will be dealt in separate paragraphs.

Solution

In the English version, paragraph (b) is replaced by the following:

  • "(b) that, in Quebec, issues securities that confer directly or indirectly rights in its property, or

  • (c) that, elsewhere in Canada, directly or indirectly creates fractional interests in its rights or property and that issues securities as evidence of the fractional interests;".

In the French version, paragraph (b) is replaced by the following:

  • "b) au Québec, émet des valeurs mobilières conférant chacune, même indirectement, des droits sur ses biens;

  • c) ailleurs au Canada, crée, même indirectement, une fraction d'intérêt sur ses droits ou ses biens et émet des valeurs mobilières constatant ces fractions d'intérêt."

Harmonized Provision

48. ...
(2) ...

  • (b) that, in Quebec, issues securities that confer directly or indirectly rights in its property, or

  • (c) that, elsewhere in Canada, directly or indirectly creates fractional interests in its rights or property and that issues securities as evidence of the fractional interests;

Federal Law-Civil Law Harmonization Act, No. 3, S.C. 2011, c. 21, s. 28(2).