Who can own or control variable voting shares?
Variable voting shares are only owned or controlled by non-Canadians. Therefore, any variable voting share owned or controlled by a person who is Canadian, is deemed to be converted to a common voting share. • What is the voting right attached to a variable voting share? Variable voting shares carry one vote per variable voting share held, except where (i) the number of outstanding variable voting shares exceeds 25% of the total number of all issued and outstanding voting shares (or any other percentage that the Governor in Council may specify pursuant to the Canada Transportation Act), or (ii) the total number of votes cast by or on behalf of the holders of variable voting shares at any meeting on any matter on which a vote is to be taken exceeds 25% (or any greater percentage that the Governor in Council may specify pursuant to the Canada Transportation Act) of the total number of votes cast at such meeting. If either of the above-noted thresholds is surpassed at any time, the vote a
