Thank you very much, Mr. Chair. I'll share some of my time with my colleague Mr. Nuttall.
Earlier, when we were talking, I had wanted to get into the concept of the bearer shares, and Mr. Baylis had indicated that was significant.
Paul Lalonde, could we perhaps go through that? You were stating that any of these bearer shares should be converted into a registered share.
Proposed subsection 29.1(2), under the heading “Replacement”, states:
A corporation shall, on the request of a holder of a certificate, warrant or other evidence of a conversion privilege, option or right to acquire a share of the corporation that is in bearer form and that was issued before the coming into force of this section, issue in exchange to that holder, in registered form, a certificate, warrant or other evidence, as the case may be.
Is there a difference in the registered form as a certificate, a warrant, or something else? Is the registered share just a catch-all term that we use as it goes from one to the other? How do you see that?
When I look at the concept of a bearer share, I realize the rationale and the reason it's important to try to get some clarity to see where you're going. I wonder if you could explain that for me, please.