The appellant, an agent of the Crown in right of Quebec, purchased over 10 per cent of the shares of a company governed by the Canada Business Corporations Act, becoming an insider.
It refused to submit an insider report, claiming Crown immunity under s. 16 of the federal Interpretation Act.
The Supreme Court of Canada held that the insider reporting provisions applied to the appellant.
By purchasing shares, the appellant implicitly accepted the benefits of the statutory regime and could not accept the benefit of the law without also incurring its burdens.
The appeal was dismissed.
