Court File and Parties
COURT FILE NO.: 573/02
DATE: 20030509
ONTARIO
SUPERIOR COURT OF JUSTICE
DIVISIONAL COURT
BLAIR R.S.J., BENOTTO S.J. and SOMERS J.
B E T W E E N:
ARTHUR SILBER and 2969050 CANADA INC. Applicants
- and -
SLMSOFT.COM INC. Respondent
Counsel: Janice Wright and Matthew Scott, for the Applicants David S. Steinberg, for the Respondent
HEARD: May 9, 2003
Oral Reasons for Judgment
BENOTTO S. J.: (Orally)
[1] On May 24, 2002, Mr. Justice Ground ordered that "SLM shall pay to the dissenting shareholder $7.00 per share, together with interest thereon, in accordance with section 185 of the OBCA".
[2] Section 185(27) provides that:
"The court may in its discretion allow a reasonable rate of interest on the amount payable to each dissenting shareholder from the date the action approved by the resolution is effective until the date of payment."
[3] Counsel jointly wrote to Justice Ground requesting, among other things, clarification of the order.
[4] On August 22, 2002 Justice Ground wrote to counsel and said "…the only award of interest will be postjudgment interest from date of judgment at the rate provided in the Courts of Justice Act."
[5] The threshold issue here is whether, having ordered interest in accordance with s.185, Justice Ground was precluded from limiting the time period in which the interest would apply. The appellant argues that he could only establish the rate of interest and had no discretion with respect to the timeframe.
[6] We are of the view that the discretion in s.185 relates to both the rate of interest and the time period in which interest should run. As Justice Ground had not, in May, specified either, he retained the jurisdiction to do so. He fixed the time period within the parameters required by the section, that is from judgment to payment.
[7] We are also satisfied that Justice Ground properly exercised his discretion with respect to the rate of interest. The appeal is therefore dismissed.
BLAIR R.S.J.
[8] The appeal is dismissed for oral reasons delivered by Senior Justice Benotto. Counsel have agreed on costs which are fixed at $3,000, payable by the appellant to the respondent.
Date of Reasons for Judgment: May 9, 2003
Date of Release: May 20, 2003
COURT FILE NO.: 573/02
DATE: 20030509
ONTARIO
SUPERIOR COURT OF JUSTICE
DIVISIONAL COURT
BLAIR R.S.J., BENOTTO S.J. and SOMERS J.
B E T W E E N:
ARTHUR SILBER and 2969050 CANADA INC. Applicants (Appellants)
- and -
SLMSOFT.COM INC. Respondent (Respondent in Appeal)
ORAL REASONS FOR JUDGMENT
BENOTTO S. J.
Date of Reasons for Judgment: May 9, 2003
Date of Release: May 20, 2003