Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians.
Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians.
"Canadian" under section 55(1) of the Canadian Transportation Act means:
- (a) a Canadian citizen or a permanent resident (as defined in the Citizenship Act and the Immigration and Refugee Protection Act, a summary definition of each of which is provided below);
- (b) a government in Canada or an agent or mandatary of such a government; or
- (c) a corporation or entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least 51% of the voting interests are owned and controlled by Canadians and where:
- (i) no more than 25% of the voting interests are owned directly or indirectly by any single non-Canadian, either individually or in affiliation with another person; and
- (ii) no more than 25% of the voting interests are owned directly or indirectly by one or more non-Canadians authorized to provide an air service in any jurisdiction, either individually or in affiliation with another person.