You cannot hold or control more voting rights in a company than the control limit set by regulations made under section 344, unless you have approval under section 347. If someone you are associated with holds voting rights, those rights are treated as if you hold them. You are allowed to keep voting rights you already held in a company before the control limit was put in place or changed.

You must follow the control limit rules when you hold or control voting rights in a company. Voting rights are like votes that decide what a company does, and control limits are like rules that say how many votes one person can have. The rules about control limits are made under section 344 and there are exceptions, like getting approval under section 347.

If you had voting rights in a company before the control limit was imposed or decreased, you can still keep those rights. This means you do not have to get rid of voting rights you already had, but you cannot get more than the control limit allows. The control limit rules are in place to make sure one person does not have too much control over a company.