First Session, Thirty-Seventh Legislature
This version is based on the printed bill that was distributed in the Legislature after First Reading.
It is not the official version. If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications.
THE WINNIPEG STOCK EXCHANGE RESTRUCTURING AND CONSEQUENTIAL AMENDMENTS ACT
|Table of Contents||Explanatory Note|
(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
1(1) In this Act, "reorganization" means a transaction or event or series of transactions or events, whether occurring independently, concurrently or as part of one or more plans of arrangement, that results in
(a) The Winnipeg Stock Exchange ceasing to operate an exchange in Manitoba; and
(b) its business and undertaking being transferred to or assumed by Canadian Venture Exchange Inc., the corporation formed by the merger of the Alberta Stock Exchange and the Vancouver Stock Exchange.
1(2) Unless a contrary intention appears, the words and expressions used in this Act have the same meanings as in The Corporations Act.
2 Notwithstanding The Winnipeg Stock Exchange Act, The Winnipeg Stock Exchange may
(a) apply for a certificate of continuance under The Corporations Act; and
(b) take all steps that its board of directors considers necessary or desirable to effect the reorganization.
3 The Winnipeg Stock Exchange Act continues to apply to The Winnipeg Stock Exchange, with modifications necessary to allow for the implementation of the reorganization, until that Act is repealed by section 6.
4 The definition "eligible share" in subsection 11.6(1) of The Income Tax Act is amended
(a) in clause (c), by striking out "the Winnipeg Stock Exchange" and substituting "a stock exchange that, as determined by The Manitoba Securities Commission, is operating in Manitoba";
(b) in clause (e), by striking out "the Winnipeg Stock Exchange" and substituting " The Winnipeg Stock Exchange or another stock exchange that, as determined by The Manitoba Securities Commission, was then operating in Manitoba"; and
(c) in clause (f), by striking out "on the Winnipeg Stock Exchange before July, 2002" and substituting "before July, 2002 on The Winnipeg Stock Exchange or another stock exchange that, as determined by The Manitoba Securities Commission, was operating in Manitoba at the time of the listing".
5 Subsection 7(5) of The Securities Act is amended by striking out "the Winnipeg Stock Exchange" and substituting "a stock exchange that, as determined by the commission, is operating in Manitoba".
6 The Winnipeg Stock Exchange Act, S.M. 1996, c. 34, is repealed.
7 This Act comes into force on a day fixed by proclamation.