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Fourth Session, Thirty-Eighth 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.

Bill 211

THE TRUTH ABOUT CROCUS 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:

Premier to recommend appointment of commission

1           Within 15 days after this Act comes into force, the Premier of Manitoba shall recommend to the Lieutenant Governor in Council that a commission be appointed pursuant to Part V of The Manitoba Evidence Act

(a) to inquire into and report on the management and operation of the Crocus Investment Fund, including the events that led to the halt in trading in the fund and to anticipated losses for investors; and

(b) to make recommendations in its report to prevent similar problems in the future.

Term of office

2           The commission shall hold office until three months after its final report is submitted to the Lieutenant Governor in Council.

Timing of inquiry

3(1)        Subject to subsection (2), the commission shall begin the inquiry within 30 days after being appointed.

Inquiry may be deferred

3(2)        The commission may defer beginning the inquiry if necessary to avoid prejudice to any person who is a party to court proceedings concerning matters that may be a subject of the inquiry.

Interim report

4(1)        The commission shall submit an interim report to the Lieutenant Governor in Council within six months after the inquiry begins.

Final report

4(2)        The commission shall submit a final report to the Lieutenant Governor in Council within 12 months after the inquiry begins.

Report to be made public

4(3)        The commission shall make the final report public within 10 days after submitting it to the Lieutenant Governor in Council.

Time limits may be extended

5           The Lieutenant Governor in Council may extend the time limits for submitting the interim and final reports, and may extend the term of office of the commission.

Coming into force

6           This Act comes into force on the day it receives royal assent.

Explanatory Note

This Bill requires the Premier to recommend to the Lieutenant Governor in Council that a commission be appointed under The Manitoba Evidence Act to inquire into and report on events surrounding the operation of the Crocus Investment Fund, and make recommendations to prevent similar problems in the future.  The commission must make an interim report within six months after the inquiry begins, and make a final report twelve months after the inquiry starts.  The commission's final report must be made public.