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S.M. 1991-92, c. 47
Bill 73, 2nd Session, 35th Legislature
The Rural Development Bonds Act
| PART 1 | |
| DEFINITIONS, INTERPRETATION AND APPLICATION | |
| 1(1) | Definitions |
| (2) | Meaning of "eligible bondholder" |
| APPLICATION | |
| 2(1) | Application of C.C.S.M c. C225 |
| (2) | Application of C.C.S.M c. S50 |
| PART 2 | |
| INCORPORATION OF RURAL DEVELOPMENT BOND CORPORATIONS | |
| ARTICLES | |
| 3(1) | Articles of incorporation |
| (2) | Residence of incorporators |
| (3) | Disqualification of incorporators etc. |
| (4) | Restriction |
| 4(1) | Approval of minister |
| (2) | Approval of municipality |
| 5(1) | Prohibited corporate names |
| (2) | Prohibited business names |
| RESTRICTIONS AND LIABILITIES | |
| 6 | Limitations on corporations |
| 7(1) | Liabilities of directors of bond corporation |
| (2) | Liabilities of directors of eligible business |
| FEES | |
| 8 | No fees to be paid |
| REGISTER | |
| 9(1) | Register |
| (2) | Documents to be filed |
| (3) | Inspection of register and documents |
| PART 3 | |
| RURAL DEVELOPMENT BONDS AND GOVERNMENT GUARANTEES | |
| BOND REQUIREMENTS | |
| 10(1) | Form and content of bond |
| (2) | Maximum full term and early term |
| 11 | Bond provisions |
| GUARANTEES | |
| 12(1) | Payment on guarantee |
| (2) | Payment in certain circumstances |
| (3) | Notice to bondholders |
| (4) | Purchase on death of bondholder |
| (5) | No guarantee |
| 13 | Rights on payment of guarantee |
| PART 4 | |
| ADMINISTRATION | |
| REVIEW COMMITTEE | |
| 14(1) | Review committee established |
| (2) | Term, officers and expenses |
| (3) | Functions of committee |
| APPROVAL OF DISTRIBUTION OF DEVELOPMENT BONDS | |
| 15(1) | Application to distribute bonds |
| (2) | Screening by minister |
| 16(1) | Review by committee |
| (2) | Effect of conditions to be specified |
| (3) | Effect of approval |
| (4) | Prerequisites to approval |
| 17 | Variation of approval |
| DISTRIBUTION OF DEVELOPMENT BONDS | |
| 18 | Distribution of bonds |
| 19 | Full money consideration for bonds |
| 20(1) | Definition |
| (2) | Maximum purchase |
| (3) | Permission to exceed maximum |
| (4) | Joint purchases |
| (5) | Beneficial owners |
| (6) | No guarantee on excess amount |
| 21 | Proceeds of development bonds |
| APPROVAL OF INVESTMENT | |
| 22 | Application to invest |
| 23(1) | Review by committee |
| (2) | Effect of conditions to be specified |
| (3) | Effect of approval |
| (4) | Prerequisites to approval |
| 24 | Variation of approval |
| 25 | Disbursement of proceeds |
| 26 | Continuing financial disclosure |
| 27 | Insider trading |
| APPROVAL OF CONVERSION OR EXCHANGE OF SECURITIES | |
| 28(1) | Application to convert or exchange |
| (2) | Contents of application |
| (3) | Screening by minister |
| 29(1) | Review by committee |
| (2) | Effect of conditions to be specified |
| (3) | Where conversion or exchange allowed |
| PART 5 | |
| ENFORCEMENT | |
| DUTIES RESPECTING DOCUMENTS | |
| 30(1) | Documents of bond corporation |
| (2) | Documents of eligible business |
| INSPECTION | |
| 31(1) | Inspectors |
| (2) | Certificate to be furnished |
| (3) | Certificate to be produced |
| 32(1) | Powers of inspectors |
| (2) | Warrant to enter |
| (3) | Assistance to inspectors |
| (4) | Obstruction of inspectors |
| POWERS OF MINISTER | |
| 33 | Order of compliance |
| 34 | Order to liquidate or dissolve corporation |
| 35(1) | Appointment of receiver-manager |
| (2) | Application of Corporations Act |
| (3) | Notice of appointment |
| (4) | Notice and hearing after appointment |
| PART 6 | |
| GENERAL | |
| EVIDENCE | |
| 36 | Certificate of minister |
| IMMUNITY FROM ACTION | |
| 37(1) | Immunity |
| (2) | Compellability of witness |
| REGULATIONS | |
| 38 | Regulations |
| OFFENCES AND PENALTIES | |
| 39(1) | Offences |
| (2) | Director or officer of corporation |
| (3) | Penalty for individuals |
| (4) | Penalty for corporations |
| (5) | Limitation |
| COMING INTO FORCE | |
| 40 | C.C.S.M. reference |
| 41 | Coming into force |