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 |