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S.M. 1991-92, c. 48: Table of Contents

S.M. 1991-92, c. 48

Bill 75, 2nd Session, 35th Legislature

The Manitoba Employee Ownership Fund Corporation and Consequential Amendments Act

PART 1
INTERPRETATION AND APPLICATION
1(1) Definitions
(2) Interpretation of "related"
(3) Interpretation of "secured"
(4) Determination of value of assets
(5) Interpretation of "affiliate"
(6) Control of corporation
(7) Control of partnership
(8) Control of trust
(9) Beneficial ownership
2(1) Application of Corporations Act
(2) Inapplicable provisions
(3) Partially applicable provisions
(4) Conflict of Acts
PART 2
INCORPORATION AND ORGANIZATION
3(1) Establishment
(2) Objects of the Fund
(3) Deemed incorporation under The Corporations Act
(4) Filing further articles
4(1) Share capital
(2) Rights set out in Schedule
(3) Class "G" Special Shares conversion rights
(4) Additional classes of shares
5(1) Limitations on the issue of shares
(2) Authority to purchase
6(1) First directors
(2) Term of office
7(1) Composition of Board
(2) Class "A" Common Shares
(3) Class "G" Special Shares
(4) Class "I" Special Shares
(5) Class "L" Special Shares
(6) Matching number of directors
(7) Appointment of additional directors - Class "G" Special Shares
8 Notice of Meetings
9 Quorum
10(1) Registered Office
(2) Notice to Corporations Branch
PART 3
OPERATION AND ADMINISTRATION
11(1) Investment policies and criteria
(2) Restrictions
(3) Application of clause (2)(a)
12(1) Reserves
(2) Investment of reserve fund
(3) Interpretation of "guarantee" or "security"
13(1) Prohibited investments
(2) Definition of "ineligible investment"
(3) Definitions
(4) Exception
14(1) Payroll deduction for share purchase
(2) Notice to terminate deduction
(3) Remittance of deductions
(4) Deemed subscription
(5) Amounts deemed to be salary
15(1) Valuation
(2) Asset valuation
(3) Definition of "net realizable value"
(4) Report of valuation
(5) Duty of Board in determining value
(6) Revaluation
(7) Duty of the Board in determining value
(8) Exception
PART 4
CONFLICT OF INTEREST
16 Definitions
17 Application
18(1) Disqualification of directors and officers
(2) Exception
19(1) Obligations of directors and officers during meetings
(2) Absence from meeting
(3) Record of disclosure
20 Quorum
21 Acts of the Fund not invalid
22 Non-compliance
PART 5
REGULATIONS
23 Regulations
PART 6
CONSEQUENTIAL AMENDMENTS AND COMING INTO FORCE
24 C.C.S.M. c. I10 amended
11.1(1) Interpretation
(2) Labour sponsored funds tax credit
(3) Proof of credit
(4) Designation of credit
(5) Limitation on amount designated
(6) Excess designation
(7) Return and payment of tax
(8) Application
25 C.C.S.M. reference
26 Coming into force
SCHEDULE
1(1) Shareholder voting
(2)
(3)
2(1) Distributions on dissolution or liquidation
(2)
3(1) Dividend rights
(2)
(3)
(4)
4(1) Rights, privileges, restrictions and conditions attaching to Class "I" Special Shares
(2)
(3)
(4)
5(1) Restrictions on transfer of shares
(2)
(3)
(4)
6(1) Repurchase of Class "A" Common Shares and Class "L" Special Shares
(2)
(3)
(4)
(5)
7(1) Interpretation
(2)
(3)
(4)