C.C.S.M. c. L12
The Labour-Sponsored Venture Capital Corporations Act
PART 1 | |
INTERPRETATION | |
1(1) | Definitions |
(2) | Interpretation of "related" |
(3) to (5) | |
PART 2 | |
REGISTRATION | |
2(1) | Register of labour-sponsored venture capital corporations |
(2) | Inspection of register |
3(1) | Application for registration |
(2) | Form of application |
(3) | Additional materials to accompany application |
(4) | Officer's or director's certificate |
4(1) | Conditions for registration |
(2) | Business restriction |
4.1 | Restrictions on amendment of articles |
4.2(1) | Corporation may apply for deregistration |
(2) | Minister may require administrator to review compliance |
(3) | Minister may cancel registration |
5(1) | Suspension of registration |
(2) | Notice of order |
(3) | Cancellation or suspension of order |
(4) | When no longer in default |
(5) | Registration automatically cancelled |
(6) | Transitional |
(7) | Minister may reinstate registration |
5.0.1 | Registration decisions final |
5.1 | |
PART 2.1 | |
GOVERNANCE AND REPORTING | |
5.1.1(1) | Composition of board |
(2) | Restrictions apply after first shareholders' meeting |
(3) | Election of board members |
5.2(1) | Board charter |
(2) | Independence of chair and vice-chair |
5.3(1) | Corporate governance policies and practices |
(2) | Disclosure of governance policies and practices |
5.4(1) | Conflict of interest for board members |
(2) | Conflict of interest for employees |
(3) | Policies to be available for inspection |
5.5(1) | Committees |
(2) | Board may establish other committees |
(3) | Composition of committees |
(4) | Composition of certain committees |
5.5.1 | Annual business plan |
5.5.2 | Financial reserves |
5.6(1) | Annual report to shareholders |
(2) | Public access to annual report |
(3) | Information in continuous disclosure documents |
PART 3 | |
INVESTMENTS | |
6(1) | Investment policies and criteria |
(2) | Disclosure of investment policies |
7 | |
8(1) | Restrictions |
(2) | Restrictions re workplace |
9 | |
INVESTMENT PACING | |
9.1(1) | Investment pacing deficiency |
(2) | No deficiency |
9.2(1) | Penalty for deficiency |
(2) | Penalty is partly recoverable |
9.3 | Investments acquired within six months after year-end |
10(1) | Notice of intent to declare investment ineligible |
(1.1) | Replacement investments |
(2) | Objection |
(3) | Action of administrator |
(3.1) | Minister to review administrator's declaration |
(4) | Effect of declaration |
PART 4 | |
ADMINISTRATION | |
10.1(1) | Minister to appoint independent administrator |
(2) | Administrator may declare investment to be eligible |
(3) | Term of office |
(4) | Remuneration and expenses |
(5) | Administrative support |
(6) | Administrator to report to minister |
10.2(1) | Responsibility of Manitoba Securities Commission |
(2) | Commission to report to minister |
11 | Prohibition against reduction of stated capital, dissolution |
12(1) | Valuation of shares |
(2) | Annual report to administrator |
(3) | Administrator may require additional information |
(4) | Reporting to the commission |
(5) | Deadline for providing information |
13 | Records |
14(1) | "Authorized person" defined |
(2) | Demand for production of records |
(3) | Audits and inspections |
(4) | Authorized entry |
15 | |
15.1 | Penalty is a debt and bears interest |
15.2 | Power to collect debt |
15.3(1) | Administrator may assess or reassess penalty |
(2) | Notice of assessment or reassessment |
(3) | Assessment deemed correct |
15.4(1) | Application for review by minister |
(2) | Minister may confirm, vary or rescind assessment |
(3) | Notice of minister's decision |
(4) | No reassessment after objection to minister |
15.5(1) | Corporation may appeal assessment or reassessment |
(2) | Parties |
(3) | Notice to minister and administrator |
(4) | Court decision |
16(1) | Offences |
(2) | Offence by corporation |
(3) | Liability of director, officer or agent |
(4) | Defence re false or misleading statement |
(5) | Defence re interference with audit or inspection |
17 | Limitation on prosecution |
18(1) | L.G. in C. may make regulations |
(2) and (3) | |
18.1 | |
19 | C.C.S.M. reference |
20 | Coming into force |