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C.C.S.M. c. C160: Table of Contents

C.C.S.M. c. C160

The Community Development Bonds Act

PART 1
DEFINITIONS, INTERPRETATION AND APPLICATION
1(1) Definitions
(2) Meaning of "eligible bondholder"
(3) Financial institutions excluded
APPLICATION
2(1) Application of C.C.S.M c. C225
(2) Application of C.C.S.M c. S50
PART 2
INCORPORATION OF COMMUNITY DEVELOPMENT BOND CORPORATIONS
ARTICLES
3(1) Articles of incorporation
(2) Residence of incorporators
(3) and (4)
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
COMMUNITY DEVELOPMENT BONDS AND GOVERNMENT GUARANTEES
BOND REQUIREMENTS
10(1)
(2) Maximum full term and early term
11 Project development bond provisions
11.1 Investment pool development 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
(6) Application of payments
12.1(1) Assignability of security interest
(2) Mandatory assignment of security interest
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
14.1(1) Application for preliminary approval
(2) Application to include business plan
(3) Review by minister
(4) Review by committee
15(1) Application to distribute bonds
(1.1) Exception
(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 minister
(2) Effect of conditions to be specified
(3) Effect of approval
(4)
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 or receiver-manager
(2) Application of Corporations Act
(3) Notice of appointment
(4) Notice and hearing after appointment
35.1(1) Appointment of agent
(2) Authority of agent
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