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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) |