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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 |