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(3) to (5) | Repealed | |
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5.1 | Repealed | |
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7 | Repealed | |
8 | (1) | Restrictions |
(2) | Restrictions re workplace | |
9 | Repealed | |
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 | Repealed | |
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) | Repealed | |
18.1 | Repealed | |
19 | C.C.S.M. reference | |
20 | Coming into force |