C.C.S.M. c. C160
The Community Development Bonds Act
| Back to the Act | Bilingual (PDF) |
Table of Contents
| PART 1 | ||
| DEFINITIONS, INTERPRETATION AND APPLICATION |
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| 1 | Definitions | |
| (2) | Meaning of "eligible bondholder" | |
| (3) | Financial institutions excluded | |
| APPLICATION | ||
| 2 | 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 |
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| ARTICLES | ||
| 3 | Articles of incorporation | |
| (2) | Residence of incorporators | |
| (3) and (4) | [Repealed] | |
| 4 | Approval of minister | |
| (2) | Approval of municipality | |
| 5 | Prohibited corporate names | |
| (2) | Prohibited business names | |
| RESTRICTIONS AND LIABILITIES | ||
| 6 | Limitations on corporations | |
| 7 | Liabilities of directors of bond corporation | |
| (2) | Liabilities of directors of eligible business | |
| FEES | ||
| 8 | No fees to be paid | |
| REGISTER | ||
| 9 | Register | |
| (2) | Documents to be filed | |
| (3) | Inspection of register and documents | |
| PART 3 | ||
| COMMUNITY DEVELOPMENT BONDS AND GOVERNMENT GUARANTEES |
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| BOND REQUIREMENTS | ||
| 10 | (1) | [Repealed] |
| (2) | Maximum full term and early term | |
| 11 | Project development bond provisions | |
| 11.1 | Investment pool development bond provisions | |
| GUARANTEES | ||
| 12 | 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 | Assignability of security interest | |
| (2) | Mandatory assignment of security interest | |
| 13 | Rights on payment of guarantee | |
| PART 4 | ||
| ADMINISTRATION | ||
| REVIEW COMMITTEE | ||
| 14 | Review committee established | |
| (2) | Term, officers and expenses | |
| (3) | Functions of committee | |
| APPROVAL OF DISTRIBUTION OF DEVELOPMENT BONDS |
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| 14.1 | Application for preliminary approval | |
| (2) | Application to include business plan | |
| (3) | Review by minister | |
| (4) | Review by committee | |
| 15 | Application to distribute bonds | |
| (1.1) | Exception | |
| (2) | Screening by minister | |
| 16 | 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 | 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 | Review by minister | |
| (2) | Effect of conditions to be specified | |
| (3) | Effect of approval | |
| (4) | [Repealed] | |
| 24 | Variation of approval | |
| 25 | Disbursement of proceeds | |
| 26 | Continuing financial disclosure | |
| 27 | Insider trading | |
| APPROVAL OF CONVERSION OR EXCHANGE OF SECURITIES |
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| 28 | Application to convert or exchange | |
| (2) | Contents of application | |
| (3) | Screening by minister | |
| 29 | Review by committee | |
| (2) | Effect of conditions to be specified | |
| (3) | Where conversion or exchange allowed | |
| PART 5 | ||
| ENFORCEMENT | ||
| DUTIES RESPECTING DOCUMENTS | ||
| 30 | Documents of bond corporation | |
| (2) | Documents of eligible business | |
| INSPECTION | ||
| 31 | Inspectors | |
| (2) | Certificate to be furnished | |
| (3) | Certificate to be produced | |
| 32 | 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 | Appointment of receiver or receiver-manager | |
| (2) | Application of Corporations Act | |
| (3) | Notice of appointment | |
| (4) | Notice and hearing after appointment | |
| 35.1 | Appointment of agent | |
| (2) | Authority of agent | |
| PART 6 | ||
| GENERAL | ||
| EVIDENCE | ||
| 36 | Certificate of minister | |
| IMMUNITY FROM ACTION | ||
| 37 | Immunity | |
| (2) | Compellability of witness | |
| REGULATIONS | ||
| 38 | Regulations | |
| OFFENCES AND PENALTIES | ||
| 39 | 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 | |
| Back to the Act | Bilingual (PDF) |