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The Labour-Sponsored Venture Capital Corporations Act

C.C.S.M. c. L12

The Labour-Sponsored Venture Capital Corporations Act

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(3) to (5) Repealed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5.1 Repealed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7 Repealed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9 Repealed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 administrator
(2) Administrator may declare investment to be eligible
(3) Term of office, remuneration, support and reporting
(4) to (6) Repealed
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