Canadian Ownership and Control Determination Act — C-20 16
Consent of investor or nominee to audit or examination 16 (1) Every applicant for a certificate shall, in the prescribed form and manner, provide the Minister with a consent of (a) any investor having a direct equity percentage in respect of the applicant of one per cent or more, or any nominee of the investor, or (b) any investor having a total equity percentage in respect of the applicant of five per cent or more, or any nominee of the investor, whereby the investor, or nominee on behalf of the investor, consents and undertakes to submit to audit or examination of such of the documents, records and books of account of the investor or nominee or both as relate to the Canadian ownership rate of the applicant, and to give all reasonable assistance for that purpose to any person authorized by the Minister for the purpose. Idem (2) Every applicant for a certificate shall, in the prescribed form and manner, provide the Minister with a consent of any prescribed person or nominee of the prescribed person whereby the prescribed person, or nominee on behalf of the prescribed person, consents and undertakes to submit to audit or examination of such of the documents, records and books of account of the prescribed person or nominee or both as relate to the control status of the applicant, and to give all reasonable assistance for that purpose to any person authorized by the Minister for the purpose. Where consent not provided or complied with (3) Where an applicant for a certificate fails to provide a consent required under subsection (1) or an investor, or nominee on behalf of an investor, fails to comply with such a consent, the Canadian ownership rate of the investor shall, for the purposes of the application or any certificate issued pursuant to the application, be deemed to be nil. Idem (4) Where an applicant for a certificate fails to provide a consent required under subsection (2) or a prescribed person, or nominee on behalf of a prescribed person, fails to comply with a consent so provided, the prescribed person shall, for the purposes of the application or any certificate issued pursuant to the application, be deemed to be a non-eligible person. Where Canadian ownership rate or control status not properly determined and certified (5) Where the Canadian ownership rate of an investor is not determined and certified in the prescribed form and manner, it shall, for the purposes of any application for a certificate, be deemed to be nil, and where the control status of a prescribed person is not determined and certified in the prescribed form and manner, that prescribed person shall, for the purposes of any application for a certificate, be deemed to be a non-eligible person. Where prescribed information, etc., not submitted on demand (6) Where an applicant for a certificate or a person to whom a certificate has been issued fails to provide the Minister, on demand, with any prescribed form, information, documentation or certification relevant to the determination of the Canadian ownership rate of an investor, that Canadian ownership rate shall, for the purposes of the application or any certificate issued pursuant thereto, be deemed to be nil. Exemption where Her Majesty is an investor (7) Notwithstanding anything in this section, the Minister may exempt an applicant for a certificate from the application of this section or any provision thereof in respect of any investor that is Her Majesty in right of Canada or a province or an entity all or substantially all of the formal equity or assets of which are owned, directly or indirectly, by Her Majesty in right of Canada or a province. 1980-81-82-83, c. 107, s. 48