GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Companies’ Creditors Arrangement Act — C-36 46
Application for recognition of a foreign proceeding 46 (1) A foreign representative may apply to the court for recognition of the foreign proceeding in respect of which he or she is a foreign representative. Documents that must accompany application (2) Subject to subsection (3), the application must be accompanied by (a) a certified copy of the instrument, however designated, that commenced the foreign proceeding or a certificate from the foreign court affirming the existence of the foreign proceeding; (b) a certified copy of the instrument, however designated, authorizing the foreign representative to act in that capacity or a certificate from the foreign court affirming the foreign representative’s authority to act in that capacity; and (c) a statement identifying all foreign proceedings in respect of the debtor company that are known to the foreign representative. Documents may be considered as proof (3) The court may, without further proof, accept the documents referred to in paragraphs (2)(a) and (b) as evidence that the proceeding to which they relate is a foreign proceeding and that the applicant is a foreign representative in respect of the foreign proceeding. Other evidence (4) In the absence of the documents referred to in paragraphs (2)(a) and (b), the court may accept any other evidence of the existence of the foreign proceeding and of the foreign represent­ative’s authority that it considers appropriate. Translation (5) The court may require a translation of any document accompanying the application. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 47
Order recognizing foreign proceeding 47 (1) If the court is satisfied that the application for the recognition of a foreign proceeding relates to a foreign proceeding and that the applicant is a foreign representative in respect of that foreign proceeding, the court shall make an order recognizing the foreign proceeding. Nature of foreign proceeding to be specified (2) The court shall specify in the order whether the foreign proceeding is a foreign main proceeding or a foreign non-main proceeding. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 48
Order relating to recognition of a foreign main proceeding 48 (1) Subject to subsections (2) to (4), on the making of an order recognizing a foreign proceeding that is specified to be a foreign main proceeding, the court shall make an order, subject to any terms and conditions it considers appropriate, (a) staying, until otherwise ordered by the court, for any period that the court considers necessary, all proceedings taken or that might be taken against the debtor company under the Bankruptcy and Insolvency Act or the Winding-up and Restructuring Act ; (b) restraining, until otherwise ordered by the court, further proceedings in any action, suit or proceeding against the debtor company; (c) prohibiting, until otherwise ordered by the court, the commencement of any action, suit or proceeding against the debtor company; and (d) prohibiting the debtor company from selling or otherwise disposing of, outside the ordinary course of its business, any of the debtor company’s property in Canada that relates to the business and prohibiting the debtor company from selling or otherwise disposing of any of its other property in Canada. Scope of order (2) The order made under subsection (1) must be consistent with any order that may be made under this Act. When subsection (1) does not apply (3) Subsection (1) does not apply if any proceedings under this Act have been commenced in respect of the debtor company at the time the order recognizing the foreign proceeding is made. Application of this and other Acts (4) Nothing in subsection (1) precludes the debtor company from commencing or continuing proceedings under this Act, the Bankruptcy and Insolvency Act or the Winding-up and Restructuring Act in respect of the debtor company. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 49
Other orders 49 (1) If an order recognizing a foreign proceeding is made, the court may, on application by the foreign representative who applied for the order, if the court is satisfied that it is necessary for the protection of the debtor company’s property or the interests of a creditor or creditors, make any order that it considers appropriate, including an order (a) if the foreign proceeding is a foreign non-main proceeding, referred to in subsection 48(1); (b) respecting the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor company’s property, business and financial affairs, debts, liabilities and obligations; and (c) authorizing the foreign representative to monitor the debtor company’s business and financial affairs in Canada for the purpose of reorganization. Restriction (2) If any proceedings under this Act have been commenced in respect of the debtor company at the time an order recognizing the foreign proceeding is made, an order made under subsection (1) must be consistent with any order that may be made in any proceedings under this Act. Application of this and other Acts (3) The making of an order under paragraph (1)(a) does not preclude the commencement or the continuation of proceedings under this Act, the Bankruptcy and Insolvency Act or the Winding-up and Restructuring Act in respect of the debtor company. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 50
Terms and conditions of orders 50 An order under this Part may be made on any terms and conditions that the court considers appropriate in the circumstances. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 51
Commencement or continuation of proceedings 51 If an order is made recognizing a foreign proceeding, the foreign representative may commence and continue proceedings under this Act in respect of a debtor company as if the foreign representative were a creditor of the debtor company, or the debtor company, as the case may be. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 52
Cooperation — court 52 (1) If an order recognizing a foreign proceeding is made, the court shall cooperate, to the maximum extent possible, with the foreign representative and the foreign court involved in the foreign proceeding. Cooperation — other authorities in Canada (2) If any proceedings under this Act have been commenced in respect of a debtor company and an order recognizing a foreign proceeding is made in respect of the debtor company, every person who exercises powers or performs duties and functions under the proceedings under this Act shall cooperate, to the maximum extent possible, with the foreign representative and the foreign court involved in the foreign proceeding. Forms of cooperation (3) For the purpose of this section, cooperation may be provided by any appropriate means, including (a) the appointment of a person to act at the direction of the court; (b) the communication of information by any means considered appropriate by the court; (c) the coordination of the administration and supervision of the debtor company’s assets and affairs; (d) the approval or implementation by courts of agreements concerning the coordination of proceedings; and (e) the coordination of concurrent proceedings regarding the same debtor company. 2005, c. 47, s. 131; 2007, c. 36, s. 80
Companies’ Creditors Arrangement Act — C-36 53
Obligations of foreign representative 53 If an order recognizing a foreign proceeding is made, the foreign representative who applied for the order shall (a) without delay, inform the court of (i) any substantial change in the status of the recognized foreign proceeding, (ii) any substantial change in the status of the foreign representative’s authority to act in that capacity, and (iii) any other foreign proceeding in respect of the same debtor company that becomes known to the foreign representa­tive; and (b) publish, without delay after the order is made, once a week for two consecutive weeks, or as otherwise directed by the court, in one or more newspapers in Canada specified by the court, a notice containing the prescribed information. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 54
Concurrent proceedings 54 If any proceedings under this Act in respect of a debtor company are commenced at any time after an order recognizing the foreign proceeding is made, the court shall review any order made under section 49 and, if it determines that the order is inconsistent with any orders made in the proceedings under this Act, the court shall amend or revoke the order. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 55
Multiple foreign proceedings 55 (1) If, at any time after an order is made in respect of a foreign non-main proceeding in respect of a debtor company, an order recognizing a foreign main proceeding is made in respect of the debtor company, the court shall review any order made under section 49 in respect of the foreign non-main proceeding and, if it determines that the order is inconsistent with any orders made under that section in respect of the foreign main proceedings, the court shall amend or revoke the order. Multiple foreign proceedings (2) If, at any time after an order is made in respect of a foreign non-main proceeding in respect of the debtor company, an order recognizing another foreign non-main proceeding is made in respect of the debtor company, the court shall, for the purpose of facilitating the coordination of the foreign non-main proceedings, review any order made under section 49 in respect of the first recognized proceeding and amend or revoke the order if it considers it appropriate. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 56
Authorization to act as representative of proceeding under this Act 56 The court may authorize any person or body to act as a representative in respect of any proceeding under this Act for the purpose of having them recognized in a jurisdiction outside Canada. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 57
Foreign representative status 57 An application by a foreign representa­tive for any order under this Part does not submit the foreign representative to the jurisdiction of the court for any other purpose except with regard to the costs of the proceedings, but the court may make any order under this Part conditional on the compliance by the foreign representative with any other order of the court. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 58
Foreign proceeding appeal 58 A foreign representative is not prevented from making an application to the court under this Part by reason only that proceedings by way of appeal or review have been taken in a foreign proceeding, and the court may, on an application if such proceedings have been taken, grant relief as if the proceedings had not been taken. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 59
Presumption of insolvency 59 For the purposes of this Part, if an insolvency or a reorganization or a similar order has been made in respect of a debtor company in a foreign proceeding, a certified copy of the order is, in the absence of evidence to the contrary, proof that the debtor company is insolvent and proof of the appointment of the foreign representative made by the order. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 60
Credit for recovery in other jurisdictions 60 (1) In making a compromise or an arrangement of a debtor company, the following shall be taken into account in the distribution of dividends to the company’s creditors in Canada as if they were a part of that distribution: (a) the amount that a creditor receives or is entitled to receive outside Canada by way of a dividend in a foreign proceeding in respect of the company; and (b) the value of any property of the company that the creditor acquires outside Canada on account of a provable claim of the creditor or that the creditor acquires outside Canada by way of a transfer that, if it were subject to this Act, would be a preference over other creditors or a transfer at undervalue. Restriction (2) Despite subsection (1), the creditor is not entitled to receive a dividend from the distribution in Canada until every other creditor who has a claim of equal rank in the order of priority established under this Act has received a dividend whose amount is the same percentage of that other creditor’s claim as the aggregate of the amount referred to in paragraph (1)(a) and the value referred to in paragraph (1)(b) is of that creditor’s claim. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 61
Court not prevented from applying certain rules 61 (1) Nothing in this Part prevents the court, on the application of a foreign represent­ative or any other interested person, from applying any legal or equitable rules governing the recognition of foreign insolvency orders and assistance to foreign representatives that are not inconsistent with the provisions of this Act. Public policy exception (2) Nothing in this Part prevents the court from refusing to do something that would be contrary to public policy. 2005, c. 47, s. 131; 2007, c. 36, s. 81
Companies’ Creditors Arrangement Act — C-36 62
Regulations 62 The Governor in Council may make regulations for carrying out the purposes and provisions of this Act, including regulations (a) specifying documents for the purpose of paragraph 23(1)(f); and (b) prescribing anything that by this Act is to be prescribed. 2005, c. 47, s. 131; 2007, c. 36, s. 82
Companies’ Creditors Arrangement Act — C-36 63
Review of Act 63 (1) Within five years after the coming into force of this section, the Minister shall cause to be laid before both Houses of Parliament a report on the provisions and operation of this Act, including any recommendations for amendments to those provisions. Reference to parliamentary committee (2) The report stands referred to the committee of the Senate, the House of Commons or both Houses of Parliament that is designated or established for that purpose, which shall (a) as soon as possible after the laying of the report, review the report; and (b) report to the Senate, the House of Commons or both Houses of Parliament, as the case may be, within one year after the laying of the report of the Minister, or any further time authorized by the Senate, the House of Commons or both Houses of Parliament. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 11
Transitional: proceedings 11 Proceedings to which any of the provisions amended by the schedule apply that were commenced before the coming into force of section 10 shall be continued in accordance with those amended provisions without any further formality.
Companies’ Creditors Arrangement Act — C-36 45
Transitional: proceedings 45 (1) Every proceeding commenced before the coming into force of this subsection and in respect of which any provision amended by this Act applies shall be taken up and continued under and in conformity with that amended provision without any further formality.
Companies’ Creditors Arrangement Act — C-36 127
Application 127 Section 120, 121, 122, 123, 124, 125 or 126 applies to proceedings commenced under the Companies’ Creditors Arrangement Act after that section comes into force.
Companies’ Creditors Arrangement Act — C-36 10
Transitional — proceedings 10 Every proceeding commenced before the coming into force of this section and in respect of which any provision amended by sections 12 to 16 applies shall be taken up and continued under and in conformity with that amended provision without any further formality.
Companies’ Creditors Arrangement Act — C-36
(2) Subsection (1) applies to proceedings commenced under the Act after September 29, 1997.
Companies’ Creditors Arrangement Act — C-36 134
Companies’ Creditors Arrangement Act 134 An amendment to the Companies’ Creditors Arrangement Act that is enacted by any of sections 124 to 131 of this Act applies only to a debtor company in respect of whom proceedings commence under that Act on or after the day on which the amendment comes into force.
Companies’ Creditors Arrangement Act — C-36 119
Companies’ Creditors Arrangement Act 119 An amendment to the Companies’ Creditors Arrangement Act made by section 104 or 106 of this Act applies only to a debtor company in respect of which proceedings under that Act are commenced on or after the day on which the amendment comes into force.
Companies’ Creditors Arrangement Act — C-36 111
Companies’ Creditors Arrangement Act 111 The amendment to the Companies’ Creditors Arrangement Act that is enacted by section 67 of this Act applies only to a debtor company in respect of whom proceedings commence under that Act on or after the day on which the amendment comes into force.
Companies’ Creditors Arrangement Act — C-36 271
Companies’ Creditors Arrangement Act 271 Subsection 36(8) of the Companies’ Creditors Arrangement Act , as enacted by section 269 , applies only in respect of proceedings that are commenced under that Act on or after the day on which this section comes into force.
Companies’ Creditors Arrangement Act — C-36 150
150 Section 11.001, subsections 11.02(1) and 11.2(5) and sections 11.9 and 18.6 of the Companies’ Creditors Arrangement Act , as enacted by sections 136 to 140 , apply only in respect of proceedings that are commenced under that Act on or after the day on which that section or subsection, as the case may be, comes into force.
Companies’ Creditors Arrangement Act — C-36 7
Exception — companies 7 (2) Subsections 5(1) and (2) do not apply in respect of a company that, on the day before the day on which those subsections come into force, participated in a prescribed pension plan for the benefit of its employees until the fourth anniversary of the day on which this Act comes into force.
Companies’ Creditors Arrangement Act — C-36 276
Companies’ Creditors Arrangement Act 276 The definition company in subsection 2(1) of the Companies’ Creditors Arrangement Act , as enacted by section 274 , applies only in respect of proceedings that are commenced under that Act on or after the day on which that section 274 comes into force.
Companies’ Creditors Arrangement Act — C-36 274
274 The definition company in subsection 2(1) of the Companies’ Creditors Arrangement Act is replaced by the following: company means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include banks, authorized foreign banks within the meaning of section 2 of the Bank Act , telegraph companies, insurance companies, companies to which the Trust and Loan Companies Act applies and prescribed public post-secondary educational institutions; ( compagnie )
Companies’ Creditors Arrangement Act — C-36
company means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include banks, authorized foreign banks within the meaning of section 2 of the Bank Act , telegraph companies, insurance companies, companies to which the Trust and Loan Companies Act applies and prescribed public post-secondary educational institutions; ( compagnie )
An Act to incorporate Continental Bank of Canada — C-38.5 Preamble
Preamble Whereas IAC Limited, a corporation incorporated under the laws of Canada, has by its petition prayed that it be enacted as hereinafter set forth and it is expedient to grant the prayer of the said petition: Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
An Act to incorporate Continental Bank of Canada — C-38.5 1
Incorporation 1 There is hereby incorporated a corporation under the name Continental Bank of Canada, in English, and the name Banque Continentale du Canada , in French, hereinafter called the “Bank”, consisting of such persons as are from time to time shareholders of the Bank.
An Act to incorporate Continental Bank of Canada — C-38.5 2
Provisional directors 2 (1) Subject to subsection (2), the persons who are the directors of IAC Limited on the coming into force of this Act are the provisional directors of the Bank, and this subsection constitutes a declaration of the names, addresses and occupations of those persons for purposes of subsection 8(1) of the Bank Act . Qualifications (2) A director of IAC Limited is not eligible to be a provisional director of the Bank unless he holds, as the absolute and sole owner thereof in his individual right and not as trustee or in the right of another, not less than one hundred common shares of the capital stock of IAC Limited, and the requirement in subsection 10(2) of the Bank Act that a provisional director of a bank be a subscriber for stock of that bank does not apply to a provisional director of the Bank.
An Act to incorporate Continental Bank of Canada — C-38.5 3
Authorized capital 3 The authorized capital stock of the Bank shall be one hundred million dollars, divided into shares having a par value of ten dollars each.
An Act to incorporate Continental Bank of Canada — C-38.5 4
Interpretation 4 (1) For purposes of this Act, a corporation is a subsidiary of another corporation (in this subsection called the “parent corporation”) only if it is controlled by (a) the parent corporation, (b) a group of two or more corporations each of which is either (i) the parent corporation, (ii) a corporation controlled by the parent corporation, or (iii) a corporation controlled by one or more corporations that are controlled by the parent corporation, or (c) a corporation described in subpararaph (b)(ii) or (b)(iii). Idem (2) For purposes of subsection (1), a corporation is controlled by another corporation or by two or more other corporations only if that other corporation owns, or those other corporations own, more than 50% of the issued shares having full voting rights in all circumstances of the capital stock of the first-mentioned corporation.
An Act to incorporate Continental Bank of Canada — C-38.5 5
Head office 5 The head office of the Bank shall be in the Municipality of Metropolitan Toronto, in the Province of Ontario.
An Act to incorporate Continental Bank of Canada — C-38.5 6
Application of Bank Act 6 This Act shall be construed to confer upon the Bank all the powers, privileges and immunities, and to subject it to all the liabilities and provisions set forth in the Bank Act , except as provided in the Bank Act or in this Act.