Public Sector Pension Investment Board Regulations — 13
orporation if the corporation (a) limits its activities to acquiring, holding, exploring, developing, maintaining, improving, managing, operating or disposing of Canadian resource properties that are owned by, or held on behalf of, (i) the Board, (ii) the corporation, (iii) any other resource corporation in which securities to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation have been invested in by, or on behalf of, the Board pursuant to this subsection, or (iv) any other resource corporation in which securities to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation are owned by the corporation or by a resource corporation referred to in subparagraph (iii); (b) restricts its investments and loans — other than investments in Canadian resource properties, investments in property to be used in connection with Canadian resource properties owned by the corporation, loans secured by Canadian resource properties to persons resident in Canada for the exploration or development of these properties, and investments in the securities of other resource corporations — to those authorized for the Board; (c) does not borrow money other than for the purpose of earning income from Canadian resource properties; (d) does not enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16; (e) does not invest, or hold an investment, in securities of any other resource corporation to which are attached more than 30 per cent of the votes that may be cast to elect the directors of that corporation, unless the corporation first obtains, and provides to the Board, an undertaking by the other resource corporation (i) not to enter into a transaction — with a related party, or with a person who has ceased to be a related party within the 12 month period preceding the transaction — that the Board would be prohibited from entering into under section 16, (ii) not to invest, or hold an investment, in the securities of any other resource corporation; and (f) has provided to the Board an undertaking described in subsection (6). (6) An undertaking made by an investment corporation, a real estate corporation or a resource corporation to the Board must provide that for as long as the Board directly or indirectly holds securities to which are attached more than 30 per cent of the votes that may be cast to elect its directors, the corporation will (a) file with the Board, at such intervals or times as the Board directs, (i) copies of its annual financial statements, (ii) copies of its audited financial statements in respect of the immediately preceding 5 fiscal years, or for each year since the corporation was incorporated, if less than 5 years, (iii) a list clearly identifying the assets of the corporation and the market value of each asset, (iv) a list of the names of its officers, directors and shareholders, and (v) a certificate stating that the corporation is complying with its undertaking; and (b) permit the Board or a person authorized by the Board to visit its head office and to examine its books and records. SOR/2000-243, s. 1; SOR/2005-416, s. 4