27.2 (1) A labour sponsored investment fund corporation that has issued Class A shares shall notify the Minister in writing if it proposes to dissolve or wind up.  1999, c. 9, s. 67; 2004, c. 16, s. 1 (2). Same (2) The notice must be given at least 30 days before the proposed dissolution or wind-up and it must be accompanied by such information and documents as the Minister may request.  1999, c. 9, s. 67; 2004, c. 16, s. 1 (2). Public notice deemed to be notice to the Minister (3) If a labour sponsored investment fund corporation publicly announces that it proposes to dissolve or wind up, the announcement shall be deemed to be notice given to the Minister in writing on the day the announcement is made that the corporation proposes to dissolve or wind up and the corporation shall provide to the Minister such information and documents as the Minister may request.  2006, c. 9, Sched. C, s. 14. Rules applicable on wind-up, notice given before February 1, 2007 (4) Subject to subsection (8), the following rules apply if a labour sponsored investment fund corporation gives a notice of proposal to wind up or dissolve to the Minister in accordance with subsection (1) after August 29, 2005 and before February 1, 2007: 1. The labour sponsored investment fund corporation shall not issue any tax credit certificates on or after the day the notice is given to the Minister, except with the consent of the Minister and only for the purpose of issuing a duplicate certificate to replace a certificate issued before that day. 2. Section 14.1 does not apply if the redemption, acquisition or cancellation of the Class A share is part of the dissolution or wind-up of the labour sponsored investment fund corporation and occurs within a reasonable period of time before the labour sponsored investment fund corporation surrenders its registration. 3. Section 17 does not apply to the labour sponsored investment fund corporation, i. for 2004 and later years if the notice is given before February 1, 2006, or ii. for 2006 and later years if the notice is given after January 31, 2006 and before February 1, 2007. 4. Section 21 does not apply to the labour sponsored investment fund corporation if a material change occurs after the notice is given. 5. Subsection 27 (4.1) does not apply if the amount is paid by the labour sponsored investment fund corporation after the notice is given and is paid in the course of and by reason of the dissolution or wind-up. 6. Subsection 28 (3) does not apply to the labour sponsored investment fund corporation for any calendar year when sections 17 and 18.1 do not apply to the corporation. 7. The labour sponsored investment fund corporation shall not be eligible under subsection 28 (4) for a refund of any tax paid under subsection 28 (3) unless the Minister is satisfied that the corporation qualified for the refund before it gave the notice.  2006, c. 9, Sched. C, s. 14. Rules applicable on wind-up of certain LSIFs, notice given after January 31, 2007 (5) Subject to subsection (8), the following rules apply if a labour sponsored investment fund corporation gives a notice of proposal to wind up or dissolve to the Minister in accordance with subsection (1) after January 31, 2007, but only if the labour sponsored investment fund corporation satisfies the requirements of subsection (6): 1. The rules in paragraphs 1, 2, 4, 5, 6 and 7 of subsection (4) apply. 2. Section 17 does not apply to the labour sponsored investment fund corporation, i. for the calendar year in which the notice is given, ii. for the calendar year immediately before the year in which the notice is given, if the notice is given in the first 31 days of the year, and iii. for calendar years after the year in which the notice is given.  2006, c. 9, Sched. C, s. 14. Same (6) The rules in subsection (5) apply to a labour sponsored investment fund corporation that gives a notice of proposal to wind up or dissolve to the Minister in accordance with subsection (1) after January 31, 2007 only if, on the day the notice under subsection (1) is given, the percentage determined in respect of the labour sponsored investment fund corporation using the following formula is less than 20 per cent: 100 × A / (B – C) where, “A” is the amount of equity capital received by the labour sponsored investment fund corporation on the issue of Class A shares that were issued within the 24 months immediately before that day and are still outstanding on that day, “B” is the total amount of equity capital received by the labour sponsored investment fund corporation on the issue of Class A shares that are still outstanding on that day, and “C” is the amount of equity capital received by the labour sponsored investment fund corporation on the issue of Class A shares that, as of that day, have been outstanding for at least eight years. 2006, c. 9, Sched. C, s. 14. Same (7) For the purposes of subsection (6), the references to Class A shares shall exclude any Class A shares that were issued within the 24 months immediately before that day by reason of an arrangement for the purchase of substantially all of the assets of another labour sponsored investment fund corporation referred to in clause 27.1 (1) (b).  2006, c. 9, Sched. C, s. 14. Consent to extend time for dissolution or wind-up (8) On application by a labour sponsored investment fund corporation, the Minister may consent to an extension of time for dissolution or wind up of the corporation if, (a) the application for the extension is received by the Minister at least 14 days before the day specified in the notice of proposal to dissolve or wind up; and (b) the Minister is satisfied that the extension is reasonable in the circumstances.  2006, c. 9, Sched. C, s. 14. Rules on failure to dissolve or wind up (9) If a labour sponsored investment fund corporation fails to dissolve or wind up on or before the day specified in the notice of proposal to dissolve or wind up or in a consent to an extension given by the Minister under subsection (8), (a) subsection (4) or (5), whichever subsection would otherwise apply, does not apply to the corporation in respect of the period after the notice of proposal to dissolve or wind up was given to the Minister; (b) the Minister may revoke the registration of the labour sponsored investment fund corporation; and (c) subsection 27 (2) applies to the labour sponsored investment fund corporation if the Minister revokes the corporation’s registration under clause (b).  2006, c. 9, Sched. C, s. 14. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 67 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004 2006, c. 9, Sched. C, s. 14 - 29/08/2005 CTS 6 OC 14 - 1