13 (1) An employee organization may make application under this Part for registration of a corporation as a labour sponsored investment fund corporation to make investments in eligible businesses if the corporation has a permanent establishment in Ontario and, (a) the corporation is incorporated under the Business Corporations Act or the Canada Business Corporations Act; or (b) the corporation is registered under Part X.3 of the Income Tax Act (Canada).  1992, c. 18, s. 13 (1); 2004, c. 16, s. 1 (2). Proposal (2) An application under this section shall be made by filing with the Minister a proposal setting out, (a) the name of the corporation; (b) the location of the registered office or permanent establishment in Ontario of the corporation; (c) an investment plan for the corporation specifying, (i) the amount of equity capital to be raised on the issue of each class of shares of the corporation, (ii) the classes and series of shares, the maximum number of shares that the corporation is authorized to issue of each class and series and the maximum aggregate consideration for which all shares of each class and series may be issued, (iii) the amount of the stated capital account of each class and series of shares issued and to be issued and the amount of equity capital for which the shares were or will be issued, (iv) the amounts and kinds of debt obligations, if any, issued by the corporation, (v) any restrictions on ownership and voting rights of the shares of the corporation, (vi) the terms and conditions for redemption of shares, (vii) the estimated number of shareholders of the corporation, (viii) details of the corporation’s proposed investment policies, (ix) that the corporation will update the value of its shares on a quarterly basis and setting out the method the corporation will use to calculate the updated value of its shares, and (x) any other matter prescribed to be set out in the investment plan; (d) the number of directors of the corporation and the name in full and the residence address of each; (e) the names in full of the officers of the corporation and the residence address of each; and (f) any other matter prescribed to be set out in the proposal.  1992, c. 18, s. 13 (2); 2004, c. 16, s. 1 (2). Updated value of shares (3) The method of calculating the updated value of shares of a corporation shall not provide for a premium for control or a discount for minority interests and shall not take into consideration a tax credit under the Income Tax Act, the Taxation Act, 2007 or the Income Tax Act (Canada) allowed in respect of the shares.  1992, c. 18, s. 13 (3); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (3). Additional information (4) A proposal shall be accompanied by, (a) a certified copy of the articles of the incorporation; (b) a true copy of all shareholders’ agreements, partnership agreements and proposed agreements relating to the corporation to which the corporation is a party or of which an officer or director of the corporation or the employee organization, after making reasonable inquiry, has knowledge; and (c) any other prescribed material.  1992, c. 18, s. 13 (4); 1994, c. 17, s. 83; 2004, c. 16, s. 1 (2). Additional material (5) The proposal shall be signed by two officers or one director and one officer of the corporation and shall contain a certificate in writing signed by one of them certifying that the information contained in the proposal is complete and accurate.  1992, c. 18, s. 13 (5); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 83 - 15/10/1991 2004, c. 16, s. 1 (2)
- 1/01/2004 2008, c. 19, Sched. V, s. 2 (3) - 1/01/2009