16.1 (1) A labour sponsored investment fund corporation that intends to issue shares as a research oriented investment fund in an eligible year shall give notice of its intention to the Minister in a form approved by the Minister and shall do so by the end of the preceding year.  2000, c. 42, s. 6; 2004, c. 16, s. 1 (2); 2005, c. 31, Sched. 3, s. 3 (1). Status of corporation (2) A labour sponsored investment fund corporation that has given the notice required by subsection (1) for an eligible year is a research oriented investment fund during that year, (a)  Repealed:  2001, c. 23, s. 12 (1). (b) if the corporation complied with the investment requirements and restrictions set out in sections 17 and 18.1 in the preceding year; (c) if the corporation conducted its business and affairs in accordance with this Act in the preceding year; and (d) if the aggregate cost of the corporation’s investments, each of which is an eligible investment in a research business that was held at the end of the preceding year, is equal to at least 50 per cent, or such other percentage as may be prescribed, of its capital available for investment at August 31 or December 31 of that year, whichever amount of capital is less, or if, instead, the corporation gives the undertaking described in subsection (5).  2000, c. 42, s. 6; 2001, c. 23, s. 12 (1); 2004, c. 16, s. 1 (2); 2004, c. 31, Sched. 7, s. 5 (1); 2005, c. 31, Sched. 3, s. 3 (2). Penalty for unauthorized issuance (3) If a labour sponsored investment fund corporation issues a Class A share as a research oriented investment fund during an eligible year but did not meet the requirements set out in subsection (2) when it did so, the corporation shall pay a penalty to the Minister equal to 10 per cent of the value of the consideration received on its issuance.  2000, c. 42, s. 6; 2004, c. 16, s. 1 (2); 2005, c. 31, Sched. 3, s. 3 (3). (4) Repealed:  2001, c. 23, s. 12 (2). Undertaking re investments (5) For the purposes of clause (2) (d), a labour sponsored investment fund corporation that has not made any investments may give the Minister a written undertaking that, before the end of the eligible year referred to in subsection (2), it will make one or more investments, each of which is an eligible investment in a research business and that the cost of those investments will equal at least 50 per cent, or such other percentage as may be prescribed, of the capital available for investment by the corporation at August 31 or December 31 of that year, whichever amount of capital is less.  2004, c. 31, Sched. 7, s. 5 (2); 2005, c. 31, Sched. 3, s. 3 (4). Failure to comply with undertaking (6) If a labour sponsored investment fund corporation fails to comply with its undertaking given under subsection (5), the corporation shall pay a penalty to the Minister equal to 10 per cent of the value of the consideration received on its issuance, during the applicable year, of Class A shares as a research oriented investment fund.  2000, c. 42, s. 6; 2004, c. 16, s. 1 (2). Definition (7) In this section, “eligible year” means a calendar year after 2000 and before 2013.  2008, c. 7, Sched. D, s. 1. Section Amendments with date in force (d/m/y) 2000, c. 42, s. 6 - 21/12/2000 2001, c. 23, s. 12 - 5/12/2001 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 31, Sched. 7, s. 5 - 18/05/2004 2005, c. 31, Sched. 3, s. 3 - 15/12/2005 2007, c. 7, Sched. 5, s. 1 - 17/05/2007 2008, c. 7, Sched. D, s. 1 - 14/05/2008