Source: http://www.parl.ca/DocumentViewer/en/42-1/bill/C-25/first-reading
Timestamp: 2017-11-21 21:24:05
Document Index: 635109429

Matched Legal Cases: ['art 20', 'art 20', 'art 20', 'art 21', 'art 21', 'art 20', 'art 20', 'art 21', 'art 21', 'arts 20', 'art 20', 'art 20', 'art 21', 'art 21', 'art 20', 'art 20', 'art 21', 'art 21']

Government Bill (House of Commons) C-25 (42-1) - First Reading - An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act, and the Competition Act - Parliament of Canada
(8) Subject to subsections (9) and49(8), a share of a body corporate issued before the body corporate was continued under this Act is deemed to have been issued in compliance with this Act and with the provisions of the articles of continuance irrespective of whether the share is fully paid and irrespective of any designation, rights, privileges, restrictions or conditions set out on or referred to in the certificate representing the share. Continuance under this section does not deprive a holder of any right or privilege that the holder claims under, or relieve the holder of any liability in respect of, an issued share.
208 (1) This Part, other than sections 209 and 212, does not apply to a corporation that is an insolvent person or a bankrupt as those terms are defined in section2 of the Bankruptcy and Insolvency Act.
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a corporation shall be stayed if the corporation is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in section2 of that Act.
(3) The Director is not required to keep or produce any document or class of documents — other than a certificate and any attached articles or statement received under section 262and other prescribed documents or prescribed class of documents — after the end of the period prescribed for the keeping or production of the document or class of documents.
(12) Subject to section 182and subsection (13),
307 (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in section2 of the Bankruptcy and Insolvency Act.
(3) The Director is not required to keep or produce any document or class of documents — other than a certificate and any attached articles or statement received under section 373and other prescribed documents or prescribed class of documents — after the end of the prescribed period for the keeping or production of the document or class of documents.
(3) The Director is not required to keep or produce any document or class of documents — other than a certificate and any attached articles or statement received under section 276and other prescribed documents or prescribed class of documents — after the end of the prescribed period for the keeping or production of the document or class of documents.
155 (1) Subject to section 156, the directors of a corporation shall place before the shareholders at every annual meeting
(a) comparative financial statements as prescribed relating separately to
Clause 21: Existing text of section 156:
156 The Director may, on application of a corporation, authorize the corporation to omit from its financial statements any item prescribed, or to dispense with the publication of any particular financial statement prescribed, and the Director may, if the Director reasonably believes that disclosure of the information contained in the statements would be detrimental to the corporation, permit the omission on any reasonable conditions that the Director thinks fit.
Clause 22: Existing text of subsection 159(1):
159 (1) A corporation shall, not less than twenty-one days before each annual meeting of shareholders or before the signing of a resolution under paragraph 142(1)‍(b) in lieu of the annual meeting, send a copy of the documents referred to in section 155 to each shareholder, except to a shareholder who has informed the corporation in writing that he or she does not want a copy of those documents.
Clause 23: Relevant portion of subsection 161(2):
(b) a person is deemed not to be independent if he or his business partner
Clause 25: Existing text of subsections 187(8) and (9):
(8) Subject to subsection 49(8), a share of a body corporate issued before the body corporate was continued under this Act is deemed to have been issued in compliance with this Act and with the provisions of the articles of continuance irrespective of whether the share is fully paid and irrespective of any designation, rights, privileges, restrictions or conditions set out on or referred to in the certificate representing the share; and continuance under this section does not deprive a holder of any right or privilege that the holder claims under, or relieve the holder of any liability in respect of, an issued share.
(9) Where a corporation continued under this Act had, before it was so continued, issued a share certificate in registered form that is convertible to bearer form, the corporation may, if a holder of such a share certificate exercises the conversion privilege attached thereto, issue a share certificate in bearer form for the same number of shares to the holder.
Clause 26: Existing text of section 193:
193 A corporation may carry out a going-private transaction. However, if there are any applicable provincial securities laws, a corporation may not carry out a going-private transaction unless the corporation complies with those laws.
Clause 27: Existing text of section 208:
208 (1) This Part, other than sections 209 and 212, does not apply to a corporation that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act.
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a corporation shall be stayed if the corporation is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in subsection 2(1) of that Act.
Clause 28: (1) Existing text of subsection 209(1):
209 (1) When a body corporate is dissolved under this Part or under section 268 of this Act, section 261 of chapter 33 of the Statutes of Canada, 1974-75-76, or subsection 297(6) of the Canada Not-for-profit Corporations Act, any interested person may apply to the Director to have the body corporate revived as a corporation under this Act.
(2) to (5) Existing text of subsections 209(3) and (3.‍1):
(3) On receipt of articles of revival, the Director shall issue a certificate of revival in accordance with section 262, if
(a) the body corporate has fulfilled all conditions precedent that the Director considers reasonable; and
(b) there is no valid reason for refusing to issue the certificate.
(3.‍1) A body corporate is revived as a corporation under this Act on the date shown on the certificate of revival.
(6) Relevant portion of subsection 209(4):
(4) Subject to any reasonable terms that may be imposed by the Director, to the rights acquired by any person after its dissolution and to any changes to the internal affairs of the corporation after its dissolution, the revived corporation is, in the same manner and to the same extent as if it had not been dissolved,
(7) Existing text of subsection 209(6):
(6) In this section, interested person includes
(a) a shareholder, a director, an officer, an employee and a creditor of the dissolved corporation;
(b) a person who has a contractual relationship with the dissolved corporation;
(c) a person who, although at the time of dissolution of the corporation was not a person described in paragraph (a), would be such a person if a certificate of revival is issued under this section; and
(d) a trustee in bankruptcy for the dissolved corporation.
Clause 29: Relevant portion of subsection 212(2):
(2) The Director shall not dissolve a corporation under this section until the Director has
(b) published notice of that decision in a publication generally available to the public.
Clause 30: Relevant portion of subsection 213(4):
(4) On receipt of an order under this section, section 212 or 214, the Director shall
(b) if the order is to liquidate and dissolve the corporation under the supervision of the court, issue a certificate of intent to dissolve in the form that the Director fixes and publish notice of the order in a publication generally available to the public.
Clause 31: Relevant portion of section 221:
221 A liquidator shall
(e) keep accounts of the moneys of the corporation received and paid out by him;
Clause 32: Existing text of subsection 225(1):
225 (1) A person who has been granted custody of the documents and records of a dissolved corporation remains liable to produce such documents and records for six years following the date of its dissolution or until the expiration of such other shorter period as may be ordered under subsection 223(5).
Clause 33: Relevant portion of subsection 235(3):
(3) The Director shall publish in a publication generally available to the public the particulars of information obtained by the Director under this section, if the particulars
Clause 34: Existing text of subsection 237.‍7(4):
(4) In this section, organized market means a recognized exchange for a class of securities or a market that regularly publishes the price of that class of securities in a publication that is generally available to the public.
Clause 35: Existing text of subsection 252.‍5(3):
(3) A requirement under this Act or the regulations for one or more copies of a document to be provided to a single addressee at the same time is satisfied by the provision of a single version of the electronic document.
Clause 36: (1) to (5) Relevant portion of section 258.‍1:
258.‍1 The Director may establish the requirements for the content and fix the form, including electronic or other forms, of notices and documents sent to or issued by the Director pursuant to this Act, including
(b) the persons or classes of persons who may transmit the notices and documents;
(c) their signature in electronic or other form, or their execution, adoption or authorization in a manner that is to have the same effect for the purposes of this Act as their signature;
(d) the time and circumstances when electronic notices and documents are to be considered to be sent or received, and the place where they are considered to have been sent or received; and
(e) any matter necessary for the purposes of the application of this section.
Clause 38: (1) to (4) Relevant portion of subsection 261(1):
261 (1) The Governor in Council may make regulations
(a) prescribing any matter required or authorized by this Act to be prescribed;
(b) requiring the payment of a fee in respect of the filing, examination or copying of any document, or in respect of any action that the Director is required or authorized to take under this Act, and prescribing the amount of the fee or the manner of determining the fee;
(c) respecting the payment of fees, including the time when and the manner in which the fees are to be paid, the additional fees that may be charged for the late payment of fees and the circumstances in which any fees previously paid may be refunded in whole or in part;
(f) prescribing that, for the purpose of paragraph 155(1)‍(a), the standards as they exist from time to time, of an accounting body named in the regulations shall be followed;
Clause 39: Existing text of section 261.‍1:
261.‍1 The fee in respect of the filing, examination, or copying of any document, or in respect of any action that the Director is required or authorized to take, shall be paid to the Director on the filing, examination, or copying or before the Director takes the action in respect of which the fee is payable.
Clause 40: Existing text of subsection 262(2):
(2) Where this Act requires that articles or a statement relating to a corporation be sent to the Director,
(a) the articles or the statement shall be signed by a director or an officer of the corporation or, in the case of articles of incorporation, by an incorporator; and
(b) on receiving the articles or statement in the form that the Director fixes, any other required documents and the required fees, the Director shall
(i) record the date of the filing,
(ii) issue the appropriate certificate,
(iii) file the certificate and the articles or statement, or a copy, image or photographic, electronic or other reproduction of the certificate and of the articles or statement,
(iv) send the certificate, or a copy, image or photographic, electronic or other reproduction of the certificate, to the corporation or its agent or mandatary, and
(v) publish a notice of the issuance of the certificate in a publication generally available to the public.
Clause 41: Existing text of subsection 262.‍1(2):
(2) The notices referred to in subsections 19(2) and (4) and subsections 106(1) and 113(1), and the annual return referred to in section 263, may be signed by any individual who has the relevant knowledge of the corporation and who is authorized to do so by the directors, or, in the case of the notice referred to in subsection 106(1), the incorporators.
Clause 42: Existing text of section 263:
263 Every corporation shall, on the prescribed date, send to the Director an annual return in the form that the Director fixes and the Director shall file it.
Clause 43: Existing text of subsection 265(8):
(8) If a corrected certificate materially amends the terms of the original certificate, the Director shall without delay give notice of the correction in a publication generally available to the public.
Clause 44: Existing text of section 266:
266 (1) A person who has paid the required fee is entitled during usual business hours to examine a document required by this Act or the regulations to be sent to the Director, except a report sent to the Director under subsection 230(2), and to make copies of or extracts from it.
(2) The Director shall furnish any person with a copy, extract, certified copy or certified extract of a document required by this Act or the regulations to be sent to the Director, except a report sent under subsection 230(2).
Clause 45: (1) Existing text of subsection 267(1):
267 (1) Records required by this Act to be maintained by the Director
(a) may be in bound or loose-leaf form or in photographic film form; or
(b) may be entered or recorded by any system of mechanical or electronic data processing or by any other information storage device that is capable of reproducing any required information in intelligible form within a reasonable time.
(2) and (3) Relevant portion of subsection 267(2):
(2) Where records are maintained by the Director otherwise than in written form,
(b) a report reproduced from those records, if it is certified by the Director, is admissible in evidence to the same extent as the original records would have been.
(4) Existing text of subsection 267(3):
(3) The Director is not required to produce any document, other than a certificate and attached articles or statement filed under section 262, after the expiration of the prescribed period.
Clause 46: Existing text of section 267.‍1:
267.‍1 Information or notices required by this Act to be summarized in a publication generally available to the public or published by the Director may be made available to the public or published by any system of mechanical or electronic data processing or by any other information storage device that is capable of reproducing any required information or notice in intelligible form within a reasonable time.
Clause 48: (1) and (2) Relevant portion of subsection 8(2):
(2) A person may not make an application under subsection (1) if the person is
(b) an individual who is of unsound mind and has been so found by a court in Canada or elsewhere; or
Clause 49: Relevant portion of section 10:
10 An application for incorporation is made by sending the following to the Director:
(d) a declaration signed by the incorporators that after incorporation the cooperative will be organized and operated and will carry on business on a cooperative basis;
(e) if applicable, a declaration signed by the incorporators that after the incorporation the cooperative will be in compliance with either Part 20 or 21; and
Clause 50: (1) Relevant portion of subsection 11(1):
11 (1) Articles of incorporation must be in the form fixed by the Director and contain the following particulars:
(c) the name and residence address of each of the incorporators;
(2) Existing text of subsection 11(5):
(5) The articles must be signed by the incorporators.
Clause 51: Existing text of subsection 12(2):
(2) For the purposes of paragraphs (1)‍(b) and (c), the Director may rely on the articles and the declarations required by section 10.
Clause 52: Existing text of sections 22 and 23:
22 The Director may, on request, reserve for ninety days a name for an intended cooperative or for one that intends to change its name.
23 A cooperative may not be incorporated with, have, carry on business under or identify itself by a name that is
(a) prohibited, or deceptively misdescriptive, as may be prescribed; or
(b) reserved for another body corporate.
Clause 53: (1) Existing text of subsections 24(1) and (2):
24 (1) The Director may direct a cooperative to change its name if the cooperative’s name contravenes section 23 when the cooperative comes into existence or is continued.
(2) If a cooperative has not complied with a direction under subsection (1) within sixty days after it is served with a written copy of the direction, the Director may issue a certificate of amendment revoking the name of the cooperative and assigning a new name to it.
(2) Existing text of subsections 24(4) and (5):
(4) The articles of the cooperative are deemed to be amended accordingly on the date shown in the certificate of amendment issued under subsection (2).
(5) On issuing a certificate of amendment under subsection (2), the Director must give notice of the change of name without delay in a publication generally available to the public.
Clause 55: Existing text of subsection 30(2):
(2) A notice of registered office in the form that the Director fixes must be sent to the Director together with any articles that designate or change the place of the registered office of the cooperative.
Clause 56: Relevant portion of subsection 58(4):
(4) A cooperative need not comply with subsection (3) if
(a) the proposal is not submitted to the cooperative at least the prescribed number of days before the anniversary date of the notice of meeting that was sent to members and shareholders in connection with the previous annual meeting;
Clause 57: Existing text of subsection 61(5):
(5) If a record date for voting is not fixed under subsection 51(4), a cooperative must prepare, not later than ten days after a record date for notice of meeting is fixed under subsection 51(3) or not later than the record date referred to in subsection 51(5), as the case may be, an alphabetical list of shareholders who are entitled to receive notice of a meeting of shareholders as of the record date that shows the number of shares held by each shareholder.
Clause 58: Relevant portion of subsection 78(1):
78 (1) A person is not qualified to be a director if the person
(c) is of unsound mind and has been so found by a court in Canada or elsewhere; or
Clause 59: (1) New.
Clause 60: Existing text of section 84:
84 Subject to section 86, no director may hold office for a single term of more than three years.
Clause 61: New.
Clause 62: (1) and (2) Existing text of section 167:
167 (1) On the application of any interested person, the Director may exempt, on any terms that the Director thinks fit, the person from any of the requirements of section 165 or subsection 166(1), which exemption may have retrospective effect.
(2) The Director must set out in a publication generally available to the public the particulars of all exemptions granted under this section together with the reasons for the exemptions.
Clause 63: Existing text of subsection 169(1):
169 (1) Shares of a cooperative that are registered in the name of an intermediary or a nominee of an intermediary and not beneficially owned by the intermediary must not be voted unless the intermediary, without delay after receipt of the notice of the meeting, management proxy circular, dissident’s proxy circular and any other documents other than the form of proxy sent to shareholders by or on behalf of any person for use in connection with the meeting, sends a copy of the document to the beneficial owner and, except when the intermediary has received written voting instructions from the beneficial owner, a written request for those instructions.
Clause 64: Existing text of the definition:
business combination means an acquisition of all or substantially all the property of one entity by another, or an amalgamation of two or more entities, or any similar reorganization between or among two or more entities.‍ (regroupement d’entreprises)
Clause 65: Existing text of subsection 185(1):
185 (1) A cooperative may issue a certificate for a fractional investment share or may instead issue a scrip certificate in bearer form that entitles the holder to receive a certificate for a full investment share in exchange for sufficient scrip certificates equalling a full investment share.
Clause 66: Relevant portion of section 190:
190 If a cooperative restricts the right to transfer its investment shares, the cooperative may, despite section 189, treat a person as the registered holder of a security if the person provides the cooperative with evidence that reasonably meets the requirements of the cooperative that the person is
(a) the heir of a deceased security holder, or the fiduciary of the estate or succession of a deceased security holder, or of a registered security holder who is a minor, an incompetent or incapable person or a missing person; or
Clause 67: Existing text of subsection 199(2):
(2) Subsection (1) is subject to any agreement to the contrary, to any applicable Act of Parliament or the legislature of a province or to any applicable regulation or stock exchange rule.
Clause 68: Relevant portion of subsection 221(1):
221 (1) In this section, section 222, subsections 229(1) and 237(1) and section 241, appropriate, with respect to a person, means that the person is
(d) if a person described in paragraph (a) is an individual and is without capacity to act by reason of death, incompetence, minority or other incapacity, the person’s fiduciary;
Clause 69: Relevant portion of subsection 247(1):
247 (1) Subject to section 248, the directors must place before the members at every annual meeting of members
(a) comparative financial statements as may be prescribed relating separately to
Clause 70: Existing text of section 248:
248 The Director may, on application of a cooperative, authorize the cooperative to omit from its financial statements any prescribed item, and the Director may, if the Director reasonably believes that disclosure of any information to be contained in the statements would be detrimental to the cooperative, permit the omission on any reasonable conditions that the Director thinks fit.
Clause 71: Existing text of section 251:
251 A cooperative shall send a copy of the documents referred to in section 247 to each member and shareholder, except to a member or shareholder who has informed the cooperative in writing that they do not want a copy of the documents,
(a) not less than twenty-one days before each annual meeting of members;
(b) not less than twenty-one days before each annual meeting of shareholders, if subsection 247(2) applies; or
(c) not later than a resolution in lieu of an annual meeting is signed under section 66.
Clause 72: (1) Existing text of subsections 285(4) to (7):
(4) If a body corporate wishes to apply for continuance under subsection (1), articles of continuance in the form that the Director fixes must be sent to the Director, together with any information that the Director may require and a declaration of the directors
(a) that after continuance the cooperative will be organized and operated and will carry on business on a cooperative basis;
(b) in the case of a cooperative to which Part 20 applies, that after continuance the cooperative will be in compliance with Part 20; and
(c) in the case of a cooperative to which Part 21 applies, that after continuance the cooperative will be in compliance with Part 21.
(5) If a body corporate wishes to apply for continuance under subsection (2), articles of continuance — and articles of amalgamation — in the form that the Director fixes must be sent to the Director, together with an amalgamation agreement containing the particulars set out in section 296, any information that the Director may require and a declaration of the directors
(a) that after amalgamation the cooperative will be organized and operated and will carry on business on a cooperative basis;
(b) in the case of a cooperative to which Part 20 applies, that after amalgamation the cooperative will be in compliance with Part 20; and
(c) in the case of a cooperative to which Part 21 applies, that after amalgamation the cooperative will be in compliance with Part 21.
(a) a certificate of continuance, on receipt of the articles of continuance and the declaration required by subsection (4), if she or he is satisfied that the requirements for incorporation have been met; or
(b) a certificate of continuance and a certificate of amalgamation, on receipt of the articles of continuance, the articles of amalgamation, the amalgamation agreement and the declaration required by subsection (5), if she or he is satisfied that the requirements for incorporation and the requirements for amalgamation have been met.
(7) For the purpose of subsection (6), the Director may rely on the articles and the declarations.
(2) Relevant portion of subsection 285(12):
(12) Subject to section 182,
(3) Existing text of subsection 285(13):
(13) If a cooperative continued under this Act had, before it was so continued, issued a share certificate in registered form that is convertible to bearer form, the cooperative may, if a holder of such a share certificate exercises the conversion privilege attached to the certificate, issue a share certificate in bearer form for the same number of shares to the holder.
Clause 73: Relevant portion of subsection 287(1):
287 (1) Subject to subsection (6) and Parts 20 and 21, a cooperative, on a special resolution of the members and, if the cooperative has issued investment shares, on a separate special resolution of the shareholders of each class, may, if it establishes to the satisfaction of the Director by a declaration of the directors that its proposed continuance in another jurisdiction would not have an effect set out in any of paragraphs (a) to (d), apply to the appropriate official or public body of another jurisdiction requesting that the cooperative be continued as if it had been incorporated under the laws of that other jurisdiction, namely, that the continuance would not
Clause 74: Existing text of subsection 291(1):
291 (1) Subject to any revocation under subsection 130(5) or 289(2), after an amendment has been adopted, articles of amendment must be sent to the Director in the form that the Director fixes, together with any information that the Director may require and a declaration of the directors
(a) that the cooperative will be organized and operated and will carry on business on a cooperative basis;
(b) if the cooperative is one to which Part 20 applies, that the cooperative will comply with Part 20; and
(c) if the cooperative is one to which Part 21 applies, that the cooperative will comply with Part 21.
Clause 75: Existing text of section 292:
292 On receipt of articles of amendment and the declaration required by subsection 291(1), the Director must issue a certificate of amendment.
Clause 76: Relevant portion of subsection 299(2):
(2) A declaration of the directors of each amalgamating cooperative must be attached to the articles of amalgamation and must establish
(a) that the amalgamated cooperative will be organized and operated and will carry on business on a cooperative basis;
(b) if the cooperative is one to which Part 20 applies, that the amalgamated cooperative will comply with Part 20;
(c) if the cooperative is one to which Part 21 applies, that the cooperative will comply with Part 21;
Clause 77: Existing text of section 307:
307 (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act.
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a cooperative are stayed if the cooperative is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in that Act.
Clause 78: (1) Existing text of subsections 308(1) and (2):
308 (1) When a cooperative is dissolved under this Part, any interested person, or any person who would be an interested person if a certificate of revival is issued under this section, may apply to the Director to have the cooperative revived under this Act.
(2) Articles of revival in the form that the Director fixes must be sent to the Director, together with a declaration of the directors to the same effect as one referred to in paragraph 10(d) and, if applicable, in paragraph 10(e).
(2) Relevant portion of subsection 308(3):
(3) On receipt of articles of revival, the Director must issue a certificate of revival, unless the Director is of the opinion that issuing the certificate
(a) would result in the cooperative
(3) Existing text of subsections 308(4) and (5):
(4) For the purpose of subsection (3), the Director may rely on the articles of revival and the declarations referred to in subsection (2).
(5) A cooperative is revived under this Act on the date shown on the certificate of revival.
(4) Relevant portion of subsection 308(8):
(8) In this section, interested person includes
(b) a person who has a contractual relationship with the dissolved cooperative; and
(c) a trustee in bankruptcy for the dissolved cooperative.
Clause 79: Relevant portion of subsection 311(2):
(2) The Director may not dissolve a cooperative under this section until
(b) notice of intent to dissolve the cooperative has been published in a publication generally available to the public.
Clause 80: Relevant portion of subsection 312(4):
(4) On receipt of an order under this section or section 313, the Director must
(b) if the order is to liquidate and dissolve the cooperative under the supervision of the court, issue a certificate of intent to dissolve in the form that the Director fixes and publish notice of the order in a publication generally available to the public.
Clause 81: Relevant portion of subsection 315(4):
(4) A copy of an order made under subsection (2) must be
(a) published as directed in the order, at least once in each week before the time appointed for the hearing, in a publication generally available to the public; and
Clause 82: Relevant portion of section 320:
320 A liquidator must, without delay after being appointed,
(b) publish notice in a publication generally available to the public and take reasonable steps to give notice of the appointment in each province or other jurisdiction where the cooperative carries on business, requiring
Clause 83: Existing text of section 325:
325 A person who has been granted custody of the documents of a dissolved cooperative remains liable to produce them for six years after the date of its dissolution or until the end of any other shorter period that may be ordered under subsection 322(5).
Clause 84: Relevant portion of subsection 335(4):
(4) The Director must publish, in a publication generally available to the public, the particulars of information obtained under this section if the particulars
Clause 85: Existing text of subsection 337.‍7(4):
Clause 86: Existing text of subsections 367(1) to (3):
367 (1) A declaration of the directors provided to the Director in accordance with subsection 285(4) or (5), 287(1), 291(1), 299(2) or 308(2) is sufficient if it is signed by a director or officer authorized to do so by resolution of the directors.
(2) The Director may, for all purposes of this Act, rely on a declaration provided under paragraph 10(d) or (e) or a declaration of the directors referred to in subsection (1).
(3) The notices referred to in subsections 30(2) and (4), 81(1) and 91(1), and the annual return referred to in subsection 374(1), may be signed by any individual who has the relevant knowledge of the cooperative and who is authorized to do so by the directors, or, in the case of the notice referred to in subsection 81(1), the incorporators.
Clause 87: Existing text of subsections 368(2) and (3):
(2) Except to the extent that may otherwise be prescribed, notices, documents, information or fees that are authorized or required to be submitted to, or issued by, the Director under this Act may be submitted or issued in electronic or other form in any manner fixed by the Director.
(3) For the purposes of this Act, a document, information or a fee that is submitted in accordance with subsection (2) is deemed to have been received by the Director at the time provided by the regulations.
Clause 88: New.
Clause 89: (1) to (3) Relevant portion of subsection 372(1):
372 (1) The Governor in Council may make regulations
(c) prescribing the fees or the manner of determining the fees that may be charged in respect of the filing, verification or copying of a document under this Act or under a regulation made under this Act, or in respect of any services provided by the Director;
(d) respecting the payment of any fees, including the time when and the manner in which the fees are to be paid, the additional fees that may be charged for the late payment of fees and the circumstances in which any fees previously paid may be refunded in whole or in part;
(f) prescribing that, for the purpose of paragraph 247(1)‍(a), the standards as they exist from time to time of an accounting body named in the regulations are to be followed;
Clause 90: Existing text of section 372.‍1:
372.‍1 The fee in respect of the filing, examination, or copying of any document or in respect of any action that the Director is required or authorized to take must be paid to the Director on the filing, examination, or copying or before the Director takes the action in respect of which the fee is payable.
Clause 91: Existing text of subsection 373(2):
(2) When this Act requires that articles or a statement relating to a cooperative be sent to the Director,
(a) the articles or statement must be signed by a director or officer or, in the case of articles of incorporation, by the incorporators; and
(b) on receiving the articles or statement in the form that the Director has fixed, any other required documents and the required fees, the Director must
(i) record the date on which it is received,
(ii) subject to sections 12, 285, 292, 299 and 308, issue the appropriate certificate,
(iii) file the certificate, articles or statement, or a copy, image or photographic, electronic or other reproduction of it,
(iv) send the certificate, or a copy, image or photographic, electronic or other reproduction of it, to the cooperative or its agent or mandatary, and
Clause 92: Existing text of section 374:
374 Every cooperative must send the Director an annual return in the form, and on the date, that the Director fixes.
Clause 93: Existing text of subsection 376.‍1(8):
(8) If a corrected certificate materially amends the terms of the original certificate, the Director must without delay give notice of the correction in a publication generally available to the public.
Clause 94: Existing text of section 377:
377 (1) A person who has paid the required fee is entitled during usual business hours to examine a document required by this Act or the regulations to be sent to the Director, except a report sent under subsection 330(2), and to make copies of it or take extracts from it.
(2) The Director must provide any person with a copy, extract, certified copy or certified extract of a document required by this Act or the regulations to be sent to the Director, except a report sent under subsection 330(2).
Clause 95: (1) Existing text of subsection 378(1):
378 (1) Records required by this Act to be maintained by the Director may be in bound or loose-leaf form or in photographic film form, or may be entered or recorded by a system of mechanical or electronic data processing or by any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time.
(2) and (3) Relevant portion of subsection 378(2):
(2) If records that are maintained by the Director are maintained other than in written form,
(b) a report reproduced from those records, if it is certified by the Director, is admissible in evidence to the same extent as the original written records would have been.
(4) and (5) Existing text of subsections 378(3) and (4):
(3) The Director is not required to produce any document, other than a certificate and attached articles or statement filed under section 373, after the expiration of the prescribed period.
(4) Information or notices required by this Act to be summarized in a publication generally available to the public or to be published by the Director may be made available to the public or published by a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information or notice in intelligible form within a reasonable time.
Clause 96: New.
Clause 97: Existing text of subsection 6(2):
(2) No individual may incorporate a corporation under subsection (1) if that individual
(a) is less than 18 years of age;
(b) has been declared incapable by a court in Canada or in another country; or
(c) has the status of a bankrupt.
Clause 98: Existing text of subsection 12(1):
12 (1) The Director may, on request, reserve for a prescribed period a name for an intended corporation or for a corporation about to change its name.
Clause 99: Relevant portion of subsection 78(1):
78 (1) In section 79, subsections 86(1) and 94(1) and section 98, appropriate, with respect to a person, means that the person is
(d) if the person described in paragraph (a) is an individual and is without capacity to act by reason of death, minority or other incapacity, the person’s fiduciary;
Clause 100: Relevant portion of subsection 126(1):
126 (1) The following persons are disqualified from being a director of a corporation:
(b) anyone who has been declared incapable by a court in Canada or in another country;
Clause 101: Existing text of subsection 128(7):
(7) If a meeting of members fails to elect the number or the minimum number of directors required by the articles by reason of the lack of consent, the disqualification, the incapacity or the death of any candidate, the directors elected at that meeting may exercise all the powers of the directors if the number of directors so elected constitutes a quorum.
Clause 102: Existing text of section 238:
238 A person who has been granted custody of the documents and records of a dissolved corporation remains liable to produce those documents and records until the expiry of the prescribed period after the corporation’s dissolution or of any shorter period fixed by an order made under subsection 233(5).
Clause 103: New.
Clause 104: (1) and (2) Relevant portion of subsection 279(1):
279 (1) A person who has paid the required fee is entitled during usual business hours to examine and make copies of or take extracts from a document required by this Act or the regulations to be sent to the Director, except
(3) Existing text of subsection 279(2):
(2) The Director shall, on request, furnish any person with a copy, extract, certified copy or certified extract of a document that may be examined under subsection (1).
Clause 105: (1) and (2) Relevant portion of section 282:
282 The Director may establish the requirements for the content and fix the form, including electronic or other forms, of notices and other documents sent to or issued by the Director under this Act, including
Clause 106: (1) Existing text of subsection 283(1):
283 (1) Documents received and accepted by the Director under this Act shall be kept by the Director in any form.
(2) Existing text of subsection 283(3):
(3) After the expiry of the prescribed period, the Director is not required to keep or produce a document other than
(a) a document referred to in section 128, 134 or 153;
(b) a certificate and attached articles or statement received under section 276; and
(c) the most recent notice of registered office, if no notice under section 20 has been received during the prescribed period.
Clause 107: Relevant portion of subsection 293(1):
293 (1) The Governor in Council may make regulations
Clause 109: (1) New.
(2) Existing text of subsections 2(2) and (3):
(a) one corporation is affiliated with another corporation if one of them is the subsidiary of the other or both are subsidiaries of the same corporation or each of them is controlled by the same person;
(b) if two corporations are affiliated with the same corporation at the same time, they are deemed to be affiliated with each other; and
(c) a partnership or sole proprietorship is affiliated with another partnership, sole proprietorship or a company if both are controlled by the same person.
(3) For the purposes of this Act, a corporation is a subsidiary of another corporation if it is controlled by that other corporation.
(3) and (4) Relevant portion of subsection 2(4):
(4) For the purposes of this Act,
(a) a corporation is controlled by a person other than Her Majesty if
(i) securities of the corporation to which are attached more than fifty per cent of the votes that may be cast to elect directors of the corporation are held, directly or indirectly, whether through one or more subsidiaries or otherwise, otherwise than by way of security only, by or for the benefit of that person, and
(c) a partnership is controlled by a person if the person holds an interest in the partnership that entitles the person to receive more than fifty per cent of the profits of the partnership or more than fifty per cent of its assets on dissolution.
Clause 110: Relevant portion of subsection 45(6):
(6) Subsection (1) does not apply if the conspiracy, agreement or arrangement
(a) is entered into only by companies each of which is, in respect of every one of the others, an affiliate; or
Clause 111: Existing text of subsection 47(3):
(3) This section does not apply in respect of an agreement or arrangement that is entered into or a submission that is arrived at only by companies each of which is, in respect of every one of the others, an affiliate.
Clause 112: Existing text of subsection 76(4):
(4) No order may be made under subsection (2) if the person referred to in subsection (3) and the customer or other person referred to in subparagraph (1)‍(a)‍(i) or (ii) are principal and agent or mandator and mandatary, or are affiliated corporations or directors, agents, mandataries, officers or employees of
(a) the same corporation, partnership or sole proprietorship; or
(b) corporations, partnerships or sole proprietorships that are affiliated.
Clause 113: (1) Relevant portion of subsection 77(4):
(4) The Tribunal shall not make an order under this section where, in its opinion,
(2) Existing text of subsection 77(5):
(5) For the purposes of subsection (4),
(a) one company is affiliated with another company if one of them is the subsidiary of the other or both are the subsidiaries of the same company or each of them is controlled by the same person;
(b) if two companies are affiliated with the same company at the same time, they are deemed to be affiliated with each other;
(c) a partnership or sole proprietorship is affiliated with another partnership, sole proprietorship or a company if both are controlled by the same person; and
(d) a company, partnership or sole proprietorship is affiliated with another company, partnership or sole proprietorship in respect of any agreement between them whereby one party grants to the other party the right to use a trade-mark or trade-name to identify the business of the grantee, if
(i) the business is related to the sale or distribution, pursuant to a marketing plan or system prescribed substantially by the grantor, of a multiplicity of products obtained from competing sources of supply and a multiplicity of suppliers, and
(ii) no one product dominates the business.
Clause 114: Existing text of section 79.‍1:
79.‍1 The amount of an administrative monetary penalty imposed on an entity under subsection 79(3.‍1) is a debt due to Her Majesty in right of Canada and may be recovered as such from that entity in a court of competent jurisdiction.
Clause 115: Existing text of subsection 90.‍1(7):
(7) Subsection (1) does not apply if the agreement or arrangement is entered into, or would be entered into, only by companies each of which is, in respect of every one of the others, an affiliate.
Clause 116: (1) Existing text of the definition:
person means an individual, body corporate, unincorporated syndicate, unincorporated organization, trustee, executor, administrator or other legal representative, but does not include a bare trustee; (personne)
(3) Existing text of subsection 108(2):
(2) For the purposes of this Part, except for the purposes of section 113, one corporation is not affiliated with another corporation by reason only of the fact that both corporations are controlled by Her Majesty in right of Canada or a province, as the case may be.
Clause 117: Existing text of subsection 109(2):
(2) For the purposes of this Part, the parties to a proposed acquisition of shares are the person or persons who propose to acquire the shares and the corporation the shares of which are to be acquired.
Clause 118: (1) Relevant portion of subsection 110(3):
(3) Subject to sections 111 and 113, this Part applies in respect of a proposed acquisition of voting shares of a corporation that carries on an operating business or controls a corporation that carries on an operating business
(i) the aggregate value of the assets in Canada, determined as of the time and in the manner that is prescribed, that are owned by the corporation or by corporations controlled by that corporation, other than assets that are shares of any of those corporations, would exceed the amount determined under subsection (7) or (8), as the case may be, or
(2) Relevant portion of subsection 110(4):
(4) Subject to subsection (4.‍1) and section 113, this Part applies in respect of a proposed amalgamation of two or more corporations if one or more of those corporations carries on an operating business, or controls a corporation that carries on an operating business, where
(a) the aggregate value of the assets in Canada, determined as of the time and in the manner that is prescribed, that would be owned by the continuing corporation that would result from the amalgamation or by corporations controlled by the continuing corporation, other than assets that are shares of any of those corporations, would exceed the amount determined under subsection (7) or (8), as the case may be; or
(3) Relevant portion of subsection 110(4.‍1):
(4.‍1) This Part does not apply in respect of a proposed amalgamation of two or more corporations if one or more of those corporations carries on an operating business or controls a corporation that carries on an operating business, unless each of at least two of the amalgamating corporations, together with its affiliates,
(4) Relevant portion of subsection 110(5):
(5) Subject to sections 112 and 113, this Part applies in respect of a proposed combination of two or more persons to carry on business otherwise than through a corporation if one or more of those persons proposes to contribute to the combination assets that form all or part of an operating business carried on by those persons, or corporations controlled by those persons, and if
Clause 119: Relevant portion of section 111:
111 The following classes of transactions are exempt from the application of this Part:
(f) an acquisition of voting shares of a corporation pursuant to an agreement in writing that provides for the issuance of those shares only if the person or persons acquiring them incur expenses to carry out exploration or development activities with respect to a Canadian resource property, as defined in subsection 66(15) of the Income Tax Act, in respect of which the corporation has the right to carry out those activities where the corporation does not have any significant assets other than that property.
Clause 120: (1) Relevant portion of subsection 114(1):
114 (1) Subject to this Part, the parties to a proposed transaction shall, before the transaction is completed, notify the Commissioner that the transaction is proposed and supply the Commissioner with the prescribed information in accordance with this Part, if
(b) two or more corporations propose to amalgamate in the circumstances set out in subsection 110(4); or
(2) Existing text of subsection 114(3):
(3) If a proposed transaction is an acquisition of shares and the Commissioner receives information supplied under subsection (1) by a party to the transaction, other than the corporation whose shares are being acquired, before receiving such information from the corporation,
(a) the Commissioner shall immediately notify the corporation that the Commissioner has received from that party the prescribed information; and
(b) the corporation shall supply the Commissioner with the prescribed information within 10 days after being notified under paragraph (a).
Clause 121: Existing text of section 116:
116 (1) If any of the information required under section 114 is not known or reasonably obtainable, or cannot be supplied because of the privilege that exists in respect of lawyers and notaries and their clients or because of a confidentiality requirement established by law, the person who is supplying the information may, instead of supplying the information, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has not been supplied and the reason why it has not been supplied.
(2) If any of the information required under section 114 could not, on any reasonable basis, be considered to be relevant to an assessment by the Commissioner as to whether the proposed transaction would or would be likely to prevent or lessen competition substantially, the person who is supplying the information may, in lieu of supplying the information, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has not been supplied and why the information was not considered relevant.
(2.‍1) If any of the information required under section 114 has previously been supplied to the Commissioner, the person who is supplying the information may, in lieu of supplying it, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has previously been supplied and when it was supplied.
(3) Where a person chooses not to supply the Commissioner with information required under section 114 and so informs the Commissioner in accordance with subsection (2) or (2.‍1) and the Commissioner or a person authorized by the Commissioner notifies that person, within seven days after the Commissioner is so informed, that the information is required, the person shall supply the Commissioner with the information.
Clause 122: Existing text of subsection 117(1):
117 (1) Nothing in section 114 requires any person who is a director of a corporation to supply information that is known to that person by virtue only of his position as a director of an affiliate of the corporation that is neither a wholly-owned affiliate nor a wholly-owning affiliate of the corporation.
Clause 123: Existing text of section 118:
118 The information supplied to the Commissioner under section 114 shall be certified on oath or solemn affirmation
(a) in the case of a corporation supplying the information, by an officer thereof or other person duly authorized by the board of directors or other governing body of the corporation, or
(b) in the case of any other person supplying the information, by that person,
as having been examined by that person and as being, to the best of his knowledge and belief, correct and complete in all material respects.
Clause 124: Existing text of subsections 123(2) and (3):
(2) A proposed transaction referred to in section 114 may be completed before the end of a period referred to in subsection (1) if, before the end of that period, the Commissioner or a person authorized by the Commissioner notifies the persons who are required to give notice and supply information that the Commissioner does not, at that time, intend to make an application under section 92 in respect of the proposed transaction.
(3) In the case of an acquisition of voting shares to which subsection 114(3) applies, the periods referred to in subsection (1) shall be determined without reference to the day on which the information required under section 114 is received by the Commissioner from the corporation whose shares are being acquired.