Information, documents respecting entities
4.1 (1) If an executor or trustee to whom section 1 applies holds a substantial interest in an entity within the meaning of subsection (3), the Public Guardian and Trustee may inquire into the management or operation of the entity and into its relationship to the executor or trustee, and the entity or any director, officer, manager or trustee of the entity shall, if requested by the Public Guardian and Trustee, provide to the Public Guardian and Trustee such information or documents respecting the entity as the Public Guardian and Trustee specifies.  2009, c. 33, Sched. 2, s. 11 (3). Same (2) Without limiting the generality of subsection (1), the Public Guardian and Trustee may make a request under that subsection for, (a)  business records of the entity; (b)  information respecting the assets and liabilities of the entity; (c)  accounts of income and expenses for the entity; (d)  financial statements of the entity, including any statements made by an auditor with respect to the financial statements; and (e)  the particulars of any fees, salary or other remuneration paid to any person by the entity.  2009, c. 33, Sched. 2, s. 11 (3). Substantial interest (3) An executor or trustee holds a substantial interest in an entity if the following criteria are met: 1.  In the case of an entity that is a corporation with share capital, the executor or trustee beneficially owns, controls or has direction over one of the following: i.  Shares of any class or series of voting shares of the corporation carrying more than 20 per cent of the voting rights attached to all of the outstanding voting shares of the corporation. ii.  Shares of the corporation representing more than 20 per cent of the shareholders’ equity of the corporation. 2.  In the case of an entity that is a corporation without share capital, the executor or trustee beneficially owns, controls or has direction over membership in a class of membership of the corporation carrying more than 20 per cent of the voting rights attached to all of the outstanding voting membership interests of the corporation. 3.  In the case of an entity that is a partnership, the executor or trustee beneficially owns, controls or has direction over a right to one of the following: i.  At least 20 per cent of the profits of the partnership. ii.  At least 20 per cent of the assets of the partnership on its dissolution. 4.  In the case of an entity that is a trust, the executor or trustee beneficially holds an interest in the trust. 5.  In the case of any other entity, the aggregate of any ownership interests into which the entity is divided, however designated, that are beneficially owned or controlled by the executor or trustee, or over which the executor or trustee exercises direction, exceeds 20 per cent of all the ownership interests into which the entity is divided.  2009, c. 33, Sched. 2, s. 11 (3). Same (4) For the purposes of subsection (3), the ownership, control or direction over a thing by the executor or trustee may be, (a)  direct or indirect; or (b)  alone or through one or more persons, entities or both.  2009, c. 33, Sched. 2, s. 11 (3). Application to court (5) On application by the Public Guardian and Trustee, a judge of the Superior Court of Justice may, (a)  make any order that the judge considers necessary or proper to compel the provision of information or documents required to be provided to the Public Guardian and Trustee under subsection (1); (b)  fix the costs of the application and direct how and by whom they shall be payable; (c)  make any order relating to the management, operation, ownership or control of the entity that is in the best interest of the purpose for which the estate or trust is held, including an order, (i)  determining who owns, controls or has direction over the entity, (ii)  determining who controls the election of the directors of the entity, (iii)  ensuring that the ownership, control or direction of the entity is in the best interest of the purpose for which the estate or trust is held, including, if appropriate, requiring the executor or trustee to sell all or some of his or her interest in the entity, (iv)  ensuring the proper operation and management of the entity and its assets, (v)  protecting or preserving the assets or financial stability of the entity and the assets held by the executor or trustee relating to the entity, (vi)  selling some or all of the assets of the entity, or (vii)  distributing some or all of the profits of the entity.  2009, c. 33, Sched. 2, s. 11 (3). Notice (6) An application under subsection (5) shall be on notice to the entity, to the executor or trustee and to any other person that a judge directs.  2009, c. 33, Sched. 2, s. 11 (3). No obstruction (7) No person shall obstruct, hinder or interfere with an inquiry conducted under subsection (1), or withhold, conceal or destroy information or documents required to be provided to the Public Guardian and Trustee under that subsection.  2009, c. 33, Sched. 2, s. 11 (3). Offence and penalty (8) Every person who contravenes subsection (7) is guilty of an offence and on conviction is liable to a fine not exceeding $25,000.  2009, c. 33, Sched. 2, s. 11 (3). Section Amendments with date in force (d/m/y) 2009, c. 33, Sched. 2, s. 11 (3) - 15/12/2009