25.1 (1) On or before January 31, each labour sponsored investment fund corporation shall give the Minister a certificate setting out the status of the corporation’s compliance with the investment requirements of this Act during the previous calendar year.  1999, c. 9, s. 64 (1); 2004, c. 16, s. 1 (2). Same (1.1) The certificate must be in a form approved by the Minister.  1999, c. 9, s. 64 (1); 2004, c. 16, s. 1 (2). Proof of compliance (2) At the request of the Minister, a labour sponsored investment fund corporation shall give the Minister information and documents sufficient to allow the Minister to determine whether the corporation is complying with this Act.  1999, c. 9, s. 64 (1); 2004, c. 16, s. 1 (2). Same (2.1) The information referred to in subsection (2) must be given to the Minister in a form approved by the Minister.  1999, c. 9, s. 64 (1); 2004, c. 16, s. 1 (2). Failure to deliver certificate (3) Despite section 25, if a corporation fails to deliver to the Minister a certificate required under subsection (1) at the time required by subsection (1) or the additional information or documentation required under subsection (2) by the date specified in the Minister’s request, (a) the corporation shall be considered not to be in compliance with sections 17 and 18.1 as of the following date: 1. In the case of a failure to give the Minister the certificate required by subsection (1), January 1 of the year in which the certificate should have been given to him or her. 2. In the case of a failure to give information or documents required by subsection (2) to the Minister, the date on which the information or documents should have been given to him or her; (b) no further tax credit certificates shall be issued under section 25 in respect of Class A shares issued after the date of the failure to deliver the certificate, information or documentation until the corporation delivers the certificate or provides the information or documentation.  1996, c. 24, s. 8; 1996, c. 29, s. 13 (1); 1999, c. 9, s. 64 (2); 2004, c. 16, s. 1 (2). Order to stop issuing certificates (4) If the Minister is of the opinion that a labour sponsored investment fund corporation is not in compliance with section 17 or 18.1 at any particular time, the Minister may order the corporation to stop issuing tax credit certificates in respect of Class A shares issued by the corporation after the date of the order until the corporation provides proof to the satisfaction of the Minister that the corporation is in compliance with sections 17 and 18.1.  2004, c. 31, Sched. 7, s. 14 (1). Penalty (5) If a corporation is not in compliance with section 17 or 18.1 or is considered under clause (3) (a) not to be in compliance with either of those sections, the Minister may order the corporation to pay to the Minister a penalty in an amount equal to, (a) 30 per cent of the equity capital received on the issue of Class A shares by the corporation during the time of the non-compliance, if the corporation is not a research oriented investment fund; or (b) 40 per cent of the equity capital received on the issue of Class A shares by the corporation during the time of the non-compliance, if the corporation is a research oriented investment fund.  2004, c. 31, Sched. 7, s. 14 (2). Declaration of non-application (5.1) The Minister may declare that subsections (3), (4) and (5) do not apply to a corporation if the corporation has reduced its tax liability under subsection 28 (3) for a calendar year to nil as a result of a reduction described in paragraph 2 of subsection 24.1 (3).  1998, c. 34, s. 22; 1999, c. 9, s. 64 (4); 2004, c. 16, s. 1 (2). Same (5.2) The declaration applies with respect to such period as the Minister specifies, but the period shall expire no earlier than the end of the calendar year after the calendar year referred to in subsection (5.1).  1998, c. 34, s. 22; 2004, c. 16, s. 1 (2). Revocation of declaration (5.3) The Minister may revoke the declaration if the Minister considers that the corporation set aside funds as described in subsection 24.1 (1) for the primary purpose of avoiding the application of subsections (3), (4) and (5).  1998, c. 34, s. 22; 2004, c. 16, s. 1 (2). Penalty upon revocation (5.4) If the Minister revokes the declaration, the corporation shall pay a penalty equal to the total amount of all investment corporation tax credits for which it issued tax credit certificates while the declaration was in effect.  1998, c. 34, s. 22; 2004, c. 16, s. 1 (2). (6) Repealed:  1999, c. 9, s. 64 (5). Saving (7) If a labour sponsored investment fund corporation can provide proof to the satisfaction of the Minister that a tax credit certificate in respect of a tax credit was issued at a time when the corporation was in compliance with sections 17 and 18.1, the amount of any penalty payable under this section shall be determined without reference to the tax credit.  1996, c. 24, s. 8; 2004, c. 16, s. 1 (2). Section 31 does not apply (8) Section 31 does not apply to any action taken by the Minister under this section.  1996, c. 24, s. 8; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1996, c. 24, s. 8 - 7/05/1996; 1996, c. 29, s. 13 - 7/05/1996; 1998, c. 34, s. 22 - 23/11/1998; 1999, c. 9, s. 64 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 31, Sched. 7, s. 14 - 16/12/2004