jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. (1) For the purposes of subsection 2 (1) of the Act, the following terms shall be included in an employee share purchase agreement: 1. With respect to any provision dealing with termination of the agreement, it shall also provide for the issuance of a notice of termination to each employee shareholder and to the Minister of Revenue at least ninety days prior to the termination stating the reasons for termination, the effective date and the registration number of the eligible corporation. 2. No agreement shall be terminated within ninety days after the issuance of shares to be held in escrow by the administrator. (2) For the purposes of subsection 2 (2) of the Act, the following term shall be included in the escrow agreement: 1. Despite the termination of the employee share purchase agreement, this agreement shall remain in full force and effect as long as any employee shares are held in escrow. R.R.O. 1990, Reg. 318, s. 1.
2. For the purposes of subsection 4 (1) of the Act, the prescribed manner is the forwarding of the proposed employee share purchase agreement, the proposed escrow agreement and any shareholders’ agreement by registered mail or personal service. R.R.O. 1990, Reg. 318, s. 2.
3. An administrator shall file an annual return not later than ninety days following each anniversary date of the registration of the employee share ownership plan as shown in the certificate of eligibility issued under subsection 7 (1) of the Act. R.R.O. 1990, Reg. 318, s. 3.
4. (1) For the purposes of clause 13 (1) (b) of the Act, outlays and expenses are those amounts that are properly and necessarily incurred in the establishment of an employee share ownership plan and that are paid for goods and services acquired from persons who are dealing at arm’s length with the eligible corporation, the employee group and the employees. (2) For the purposes of clause 14 (1) (b) of the Act, outlays and expenses are those amounts that are properly and necessarily incurred in the negotiation, evaluation and implementation of an employee share ownership plan and that are paid for goods and services acquired from persons who are dealing at arm’s length with the eligible corporation, the employee group and the employees. R.R.O. 1990, Reg. 318, s. 4.
5. (1) A disposition of employee shares, (a) on the death of the eligible employee; (b) upon the sale, transfer or redemption of employee shares where required by an employee share purchase agreement approved by the Minister; (c) on the cancellation of the articles of incorporation of the eligible corporation; and (d) on the bankruptcy of the eligible corporation, is prescribed as an involuntary disposition for the purposes of subsection 15 (1) of the Act. (2) For the purposes of clause 15 (1) (b) of the Act, the amount to be repaid to the Minister is that proportion of the amount determined under clause 15 (1) (a) of the Act that the proceeds of disposition of the employee shares is of the original purchase price of those shares. (3) For the purposes of subsection 15 (2) of the Act, the prescribed manner is the remitting of the amounts withheld by registered mail addressed to the Minister within thirty days of the date of disposition of the employee shares together with a completed statement of the disposition of shares in the form provided by the Minister. R.R.O. 1990, Reg. 318, s. 5.