Industry committee  Take such things as withholding taxes, and employment insurance, and Canada Pension Plan--for all those remittances, there should be no immunity for that. No one would seriously propose that there should be immunity for those types of things. Financing a not-for-profit corporation with that money is not on.

Industry committee  The answer is that you don't have to do both, and you shouldn't do both. There are already securities transfer laws passed recently in the various provinces, starting in 1990, and in 2007 in Ontario and Alberta. All the other provinces have now come on board, except for a couple of maritime provinces and the territories.

Industry committee  In the longer brief, we excerpt the statutory language.

Industry committee  Absolutely. I would pass this in a heartbeat.

Industry committee  I have just one supplemental point on that. We must remember that Saskatchewan has had the same type of act in force since 1997--about 12 years of experience--and they've not had any definition. No problems have been reported.

Industry committee  The ones we discussed--our “top ten” list.

Industry committee  Well, we listed them in order of priority. If you want it to stop at recommendation 5, you can stop at 5.

Industry committee  I think there's a misunderstanding. When I referred to the top ten list, I was referring to the executive summary.

Industry committee  Those 71 recommendations refer to the larger original submission that we had, the more comprehensive submission. A lot of those are drafting issues. They didn't make it to the top ten.

Industry committee  I think it's absolutely a fundamentally important distinction. Really, I think it's inarguable. Let me explain a couple of things. There are only seven rules that differentiate. It's a badge that fits different types of corporations. If you're a soliciting corporation, all it really means is that there are seven rules that are a little bit different for you than they would be for a non-soliciting corporation.

Industry committee  I think there's a little bit of improvement in there. As Mr. Stevens said, you could consolidate the liquidation remedy and the oppression remedy. That would trim the act a little bit. You could move a few other provisions, which we call “mini” compliance remedies, into the general compliance remedy.

Industry committee  Merci. Honourable Chair, members of the committee, we come to praise Bill C-4, not to bury it.

Industry committee  The good that legislators such as yourselves do lives long after you. That is the case with the bill before you. It is a bill that will have a long legacy and will exert a tremendous influence over the provinces and territories, much as did the CBCA before it. So it is important to pass it, but it is important to get it right.