Evidence of meeting #13 for Industry, Science and Technology in the 40th Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was provincial.
A recording is available from Parliament.
Liberal
Siobhan Coady Liberal St. John's South—Mount Pearl, NL
Thank you.
I'm going to ask a couple of clarifying questions, because my recommendations are probably embedded in yours, and I'd like your clarity on it.
The period covered will be the immediately preceding financial year. You said the last day of the year end, correct?
Manager, Policy Section, Corporations Canada, Department of Industry
Correct.
Liberal
Siobhan Coady Liberal St. John's South—Mount Pearl, NL
I think my clause is included in your clause.
For further clarity, the same period received income in excess. You're saying pretty much the same thing in yours, correct?
Manager, Policy Section, Corporations Canada, Department of Industry
Correct.
I have to admit that we got into drawing a lot of timelines on a blackboard trying to deal with the 36 months you're counting as a period different from the 36 months running off an annual meeting, for which you are soliciting. There is a gap between those two periods. One goes back in time and one goes forward in time. There is the duration versus the time you're counting; they are essentially two different three-year periods.
Conservative
The Chair Conservative Michael Chong
Thank you, Madam Kirby.
Madam Coady, are you comfortable withdrawing your two amendments in lieu of the government amendment? Do you have a few more questions?
Liberal
Siobhan Coady Liberal St. John's South—Mount Pearl, NL
I do.
If I may again ask for further clarification, we're looking at adding these changes or modifications after line 23 on page 5. Is that correct?
Manager, Policy Section, Corporations Canada, Department of Industry
The changes have all been made in what would be called the chapeau of (5.1). The rest of the definition is identical to what it was. It turns out there's a really technical reason that it actually can't be done as a definition because of one of those time periods in the regulations. I don't fully understand it, but this is what I've been told by the Department of Justice.
Liberal
Siobhan Coady Liberal St. John's South—Mount Pearl, NL
You have included that it does say that it's up until the end of the next annual meeting of members, correct?
Manager, Policy Section, Corporations Canada, Department of Industry
Once you become soliciting, you're soliciting three out from this annual meeting, because we've always worked on the principle of three. The regulation will essentially be the third annual meeting following after the day you became....
Liberal
Siobhan Coady Liberal St. John's South—Mount Pearl, NL
So a corporation that during a financial year becomes a soliciting corporation is deemed not to be a soliciting corporation until the end of the next annual meeting of members?
Conservative
The Chair Conservative Michael Chong
Thank you, Madam Coady.
Would you like to move this second amendment, as proposed by Mr. Lake?
Liberal
Conservative
The Chair Conservative Michael Chong
Thank you, though, Madam Coady, for your two amendments. It is appreciated.
Liberal
Conservative
Liberal
Conservative
The Chair Conservative Michael Chong
Thank you very much, Madam Coady. I'd also like to thank you for sending this to us last week. We really do appreciate that.
Mr. Lake, would you care to move this amendment?
Conservative
The Chair Conservative Michael Chong
Thank you.
(Amendment agreed to) [See Minutes of Proceedings]
(Clause 2 as amended agreed to)
(On clause 3)
We are now going to the consideration of clause 3.
Mr. Bouchard, could you explain your amendment?
Robert Bouchard Bloc Chicoutimi—Le Fjord, QC
We are adding a subclause to clause 3, after subclause (4). This addition aims to ensure that Quebec's jurisdictions will not be encroached upon, nor the responsibilities of the federal government. It reads as follows:
(5) No corporation may be incorporated under this Act unless (a) its objects are under the legislative authority of the Parliament of Canada; or (b) it carries on business in more than one province or has a fixed place of business in more than one province.
We want to add a clarification by stating that its objects are under the authority of the Parliament of Canada. We are thinking, for instance, of a local organization which wishes to incorporate pursuant to Canadian government legislation, under Bill C-4. We want to prevent it from doing so unless it has offices or activities in several provinces.
Conservative
The Chair Conservative Michael Chong
Thank you, Mr. Bouchard.
Are there any questions from members?
Mr. Wallace.
Conservative
