Industry Committee on March 5th, 2009

[Diane Ablonczy, Conservative, Calgary Nose Hill, AB]

Mr. Vincent, it would depend on the bylaws of your organization, because part of the bylaws would say what would happen if you dissolved your not-for-profit. It might be different for different not-for-profits.

[Robert Vincent, Bloc, Shefford, QC]

I understand. However, if I am the only member and that I am at once the director and serve in every other capacity, nobody will tell me how to dissolve the organization. If I decide to do that tomorrow morning, I take the $25,000 and pocket it. It is simply the end of the operations and the government does not carry out any investigations.

It may open the door to other organizations, not necessarily not-for-profit, who may want to inject money in not-for-profit organizations to laundry it. In fact, they have no obligations whatsoever pursuant to this bill. This is what I am trying to understand.

[Diane Ablonczy, Conservative, Calgary Nose Hill, AB]

There's a law that financial institutions have to report cash transactions of over $10,000. If you put money from your account into the not-for-profit, there would be some controls on that.

I think, Mr. Vincent, just for simplicity's sake, that if you're going to do what you mentioned and have the $25,000, maybe we could just say that it would go back to the Government of Canada, and that would be simple.

[The Chair, Conservative, Michael Chong]

Thank you very much, Minister.

Merci, Monsieur Vincent.

Thank you very much to the minister for appearing. Mr. Lennon, Mr. Charland, and Madam Kirby, thank you very much for coming in front of our committee.

We're going to now suspend for two minutes to allow the witnesses to leave the room, and then we'll go in camera to discuss future committee business.

Thank you very much.

[Proceedings continue in camera]