Industry committee  Yes, we've made recommendations on all of those points.

Industry committee  There's none at all.

Industry committee  A series of House of Lords decisions at the turn of the 20th century established that there was both concurrent jurisdiction federally and provincially, generally, in the area of corporations. So it is possible to choose either incorporation under federal or provincial law, essen

Industry committee  I don't see any specific infringement other than what I've specified. For example, I think part 6 does infringe on provincial jurisdiction over securities transfers. That already exists at the provincial level. So it's not necessarily taking the power away from the province; it's

Industry committee  There has to be a correlation between the risk and the cost and the premiums. Obviously, there is that correlation. Also, a lot of the insurance companies base it on U.S. experience, which is actually quite different from the Canadian experience in terms of directors' and officer

Industry committee  It was January 1 in Ontario and B.C.

Industry committee  That's a question for the FINTRAC legislation, not for this legislation.

Industry committee  Directors don't generally join organizations to commit misfeasance. They join in good faith, trying to do their best, as we all know. Really, the question at a macro level is about how you get the best directors, the best governance, of the not-for-profit sector, and that is to d

Industry committee  Yes.

Industry committee  On the securities transfer question—part 6—the question, if I can put it this way, is what's wrong with just leaving it there? Really, not a whole lot is wrong with just leaving it there. You could leave it there. Functionally, it overlaps the provincial. Let me give you a coup

Industry committee  The threshold for audit exemption for a soliciting corporation is actually $50,000. That's the threshold for not having a public accountant or an audit. To have an audit, it is $250,000. That's just a small thing. More fundamentally, even if an audit is done for the corporation,

Industry committee  That's an excellent question. The answer is that the laws in the provinces that have passed personal property securities legislation state that, for a federal corporation, the applicable provincial or territorial law relates to the province in which it has its registered office.

Industry committee  It could happen theoretically, but they would never choose this statute in order to do that. Why not use a business corporation statute where there's an unlimited amount? There's no audit requirement for a business corporation statute and there's no monetary threshold. A private

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

Industry committee  The Saskatchewan Law Reform Commission came out with a study recommending that there be an immunity for directors. That's where it started. They looked at U.S. models. Nova Scotia has also done it with the Volunteer Protection Act. Nova Scotia has a different model. We're not rec