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Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

Marginal note:1993, c. 35, s. 4(1)
  •  (1) The portion of subsection 26(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Rules respecting control of entities
    • 26. (1) Subject to subsections (2.1) to (2.2), for the purposes of this Act,

  • Marginal note:1993, c. 35, s. 4(2)

    (2) Subsection 26(2) of the Act is replaced by the following:

    • Marginal note:Trusts

      (2) Subject to subsections (2.1) to (2.2), if it can be established that a trust is not controlled in fact through the ownership of its voting interests, subsection (1) does not apply, and the trust is a Canadian-controlled entity if two-thirds of its trustees are Canadians.

  • Marginal note:1993, c. 35, s. 4(2); 1995, c. 1, par. 50(1)(g)

    (3) Subsection 26(2.2) of the Act is replaced by the following:

    • Marginal note:Minister may determine

      (2.11) For the purposes of Part IV.1, in the case of an entity that qualifies as a Canadian-controlled entity by virtue of subsection (1) or (2), the Minister may nevertheless determine that the entity is not a Canadian-controlled entity if, after considering any information and evidence submitted by or on behalf of the entity or otherwise made available to the Minister or the Director, the Minister is satisfied that the entity is controlled in fact by one or more non-Canadians.

    • Marginal note:Minister may declare

      (2.2) If an entity referred to in subsection (2.1) or (2.11) has refused or neglected to provide, within a reasonable time, information that the Minister or the Director has requested and that the Minister considers necessary in order to make a decision under that subsection, the Minister may declare that the entity is not a Canadian-controlled entity.

  • Marginal note:1993, c. 35, s. 4(2)

    (4) Subsection 26(2.4) of the Act is replaced by the following:

    • Marginal note:Entity to be informed

      (2.4) The Minister shall inform the entity concerned, in writing, of any determination made under subsection (2.1) or (2.11) or declaration made under subsection (2.2), and of any date specified under subsection (2.3) without delay after such a determination or declaration is made.

  • (5) Section 26 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Exception

      (3.1) Subsection (3) does not apply to a corporation for the purposes of Part IV.1.

Marginal note:1993, c. 35, s. 5(1)
  •  (1) The portion of subsection 28(2) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Rules and presumptions respecting control of entities

      (2) Subject to subsections (4) to (5), for the purposes of this Act,

  • Marginal note:1993, c. 35, s. 5(2)

    (2) The portion of subsection 28(3) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Presumptions respecting acquisition of control

      (3) Subject to subsections (4) to (5), for the purposes of this Act,

  • Marginal note:1993, c. 35, s. 5(3); 1995, c. 1, par. 50(1)(h)

    (3) Subsection 28(5) of the Act is replaced by the following:

    • Marginal note:Minister may determine

      (4.1) For the purposes of Part IV.1, the Minister may, after considering any information and evidence submitted by or on behalf of an entity or otherwise made available to the Minister or the Director, determine that the entity is or is not controlled by another entity or that there has or has not been an acquisition of control of the entity, if the Minister is satisfied that the entity is or is not controlled in fact by that other entity or that there has or has not in fact been an acquisition of control of that entity, as the case may be.

    • Marginal note:Minister may declare

      (5) If an entity referred to in subsection (4) or (4.1) has refused or neglected to provide, within a reasonable time, information that the Minister or the Director has requested and that the Minister considers necessary in order to make a decision under that subsection, the Minister may declare that the entity is or is not controlled by another entity or that there has or has not been an acquisition of control of the entity, as the case may be.

  • Marginal note:1993, c. 35, s. 5(3)

    (4) Subsection 28(7) of the Act is replaced by the following:

    • Marginal note:Entity to be informed

      (7) The Minister shall inform the entity concerned, in writing, of any determination made under subsection (4) or (4.1) or declaration made under subsection (5), and of any date specified under subsection (6) without delay after such a determination or declaration is made.

 Section 35 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Prescribing periods

    (1.1) Any regulations prescribing a period for the purposes of subsections 25.2(1) and 25.3(1) may provide for a separate period depending on whether it is in respect of an investment referred to in section 11 or 14 or any other investment and, for the purposes of subsection 25.3(1), depending on whether a notice has or has not been issued under subsection 25.2(1).

  •  (1) Subsection 36(1) of the Act is replaced by the following:

    Marginal note:Privileged information
    • 36. (1) Subject to subsections (3) to (4), all information obtained with respect to a Canadian, a non-Canadian, a business or an entity referred to in paragraph 25.1(c) by the Minister or an officer or employee of Her Majesty in the course of the administration or enforcement of this Act is privileged and no one shall knowingly communicate or allow to be communicated any such information or allow anyone to inspect or to have access to any such information.

  • (2) The portion of subsection 36(3) of the French version of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Communication des renseignements

      (3) Les renseignements confidentiels visés au paragraphe (1) peuvent, selon les modalités déterminées par le ministre, selon le cas :

  • (3) Section 36 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Investigative bodies

      (3.1) Information that is privileged under subsection (1) may be communicated or disclosed by the Minister to a prescribed investigative body, or an investigative body of a prescribed class, if the communication or disclosure is for the purposes of the administration or enforcement of Part IV.1 and that body’s lawful investigations. The information may also be communicated or disclosed by that body for the purposes of those investigations.

  • (4) Subparagraph 36(4)(e)(iii) of the Act is replaced by the following:

    • (iii) any demand sent by the Minister under section 39, other than a demand sent for the purposes of the administration or enforcement of Part IV.1;

  • (5) Subsection 36(4) of the Act is amended by striking out “or” at the end of paragraph (e), by adding “or’’ at the end of paragraph (f) and by adding the following after paragraph (f):

    • (g) information contained in reasons given by the Minister for any decision taken under subsection 21(1), 22(2) or 23(3).

  • (6) Section 36 of the Act is amended by adding the following after subsection (4):

    • Marginal note:Information referred to in par. (4)(g)

      (4.1) The Minister shall inform the Canadian or non-Canadian before communicating or disclosing any financial, commercial, scientific or technical information under paragraph (4)(g) and the Minister shall not communicate or disclose the information if they satisfy the Minister, without delay, that the communication or disclosure would prejudice them.

    • Marginal note:Communication or disclosure — application

      (4.2) Despite subsection (1), the Minister may communicate or disclose the fact that an application has been filed under this Act, other than Part IV.1, and at what point the investment to which the application relates is in the review process. The Minister shall inform the non-Canadian and, with their consent, the Canadian business before communicating or disclosing such information and the Minister shall not communicate or disclose the information if either of them satisfy the Minister, without delay, that the communication or disclosure would prejudice them.

 

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