PART 12PUBLIC ACCOUNTANT
Definition of “designated corporation”
179. In this Part, “designated corporation” means
(a) a soliciting corporation that has gross annual revenues for its last completed financial year that are equal to or less than the prescribed amount or that is deemed to have such revenues under paragraph 190(a); and
(b) a non-soliciting corporation that has gross annual revenues for its last completed financial year that are equal to or less than the prescribed amount.
Marginal note:Qualification of public accountant
180. (1) In order to be a public accountant of a corporation, a person shall
(a) be a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province;
(b) meet any qualifications under an enactment of a province for performing any duty that the person is required to perform under sections 188 to 191; and
(c) subject to subsection (6), be independent of the corporation, its affiliates, or the directors or officers of the corporation or its affiliates.
(2) For the purposes of this section,
(a) independence is a question of fact; and
(b) a person is deemed not to be independent if that person or their business partner
(i) is a business partner, a director, an officer or an employee of the corporation or any of its affiliates, or is a business partner of any director, officer or employee of the corporation or any of its affiliates,
(ii) beneficially owns or controls, directly or indirectly, a material interest in the debt obligations of the corporation or any of its affiliates, or
(iii) has been a receiver, receiver-manager, sequestrator, liquidator or trustee in bankruptcy of the corporation or any of its affiliates within two years before the person’s proposed appointment as public accountant of the corporation.
Marginal note:Business partners
(3) For the purposes of subsection (2), a person’s business partner includes a shareholder or member of that person.
Marginal note:Duty to resign
(4) A public accountant who becomes disqualified under this section shall, subject to subsection (6), resign immediately after becoming aware of the disqualification.
Marginal note:Disqualification order
(5) On the application of an interested person, a court may make an order declaring a public accountant to be disqualified under this section and the office of public accountant to be vacant.
Marginal note:Relieving order
(6) On the application of an interested person, a court may, if it is satisfied that the order would not unfairly prejudice the members of the corporation, make an order on any terms that it thinks fit relieving a public accountant from meeting any requirement under subsection (1). The order may have retroactive effect.
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