93. (1) The Minister shall suspend the approval of a fund if
(a) the province that approved the fund withdraws its approval;
(b) the fund no longer qualifies as a fund within the meaning of subsection 88(1);
(c) the documentation provided by the province to the Minister in accordance with paragraph 91(b) is no longer valid and no valid documentation has been provided by the province to replace it;
(d) the agreement between the fund and the Minister referred to in paragraph 91(d) is no longer valid; or
(e) the fund is not in compliance with the terms and conditions set out in section 92.
Marginal note:Lifting of suspension
(2) The Minister shall lift the suspension if the circumstances that gave rise to the suspension cease to exist.
94. The Minister shall revoke the approval of a fund if
(a) the approved fund has repaid the provincial allocation to all of its investors; and
(b) the approval of the fund has been suspended.
95. Every approved fund must submit to the Minister, until all investors in that fund have been repaid in accordance with paragraph 92(i), the following periodic reports for the purpose of demonstrating compliance with paragraph 92(f):
(a) a quarterly report on the use of provincial allocations, including
(i) the names of the recipients of the portion of the provincial allocations invested,
(ii) a description of and the terms of the security received for that investment,
(iii) the date on which the portion of the provincial allocations is invested,
(iv) the date on which the portion of the provincial allocations invested is recovered by the approved fund,
(v) a brief description of the use of the portion of the provincial allocations invested,
(vi) the number of full-time job equivalents created by the portion of the provincial allocations invested, and
(vii) the code for each recipient of the investment as set out in the Canadian Standard Industrial Classification for Companies and Enterprises, 1980; and
(b) audited annual financial statements for the approved fund, submitted within 180 days after the end of each financial year.
Investor Selected by a Province
96. A foreign national who is an investor selected by a province shall not be assessed in accordance with section 102.
- SOR/2004-167, ss. 33, 80(F).
Marginal note:Members of the class
97. (1) For the purposes of subsection 12(2) of the Act, the entrepreneur class is hereby prescribed as a class of persons who may become permanent residents on the basis of their ability to become economically established in Canada and who are entrepreneurs within the meaning of subsection 88(1).
Marginal note:Minimal requirements
(2) If a foreign national who makes an application as a member of the entrepreneur class is not an entrepreneur within the meaning of subsection 88(1), the application shall be refused and no further assessment is required.
- Date modified: