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Investment Canada Act

Version of section 40 from 2003-07-02 to 2009-03-11:

Marginal note:Application for court order

  •  (1) Where a non-Canadian fails to comply with a demand under section 39, an application on behalf of the Minister may be made to a superior court for an order under subsection (2).

  • Marginal note:Court orders

    (2) Where, at the conclusion of the hearing on an application referred to in subsection (1), the superior court decides that the Minister was justified in sending a demand to the non-Canadian under section 39 and that the non-Canadian has failed to comply therewith, the court may make such order or orders as, in its opinion, the circumstances require, including, without limiting the generality of the foregoing, an order

    • (a) directing the non-Canadian to divest himself of control of the Canadian business on such terms and conditions as the court deems just and reasonable;

    • (b) enjoining the non-Canadian from taking any action specified in the order in relation to the investment that might prejudice the ability of a superior court, on a subsequent application for an order under paragraph (a), to effectively accomplish the end of such an order;

    • (c) directing the non-Canadian to comply with a written undertaking given to Her Majesty in right of Canada in relation to an investment that the Minister is satisfied or is deemed to be satisfied is likely to be of net benefit to Canada;

    • (d) against the non-Canadian imposing a penalty not exceeding ten thousand dollars for each day the non-Canadian is in contravention of this Act or any provision thereof;

    • (e) directing the revocation, or suspension for any period specified in the order, of any rights attached to any voting interests acquired by the non-Canadian or of any right to control any such rights; or

    • (f) directing the disposition by any non-Canadian of any voting interests acquired by the non-Canadian or of any assets acquired by the non-Canadian that are or were used in carrying on a Canadian business.

  • Marginal note:Penalties recoverable as debts

    (3) A penalty imposed by an order made under paragraph (2)(d) is a debt due to Her Majesty in right of Canada and is recoverable as such in a superior court.

  • Marginal note:Contempt of court

    (4) Every one who fails or refuses to comply with an order made by a superior court under subsection (2) that is directed to him may be cited and punished by the court that made the order, as for other contempts of that court.

  • Marginal note:Rights of appeal

    (5) For greater certainty, all rights of appeal provided by law apply in the case of any decision or order made by a superior court under this section, as in the case of other decisions or orders made by that court.

  • Definition of superior court

    (6) In this section, superior court has the same meaning as in subsection 35(1) of the Interpretation Act  but does not include the Supreme Court of Canada, the Federal Court of Appeal or the Tax Court of Canada.

  • R.S., 1985, c. 28 (1st Supp.), s. 40
  • 2002, c. 8, s. 152

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