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Investment Canada Act (R.S.C., 1985, c. 28 (1st Supp.))

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Act current to 2019-11-19 and last amended on 2018-12-30. Previous Versions

PART VIIRemedies, Offences and Punishment (continued)

Marginal note:Vesting orders

  •  (1) Where any voting interests or assets in respect of which an order is made under paragraph 40(2)(f) are owned by a non-Canadian outside Canada and that non-Canadian fails to comply with the order within such reasonable time as is fixed by the court that made the order, the court may, by order, vest those voting interests or assets in a trustee named by it who may thereupon, notwithstanding any other Act or law, do all such things and execute all such documents as are necessary to give effect to the order of the court.

  • Marginal note:Application of proceeds

    (2) Any proceeds of the disposition of any voting interests or assets received by a trustee under subsection (1) shall first be applied to the payment of the trustee’s fees and expenses in acting as trustee and thereafter any balance remaining shall be paid by the trustee to those who would, but for the vesting order, have been entitled to receive the proceeds.

Marginal note:Summary conviction offences

 Every one who contravenes section 36 or who knowingly provides false or misleading information under this Act or the regulations is guilty of an offence punishable on summary conviction.

Marginal note:Limitation period

 Proceedings by way of summary conviction in respect of an offence under this Act may be instituted at any time within but not later than two years after the time when the subject-matter of the proceedings arose.

PART VIII[Repealed, 1995, c. 1, s. 49]

PART IXTransitional, Consequential Amendments and Commencement

Transitional

Marginal note:Terms, conditions and undertakings

  •  (1) All terms and conditions of, and all undertakings given in relation to, an investment that has been allowed under the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, are enforceable under this Act as if the investment were subject to this Act.

  • Marginal note:Legal proceedings under FIRA

    (2) Any legal proceedings taken in respect of an investment under section 19, 20 or 21 of the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, that are pending on the coming into force of this Act may be continued in respect of that investment under this Act.

  • Marginal note:Legal proceedings under this Act

    (3) Any legal proceedings may be taken under this Act in respect of an investment that has been the subject of any order or deemed allowance under section 12 or 13 of the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74.

  • Marginal note:Privileged information

    (4) All information that is privileged under section 14 of the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, remains privileged under this Act, subject to the provisions of section 36 of this Act.

  • Marginal note:Pending notices

    (5) Where an investment, whether implemented or not, notice of which has been given under section 8 of the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, has not, on the coming into force of this Act, been the subject of any order or deemed allowance under section 12 or 13 of the Foreign Investment Review Act, a complete notice under section 12 of this Act or a complete application under section 17 of this Act shall be deemed to have been received by the Director in respect of that investment on the day this Act came into force.

  • Marginal note:Prior investments

    (6) Where an investment to which the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, applied has been implemented, and no notice has been given in respect of that investment under section 8 of that Act prior to the coming into force of this Act, that investment shall be deemed to have been implemented on the day this Act came into force.

  • Marginal note:Prior opinions

    (7) Where, on the coming into force of this Act, a person has a binding opinion furnished under section 4 of the Foreign Investment Review Act, chapter 46 of the Statutes of Canada, 1973-74, that the person is not a non-eligible person under that Act, that person is deemed to be a Canadian for so long as the material facts on which that opinion was based remain substantially unchanged or for two years from the date of the coming into force of this Act, whichever period is shorter.

  • R.S., 1985, c. 28 (1st Supp.), s. 45
  • 1999, c. 31, s. 148

Access to Information Act

 [Amendment]

Bank Act

 [Amendment]

Canadian Ownership and Control Determination Act

 [Amendment]

Citizenship Act

 [Amendment]

Northern Pipeline Act

 [Amendments]

Commencement

Marginal note:Coming into force

Footnote * This Act or any provision thereof shall come into force on a day or days to be fixed by proclamation.

 
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