Second Session, 45th General Assembly

54 Elizabeth II, 2005

BILL 12

AN ACT TO REPEAL THE INVESTMENT CONTRACTS ACT

Received and Read the First Time

Second Reading

Committee

Third Reading

Royal Assent

HONOURABLE DIANNE WHALEN

Minister of Government Services

Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

This Bill would repeal the Investment Contracts Act since all those contracts are now governed by the Securities Act . Notwithstanding repeal, the provisions of the Investment Contracts Act would continue to apply to the 2 companies which were licensed under the Investment Contract Act and which continue to have outstanding contracts entered into under the Investment Contracts Act . The Investment Contracts Act would remain in force with respect to the 2 issuers until the outstanding contracts have reached maturity or until the claims of investors have been satisfied.

A BILL

AN ACT TO REPEAL THE INVESTMENT CONTRACTS ACT

Analysis

1. RSNL1990 cI-22 Rep.

2. Continued application

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSNL1990 cI-22 Rep.

1. The Investment Contracts Act is repealed.

Continued application

2. Notwithstanding

section 1, the Investment Contracts Act shall be considered to be in force for issuers that were licensed under the Investment Contracts Act and that had entered into investment contracts under that Act before the commencement of this Act and those issuers shall continue to be subject to the provisions of the Investment Contracts Act until

(

a) all investment contracts of those issuers have reached maturity; or

(

b) the claims of holders of the investment contracts of those issuers have been otherwise satisfied.

©Earl G. Tucker, Queen's Printer