Investment Trust Unitholders Protection from Liability Act, 2003 Hastings, John — Bill 127 (37th Parliament, 4th Session)

Bill 127, 37-4

Ontario — Bills

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Bill 127, Investment Trust Unitholders Protection from Liability Act, 2003

Hastings, John

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[37] Bill 127 Original (PDF)

Bill 127 2003

An Act to protect

unitholders in investment trusts

from liability

Her Majesty, by and with the advice and consent of the Legislative

Assembly of the Province of Ontario, enacts as follows:

Definition

1. In this Act,

"investment trust" means a mutual fund trust as defined in subsection 132

(6) of the Income Tax Act (Canada) that offers and sells its units

to the public in Ontario.

Administration of Act

2. The Minister of Finance is responsible for

the administration of this Act.

Protection from liability

3. The holders of units in an investment trust

are not, in their capacity as holders of the units, liable for any act,

default, obligation or liability with respect to the trust except in

circumstances specified in the regulations made under this Act.

Regulations

4. The Lieutenant Governor in Council may make

regulations,

(

a) specifying circumstances, including the winding up of an investment

trust, in which the holders of units in the trust are liable for

an act,

default, obligation or liability with respect to the trust;

(

b) specifying the extent of liability of the holders of units in the

circumstances mentioned in clause (a).

Commencement

5. This Act comes into force on the day it receives

Royal Assent.

Short title

6. The

short title of this Act is the Investment

Trust Unitholders Protection from Liability Act, 2003 .

EXPLANATORY NOTE

The Bill protects unitholders in an

investment trust from liability in their capacity as unitholders.

Date Bill stage Activity Committee

June 25, 2003

First Reading

Carried

Debates and Progress

First Reading

June

25, 2003

Second Reading

Committee

Third Reading

Royal Assent :

Coming into force :Royal Assent.

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Document details

Collection	Ontario — Bills
Citation	Bill 127, 37-4
Type	bill
Volume / chapter	p37 s4 bill 127 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	c0c15fdfcf267f0cc27f071f47c582ecae9bd142

Source file is stored in the law ingest library (html).