Statutes of Newfoundland and Labrador 2005 Chapter 7

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Statutes of Newfoundland and Labrador 2005

Statutes of Newfoundland and Labrador 2005 Chapter 7 Statutes of Newfoundland and Labrador 2005 Chapter 7 CHAPTER 7

AN ACT TO REPEAL THE INVESTMENT CONTRACTS ACT
(Assented to May 19, 2005)

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 The Investment Contracts Act is repealed.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.