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Revised Statutes of Newfoundland 1990


CHAPTER C-37

AN ACT RESPECTING GUARANTEES BY CORPORATIONS

Analysis

1. Short title

2. Guarantee for performance of duties

3. Guarantee accepted by Trial Division

4. Qualifications of corporation

5. Annual statement

6. Names of corporations to be published

7. Securities may be taken

8. Regulations


Short title

1. This Act may be cited as the Corporations Guarantees Act.

RSN1970 c55 s1

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Guarantee for performance of duties

2. Where a person has been appointed, or holds, or has an office or employment in the public service, and the person is required to give security by means of a surety for the performance of the duties of the office or employment, the Lieutenant-Governor in Council, or the head of the department, or the person in whom is vested the discretion of determining the nature or amount of the security, may, in the exercise of that discretion, accept as security, the guarantee of a corporation that complies with the conditions contained in this Act and may fix in each case the amount to be guaranteed.

RSN1970 c55 s2

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Guarantee accepted by Trial Division

3. Whenever security shall be ordered or required by the Trial Division for the performance, by a person, of the office of administrator, trustee, receiver, or of an office of trust for the performance of which the court may require security or in respect of a cause, proceeding, or matter pending before the Trial Division, the security may be given by the guarantee of a corporation which complies with the conditions contained in this Act.

RSN1970 c55 s3; 1986 c42 Sch A

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Qualifications of corporation

4. The conditions under which the guarantee of a corporation may be accepted under this Act, are as follows:

(a) the subscribed capital of the company shall not be less than $200,000;

(b) the paid up capital shall not be less than $100,000;

(c) the corporation shall file in the office of the Minister of Justice a certified copy of the Act of Incorporation, or charter, or letters patent, or articles of association, of the corporation, and a power of attorney from the corporation to its agent in this country under the seal of the corporation, and signed by the president and secretary or other appropriate officer together with an affidavit of the agent of the corporation in the province, or a notarial certificate certifying the authority of the president, secretary, or other office;

(d) the corporation shall obtain from the Lieutenant-Governor in Council, under the hand of the Minister of Justice a licence permitting the corporation to carry on business in the province.

RSN1970 c55 s4; 1973 No39 Sch C;
1975-76 No58 s4; 1981 c4 Sch C; 1984 c41 Sch C; 1989 c19 Sch B

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Annual statement

5. (1) The company shall, in January of each year, file with the Minister of Justice or the Registrar of Corporations a statement of its affairs; which statement shall contain a memorandum of the amount of sureties given by the company under sections 2 and 3 of this Act.

(2) The statement shall be verified by the affidavit of the president, secretary, or other appropriate office of the company, or by the agent of the company in the province.

RSN1970 c55 s5; 1973 No39 Sch C;
1975-76 No58 s4; 1981 c4 Sch C; 1984 c41 Sch C; 1989 c19 Sch B

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Names of corporations to be published

6. The Minister of Justice shall, on or before February 15 in each year, publish a list of the companies licensed to do business under this Act.

RSN1970 c55 s6; 1973 No39 Sch C;
1975-76 No58 s4; 1981 c4 Sch C; 1984 c41 Sch C; 1989 c19 Sch B

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Securities may be taken

7. Nothing in this Act shall preclude the Lieutenant-Governor in Council, or the Trial Division from ordering securities to be taken and given in the same manner as before.

RSN1970 c55 s7; 1986 c42 Sch A

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Regulations

8. The Lieutenant-Governor in Council may make regulations to give effect to the purpose of this Act.

RSN1970 c55 s8

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