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23 |
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Second
Session, 47th General Assembly 62
Elizabeth II, 2013 |
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AN ACT TO AMEND THE LAW
SOCIETY ACT, 1999 |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
DARIN KING Minister of Justice |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Law Society Act, 1999 to · clarify the definition of "law firm" to exclude sole-member professional law corporations; and · expand the list of persons who may hold non-voting shares in a professional law corporation to include the immediate family members of the practicing lawyers of the professional law corporation. |
A BILL AN ACT TO AMEND Analysis 1.
S.2 Amdt. 2.
S.63.1 Amdt. 3.
S.63.4 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL1999 cL-9.1 1. (1) Paragraph 2(1)(e) of the Law Society Act, 1999 is repealed and the following substituted: (e) "law firm" means a partnership, a professional law corporation that has 2 or more voting shareholders or another joint arrangement carrying on, or holding out to the public its willingness to carry on, the practice of law; (2) Subsection 2(1) of the Act is amended by deleting the word "and" at the end of paragraph (i), by adding the word "and" at the end of paragraph (j), and by adding immediately after paragraph (j) the following: (k) "voting shareholder" means a person who has the legal and beneficial ownership of one or more voting shares. 2. (1) Paragraph 63.1(a) of the Act is amended by deleting the word "and" at the end of subparagraph (i), by deleting the semi-colon at the end of subparagraph (ii) and substituting a comma and the word "and", and by adding immediately after subparagraph (ii) the following: (iii) a child of whom a spouse or former spouse is a parent; (2) Section 63.1 of the Act is amended by adding immediately after paragraph 63.1(a) the following: (a.1) "immediate relative" means a spouse, child, grandchild, father, mother, brother, sister or grandparent of a member; (3) Paragraph 63.1(b) of the Act is repealed and the following substituted: (b) "non-voting share" means an issued share that is not a voting share; (4) Section 63.1 of the Act is amended by adding the word "and" at the end of paragraph 63.1(c). (5) Paragraph 63.1(d) of the Act is repealed and the following substituted: (d) "voting share" means an issued share with the right to vote at a meeting of shareholders attached to it. (6) Paragraph 63.1(e) of the Act is repealed. 3. Paragraph 63.4(1)(g) of the Act is repealed and the following substituted: (g) satisfies the executive director that all the non-voting shares of the corporation are legally and beneficially owned by and registered in the name of (i) one or more practicing members in good standing who are also voting shareholders of the corporation, (ii) one or more immediate relatives of a person described in subparagraph (i), or (iii) a professional law corporation whose (A) directors and officers are practicing members in good standing and also voting shareholders of the corporation that seeks to be licensed, (B) voting shares are legally and beneficially owned by and registered in the name of one or more practicing members in good standing who are also voting shareholders of the corporation that seeks to be licensed, and (C) non-voting shares are legally and beneficially owned by and registered in the name of one or more voting shareholders, one or more immediate relatives of voting shareholders or a combination of one or more voting shareholders and one or more immediate relatives of voting shareholders; ©Queen's Printer |