Articles

In February 2012 the TSX Venture Exchange published a new Corporate Governance Bulletin and new Policy Amendments Bulletin.

In a unanimous opinion released on December 22, 2011, the Supreme Court of Canada sank the federal government’s attempt to create a national securities regulator. The Court ruled that the proposed Canadian Securities Act, “as presently drafted”, is ultra vires the federal government.

The new Canada Not-for-profit Corporations Act, which received Royal Assent on June 23, 2009, became effective October 17, 2011.

In January 2011, the Ontario Securities Commission issued a notice requesting comments on certain shareholder democracy issues including, among other things, the practice of slate voting for directors and whether it should be abolished in favour of individual and majority voting.

Other Cases

1. GST Garnishment Served Pre-Bankruptcy Remains Effective Toronto-Dominion Bank v. Canada, 2012 SCC 1, 340 D.L.R. (4th) 400; on appeal from 2010 FCA 174 2. GST v. The Indian Act Robert Obonsawin v. The Queen, leave to appeal dismissed with costs, 34341 (February 9, 2012)

On February 6, 2012 the Ontario Bar Association through the work of the PPSL Subcommittee of the Business Section, issued its submission on perfecting security interest in cash collateral to the Government of Ontario.

1. The “Sovereign Man” - the shake-down 2. Auctioneer not liable for conversion 3. Deficient Collateral Description in Financing Statement 4. Delayed Payment Trigger did not Offend Limitations Legislation

Priority of Pension Trust Claim v. DIP Lender Re Indalex, 2011 ONCA 578, SCC leave to appeal granted December 1, 2011

1. Bill S-5: Section 427 Security vs. Unperfected Security Interest 2. New s. 10(2)(b) Interest Act Regulations