on the control day.
(2) Where a person becomes a controller of property of a corporation:
- (a)
- the person must serve on the corporation as soon as practicable notice that
the person is a controller of property of the corporation; and
- (b)
- within 14 days after the corporation receives the notice, the reporting
officers must make out and submit to the person a report in the prescribed
form about the affairs of the corporation as at the control day; and
- (c)
- the person must, within one month after receipt of the report:
- (i)
- lodge a copy of the report and a notice setting out any comments the
person sees fit to make relating to the report or, if the person does not see
fit to make any comment, a notice stating that the person does not see fit to
make any comment; and
- (ii)
- send to the corporation a copy of the notice lodged in accordance with
subparagraph (i); and
- (iii)
- if the person became a controller of the property:
(A) because of an appointment as receiver of the property that was made by or
on behalf of the holder of debentures of the corporation; or
(B) by entering into possession, or taking control, of the
property for the purpose of enforcing a charge securing
such debentures;
and there are trustees for the holders of those debenturessend to those
trustees a copy of the report and a copy of the notice lodged under
subparagraph (i).
(3) Where notice has been served on a corporation under paragraph (2)(a),
the reporting officers may apply to the controller or to the Court to extend
the period within which the report is to be submitted and:
- (a)
- if
application is made to the controllerif the controller believes that
there are special reasons for so doing, the controller may, by notice in
writing given to the reporting officers, extend that period until a specified
day; and
- (b)
- if application is made to the Courtif the Court believes that there
are special reasons for so doing, the Court may, by order, extend that period
until a specified day.
(4) As soon as practicable after granting an extension under
paragraph (3)(a), the controller must lodge a copy of the notice.
(5) As soon as practicable after the Court grants an extension under
paragraph (3)(b), the reporting officers must lodge a copy of the order.
(6) Subsections (2), (3) and (4) do not apply in a case where a person
becomes a controller of property of a corporation:
- (a)
- to act with an
existing controller of property of the corporation; or
- (b)
- in place of a controller of such property who has died or ceased to be a
controller of such property.
(6A) However, if subsection (2) applies in a case where a controller of
property of a corporation dies, or ceases to be a controller of property of
the corporation, before subsection (2) is fully complied with, then:
- (a)
- the references in paragraphs (2)(b) and (c) to the person; and
- (b)
- the references in subsections (3) and (4) to the controller;
include references to the controller's successor and to any continuing
controller.
(7) Where a corporation is being wound up, this section (including
subsection (6A)) and section 430 apply even if the controller and
the liquidator are the same person, but with any necessary modifications
arising from that fact.