Vol. 146, No. 14 — July 4, 2012

Registration

SI/2012-43 July 4, 2012

FINANCIAL ADMINISTRATION ACT

Investors in the Norbourg and Evolution Funds Remission Order

P.C. 2012-816 June 19, 2012

His Excellency the Governor General in Council, considering that it is in the public interest to do so, on the recommendation of the Minister of National Revenue, pursuant to subsection 23(2) (see footnote a) of the Financial Administration Act (see footnote b), hereby makes the annexed Investors in the Norbourg and Evolution Funds Remission Order.

INVESTORS IN THE NORBOURG AND EVOLUTION FUNDS REMISSION ORDER

INTERPRETATION

1. The following definitions apply in this Order.

“dividend” means funds to be distributed to creditors in accordance with sections 148 and 151 of the Bankruptcy and Insolvency Act. (dividende)

“Groupe Norbourg” means the five companies set out below that were controlled by Vincent Lacroix, that managed securities and investments including Norbourg and Evolution funds, and that made assignments in bankruptcy which were filed under section 49 of the Bankruptcy and Insolvency Act:

  • (a) Norbourg Groupe Financier inc;

  • (b) Ascencia Capital inc;

  • (c) Norbourg Gestion d’actif inc;

  • (d) Fonds Évolution inc;

  • (e) Gestion d’actifs Perfolio inc. (Groupe Norbourg)

“Groupe Norbourg trustee” means RSM Richter Inc. in its capacity as trustee in bankruptcy of Groupe Norbourg under subsection 49(4) of the Bankruptcy and Insolvency Act. (syndic du Groupe Norbourg)

“investor” means a unit holder who, on August 25, 2005, held units in one or more of the Norbourg or Evolution funds set out in the schedule, and who made a claim against any of these funds. (investisseur)

“Lacroix trustee” means Ernst & Young Inc. in its capacity as trustee in bankruptcy of Vincent Lacroix under subsection 43(9) of the Bankruptcy and Insolvency Act. (syndic Lacroix)

“liquidator” means Martin Daigneault of Ernst & Young Inc. in his capacity as liquidator under the Securities Act, R.S.Q., c. V-11, of the mutual funds managed by Groupe Norbourg. (liquidateur)

REMISSION

2. Subject to section 3, remission is granted to the Lacroix trustee of an amount, not exceeding $256,000, that is equal to the estimated bankruptcy dividend payment in respect of tax payable by Vincent Lacroix, a bankrupt, under Part Ⅰ of the Income Tax Act for the 2005 taxation year.

CONDITIONS

3. The remission is granted subject to the following conditions:

  • (a) the liquidator or the Groupe Norbourg trustee files a claim in the Vincent Lacroix bankruptcy for funds misappropriated from investments and securities managed by the Groupe Norbourg;

  • (b) the Lacroix trustee accepts the validity of the claim by the liquidator or the Groupe Norbourg trustee in the Vincent Lacroix bankruptcy or accepts that the claim be recognized as valid by a tribunal;

  • (c) the assets in the bankruptcy estate of Vincent Lacroix do not permit settlement of the claim of the liquidator or of the Groupe Norbourg trustee at the time of distribution;

  • (d) in accordance with instructions from the Crown, the amount of dividend described in section 2 will be remitted by the Lacroix trustee to the liquidator;

  • (e) the liquidator accepts the amount of dividend and accepts to distribute it to the investors in accordance with the directives of the tribunal having jurisdiction;

  • (f) once the claims of all investors have been fully met, any remaining part of the amount described in section 2 is returned by the liquidator to the Crown as soon as possible;

  • (g) upon request from the Crown, the liquidator undertakes to provide a final report to the Crown of the distribution to investors of the amount described in section 2;

  • (h) the Crown is not liable for any fees related to the determination and the distribution of the amounts distributed to the investors; and

  • (i) the Crown has the right to require an investor to repay any amount received by the investor under this Remission Order to the extent that the total compensation paid to satisfy the investor’s claim exceeds the amount of that claim.

SCHEDULE
(Section 1)

EVOLUTION FUNDS

Evolution American Fund

Evolution American RSP Fund

Evolution Asset Management Global Industries of the Future Fund

Evolution Balanced Fund

Evolution Bond Fund

Evolution Canadian Asset Allocation Fund

Evolution Canadian Demographic Fund

Evolution Canadian Equity – Large Cap Fund

Evolution Canadian Equity – Value Fund

Evolution Demographic Trends Fund

Evolution Finance and Technology Fund

Evolution Money Market Fund

Evolution Perfolio Balanced Fund

Evolution Perfolio Diversified Revenue Fund

Evolution Perfolio Global Fund

Evolution Perfolio Growth Fund

Evolution Quebec Expansion Fund

Evolution QSSP Fund

Evolution Selection ETF Fund

Evolution World Leaders Fund

Evolution World Leaders RSP Fund

NORBOURG FUNDS

Norbourg Balanced Fund

Norbourg Canadian Tactical Asset Allocation Fund

Norbourg Convertible Debentures Fund

Norbourg Emerging Growth Companies Fund

Norbourg Fixed Income Fund

Norbourg International Balanced Fund

Norbourg Money Market Fund

Norbourg Equity – Special Situations Fund

EXPLANATORY NOTE

(This note is not part of the Order.)

This Order grants remission and waives receipt of an amount not exceeding $256,000, which amount is equal to the estimated dividend bankruptcy payment in respect of tax pursuant to Part Ⅰ of the Income Tax Act payable by Vincent Lacroix, a bankrupt person, for the 2005 taxation year.

The remission and waiver are subject to conditions that, if met, will permit the distribution of the amount to investors in the Norbourg and Evolution funds as partial settlement of funds misappropriated by the tax debtor Vincent Lacroix.

Footnote a
S.C. 1991, c. 24, s. 7(2)

Footnote b
R.S., c. F-11