I-0.4 - Mining Tax Act

Full text
32.6. (Repealed).
1996, c. 4, s. 9; 2011, c. 6, s. 62.
32.6. A qualified operator must reimburse any amount by which the amount received as an advance, under section 32.3, exceeds the lesser of the following amounts:
(1)  the amount determined under section 32.5;
(2)  zero, if, during the period beginning after the day preceding the date of the prior ministerial approval and ending before the fifth fiscal year following the fiscal year during which the operator has received an amount under section 32.3,
(a)  the operator has made a substantial disbursement in favour of his shareholders, a legal person related to him, the qualified investor or the shareholders of the qualified investor that effected the qualified investment, or in favour of persons related to such shareholders, qualified investor or qualified operator, except a disbursement previously authorized by the Minister;
(b)  the operator has purchased by agreement or redeemed a qualified security issued by him as part of the qualified investment;
(c)  the operator did not adhere to the plan to bring an orebody into production;
(d)  the operator’s interest in a property referred to in the definition of “qualified expense” in section 32.2 is less than 30%;
(e)  the qualified investor controls more than 50% of the voting rights attached to the outstanding securities of the operator;
(f)  a legal person that does not otherwise qualify as a qualified operator acquires control of the operator;
(3)  zero, if the operator obtained prior ministerial approval on the basis of false or deceiving information that misled the Minister.
1996, c. 4, s. 9.