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S-4.1.1 - Educational Childcare Act
Section 28.1
Disposition versions
28.1. When shares that carry 10% or more of the voting rights in a legal person holding a day care centre permit are transferred, the Minister may suspend, revoke or refuse to renew the permit of the permit holder if the new shareholder
(1) meets the description of paragraph 4, 5 or 5.1 of section 26;
(2) is the holder of another day care centre permit in relation to which the Minister has cancelled or reduced the subsidy or suspended payment in whole or in part under section 97; or
(3) already holds shares that carry 10% or more of the voting rights in another legal person holding a day care centre permit in relation to which the Minister has cancelled or reduced the subsidy or suspended payment in whole or in part under section 97.
The Minister must suspend, revoke or refuse to renew the permit for any of the reasons set out in subparagraphs 1 to 3 of the first paragraph if a transfer of shares by the shareholder was effected through two or more transactions which resulted in the evasion of this section.
