V-1.1 - Securities Act

Section 318 Disposition versions

2004-12-17

318. The Authority or a person exercising a delegated power must, before making a decision unfavourably affecting the rights of a person, give that person a 15-day prior notice of the Authority’s or person’s intention indicating the grounds on which it is based and the right of the person to present observations or produce documents to complete the person’s record.

However, the Authority or the person exercising a delegated power may, without prior notice, make a decision valid for a period not exceeding 15 days if the Authority or person is of the opinion that there is urgency or that any period of time granted to the person concerned to present observations may be detrimental.

The decision must state the reasons on which it is based and is effective as of the time the Authority sends the notice to the person concerned. That person may, within six days of receiving the decision, present observations to the Authority or, where applicable, to the person exercising the delegated power.

The Authority or the person exercising the delegated power may revoke such a decision.

1982, c. 48, s. 318; 2002, c. 45, s. 673; 2004, c. 37, s. 34.

2004-02-01

318. The Agency or a person exercising a delegated power must, before making a decision unfavourably affecting the rights of a person, give that person a 15-day prior notice of the Agency’s or person’s intention indicating the grounds on which it is based and the right of the person to present observations or produce documents to complete the person’s record.

However, the Agency or the person exercising a delegated power may, without prior notice, make a decision valid for a period not exceeding 15 days if the Agency or person is of the opinion that there is urgency or that any period of time granted to the person concerned to present observations may be detrimental.

The decision must state the reasons on which it is based and becomes effective on the day it is served on the person to whom it applies. That person may, within six days of receiving the decision, present observations to the Agency or, where applicable, to the person exercising the delegated power.

The Agency or the person exercising the delegated power may revoke such a decision.

1982, c. 48, s. 318; 2002, c. 45, s. 673.

1983-04-06

318. However, a decision adversely affecting the rights of a person may, where it is imperative to do so, be rendered without a prior hearing.

In such a case, the person rendering the decision must give the person concerned the opportunity to be heard within 15 days.

1982, c. 48, s. 318.