Prescribed provisions

433   (1) The Lieutenant Governor in Council may, by regulation, prescribe a set of provisions, and designate those provisions as the "Statutory Reporting Company Provisions".

(2) The Statutory Reporting Company Provisions apply to each pre-existing reporting company until,

(a) in the case of a pre-existing reporting company that is a company, the alteration to the articles referred to in section 372 (3) (d) or 438 (3) (d), as the case may be, takes effect, subject to subsection (3), to include the Statutory Reporting Company Provisions in the company's articles,

(a.1) in the case of a pre-existing reporting company that

(i) is a special Act corporation that has applied to be converted into a company under Division 2 of Part 9, and

(ii) has, under section 266 (2) (b), included in the articles referred to in section 266 (1) (a) (ii) some or all of the Statutory Reporting Company Provisions,

the articles referred to in subparagraph (ii) of this paragraph take effect under section 267, and

(b) in any other case, the Lieutenant Governor in Council prescribes, under section 435, that they, or a specified part of them, do not apply to the corporation.

(3) The Lieutenant Governor in Council may prescribe provisions of the Statutory Reporting Company Provisions that do not apply to one or more of a pre-existing trust company, a pre-existing insurance company, a class of pre-existing trust companies and a class of pre-existing insurance companies.

Obligations of pre-existing reporting companies

434   (1) If a pre-existing reporting company to which the Statutory Reporting Company Provisions apply under section 433 (2) is a company, the company

(a) must promptly after the coming into force of this Act insert in the set of articles retained at its records office a statement, in the prescribed form, advising that the Statutory Reporting Company Provisions apply to the company,

(b) must ensure that that statement remains in its articles until the alteration to the articles referred to in section 372 (3) (d) or 438 (3) (d), as the case may be, takes effect to include the Statutory Reporting Company Provisions in the company's articles, and

(c) must not, during the period within which it is required to retain that statement in its articles, issue a copy of the articles that does not contain that statement.

(2) Any individual may insert the statement referred to in subsection (1) (a) of this section in the set of articles referred to in subsection (1) (a), whether or not there has been any resolution to direct or authorize that insertion.

(3) Despite any wording to the contrary in a security agreement or other record, the insertion made under subsection (1) (a) does not constitute a breach or contravention of, or a default under, the security agreement or other record, and is deemed for the purposes of the security agreement or other record not to be an alteration to the charter of the pre-existing reporting company.

Lieutenant Governor in Council may make exclusions

435   The Lieutenant Governor in Council may make regulations, subject to the terms and conditions the Lieutenant Governor in Council considers appropriate, that any or all of the provisions of the Statutory Reporting Company Provisions do not apply to a corporation that is not a company, and may make different regulations under this section in relation to different provisions of the Statutory Reporting Company Provisions and to different corporations and different classes of corporations.