| 921827 | |
| M.P. Sarazin | |
| (613) 957-2118 |
June 25, 1992
SCARBOROUGH DISTRICT OFFICERulings DirectorateD.A. Graham Chief of Audit Attention: W. GrozdanisBusiness Audit
24(1)
This is in reply to your memorandum of June 3, 1992 wherein you requested our opinion regarding the Department's authority to release to the current directors and officers of 24(1) financial information received by the Department from 24(1) for purposes of the Act.
The facts of the particular situation are as follows:
24(1)
24(1)
You would like our comments as to whether or not the Department has the authority to provide 24(1) with copies of its corporate income tax return for the period ended July 22, 1990 and the financial information attached thereto which had been filed by the Vendors for purposes of the Act.
Our Comments
Pursuant to subsection 115(1) of the Ontario Business Corporations Act, 1990, the directors of any corporation, subject to any unanimous shareholder agreement, are responsible for the management or supervision of the management of the business and affairs of the corporation.
The provisions of subsection 241(5) of the Act provide that the Minister may permit a copy of any book, record, writing, return or other document obtained by him for the purposes of the Act to be given to the person from whom such book, record, writing, return or other document was obtained or the legal representative of such person or the agent of such person. For purposes of the Act, the term "person", as defined in subsection 248(1) of the Act, includes any corporation and the legal representatives of such person, according to the law of that part of Canada to which the context extends.
We are of the view that, pursuant to subsection 241(5) of the Act, the Minister may provide 24(1) with copies of its tax returns and available financial information provided the request is submitted by a director of 24(1) who is currently authorized to make such a request on behalf of the corporation or an officer authorized by the board of directors of 24(1) to request such information or an agent appointed by such director or officer of 24(1).
We trust that the foregoing comments will be of assistance to you.
for DirectorReorganizations and Foreign DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch