CLASSIFICATION SHEET. Sella Bank Luxembourg S.A This document relates to the following request: 8 March 2010

Dimension: px
Commencer à balayer dès la page:

Download "CLASSIFICATION SHEET. Sella Bank Luxembourg S.A. 1999 2215 227. This document relates to the following request: 8 March 2010"

Transcription

1 CLASSIFICATION SHEET This document relates to the following request: 8 March 2010 References: MF1/JNLE/NECE/S M-AOMO Sella Bank Luxembourg S.A I. K_!y to_pics: Tax losses 2. Name of the advisor : PwC 4. Name of the project: N/ A S. Amount intended to be invested: NIA 6. Date of receipt: ENTREE - 8 MARS 2010

2 ADDITIONAL WORKSHEET This document refers to the following company: 8 March 2010 References: MFI/JNLE/NECE/S349 I 0006M-AOMO Sella Bank Luxembourg S.A _J I. Tax returns drafted by : Dcloitte up to] 008 ~ 2. Last tax return filed : 3. Request to postpone the filing of the tax return j until : 4. Last assessed year : I Tax advances: CIT MBT NWT 6. Estimated profit : _j 9, Tax carried forward losses ( ),I 38,351,929

3 Chart of the current structure of the client: NIA J Summary of the current tax position: Cf. Advance Tax confirmation dated 19 October 2009 (Ref: RMS/MFI/ AELD/NECE/S M-JNLE)

4

5 For the attention of Mr Marius Kohl Administration des Contributions Directes Bureau d'imposition Societes VI 18, rue du Fort Wedell L-2982 Luxembourg PriccwaterhouscCoopcrs Societc a rcsponsabilitc limilcc Reviscur d'entrepriscs 400, route d'esch B.P L-1014 Lm.:ernbourg Telephone t Facsimile info@lu.p\\c.com 8 March 2010 References: MFl/JNLE/NECE/S M-AOMO BUREAU D'f MPOSITION SOC. 6 ENTREE - 8 MARS 2010 Sella Bank Luxembourg S.A Tax losses Dear Mr Kohl, In our capacity of tax consultant of the above-mentioned client, please find below the tax treatment applicable to the transactions foreseen/implemented by our client. This letter aims at confirming the conclusions reached during our today meeting and will serve as a basis for the preparation of the tax returns of the Luxembourg companies involved. A. Background I. We refer to our meetings held on 12 June 2009 and 21 September 2009 and to the Advance Tax Confirmation ("ATC") that was submitted to you for signature on 19 October 2009 (reference: RMS/MFl/AELD/NECE/S M-JNLE). 2. According to the A TC, it has been confirmed that the New Bank resulting from the partial demerger of Sella Bank (Luxembourg) S.A. ("The Bank") is entitled to carry forward all the tax losses incurred by the Bank. B. Applicable tax regime 3. The Tribunal AdministratiC in its decision regarding the entitlement to carry forward tax losses by a taxpayer dated 6 July 2009, adopted a legal approach for the application of the provision of Article 114 of the Luxembourg Income Tax Law. This judgment was confirmed by the Court of appeal in its decision dated 4 February R.C.S Luxembourg ll TV/\ LU

6 4. Accordingly, the legal approach should be followed. The economic approach should only be taken into account in case of abuse of law. 5. Our analysis is not in breach of the position taken by the Court of appeal in its recent judgment as such position would only recognize the foll legal effects of a partial demerger. The tax losses will then be apportioned up to the level of activity transferred to New Bank. As, in the case at hand the whole banking activity will be exercised by New Bank, the full tax losses will be carried forward by New Bank only. 6. Therefore, the analysis and conclusion reached in the A TC will not be jeopardized by the decision of the Luxembourg Court. We remain at your disposal should you need any further information and would like to thank you for the attention that you will give to our letter. Yours sincerely, (, L~ L Murielle Filipucci Partner Alberto Morpurgo Senior Manager Appendices: Appendix l: Appendix 2: Advance Tax Agreement dated 19 October 2009 Decision of the Court of Appeal dated 4 February 20 I 0 T/i/s wr agrcemc111 is based on Ilic facts as presented to Pricewaterho11seCoopPr.1 Si1rl as at the dale the advice was given. 711e agreement is dependent on specific facts and circ11111stanccs and may not be appropria1e to any party 01her than 1/ie one for which ii ll'as prepared. This lax agrecmenl 11 as prepared wuh only the inlerests of Sella Bank Luxembourg S.A.. 1n d, and was 1101 planned or carried conte111platw11 of any use by a11y other party. Pricewa1erho11seCoopcrs Silrl, ifs parlners, employees and or agenls. neither Oll'e 11or accept a11y d111y of care or any respo11sib1hty to tmy other party. whether 111 co111ract or i11 tori (me/ruling 11 11hou1 l111nta eghge11ce or breach of swtutory duty) howe1-er arising. and shal/ 11ot be liable 111 respect of Oii}' loss. damage or expense of whalewr nature wluch 1s caused to any 01her /Xlrl)'. (2)

7 C LASSIFICAT IO N SHEET This document relates to the following request: :tober 2009 Refon:nccs: RMS/MFl/AELD/NECE/S M-JNLE BUREAU O'IMPOSITION SOC 6 ENTREE Sella Bank Luxembourg S.A Key topks: I a:1. lo~:--~ s Z. Nt1nw of tht advisor : Pw(' 3. Corpornte group ~ nan~c. or fu nd sponsor: ~dla.t. Na nil' of the projt'cl: Ni.'\ S. Amounl int<'ndcd lo be invcsll'd: N/A 6. Datt of rect.'ipl:

8

9 For the attention of Mr Marius Kohl /\dmimstrntion des Contributions Dirn<.:tcs I3urcau d'imposition Sucictes VI 18. rue du Fort Wedell L-2982 Luxembourg Prict'" :ll~rhou~t-c oopcn Socit;li\; r<'s1>011~11bili1i limilt;r l~hi~t ur d't 111rc 1.11 hl'b Wll, l\iui <l'r,..,h Ill' l.f B I IO I-I I u~, mboufll I d.:phon.: 35:! 19 1X4X I Facs11111l1: ~ 352 1'1411-l~ -2'1(!11 ww".pwc C llt lu iul(>fcdu pwl:.l:l lll I 9 October 2009 References: RMS/MFl/t\ELD/NEC'E/S I M-JNLE Sella Bank Luxembourg S.A Partial dcmcrgcr D<.:ar Mr Kohl. In our capacity of tax consultant of the above-mentioned client, pica e find below the wx treatment applicable to the transm:tions foreseen by our client. This kttcr aims at confirming the conclusions reached during our meeting dated 12 J unc 2009 and 21 Scptl!mber 2009 und will serve as a basis for the preparation of the tax rctums or the Luxembourg companies involved. A. Facts.\.1 Description of the Bank I. Ban<.:a Sella S.p./\. (now called Sella llolding Banca S.p./\.) was set up in l 886 as a limited pannership by members of the wealthy Sella family in the province of Bi1.:lla in the north-western Italian region or Piedmont. The bank originally operated under the nmnc or Banca Gaudenzio Sdla&C'o., and became a joint-stock company in 194<). 2. During the 1990s, the bank started expanding internationally by acqumng u minority partic..:ipation in Compagnic Financicrc Martin-Maurel S.A ( 1993) and opening a brarn.:h in Luxembourg in 1995 (Banca Sella S.pA. no more listed on the CSSF website). 3. Sella Bank Luxembourg S./\ ("the Bank") is a Luxembourg joint-stock company incorpornt<.:d on 8 April 1999 under thc name 113L Investment Bank Luxembourg S.t\. It is held at ~3.66% by Sella l lolding Banc..:a S.p.A. and at 76.34~'0 by Sdla llulding 1:\. V, u Dutch company.

10 4. The Bank offer:- private and wrroratc bankmg services to privulc and institutional clients and ranked Rih for its activities, according to the hanking list cstahlished hy the Luxembourg Wort in For its private clients, the Bank provides custodial services. financial management advice and a discretionary management service. 6. For its institutional clients. the Bank offer the creation or Luxembourg or offshore investment vehicles. domictlintion. administrative management and accountmg. associated bank deposit services and numerous specialized services such as the issuunce or bonds, stock exchange flotution and the creation of bank assurance products. 7. Due to the cu1tenl market situation as well as the past history of the Bank 1, it appeared to the management that a new impetus is needed in order to further develop the bank activities in Luxembourg. ln this respect, it 1,.vas decided to restructure the Bank to face this new cha I lcnge. A.2 Description of the restructuring ~ - The rcstructuration will consist in a partial dcmcrgcr of the B.111k pursuant lo Article 288 of the Law of I 0 August 1915 on commercial companies, as amended by the I.aw of I 0 June The foreseen partial demcrger consists in the reduction of the share capital of the Bank up to the contribution of the assets to the New Bank and the subsequent cancellation of these shares. The New Bank will issue shares up to the contrihution and in favor of the shareholders of the divided Bank. I 0.!he partial demergcr will be realized trough: (i} (ii) The incorporation of' a New Bank whose purpose is to carry out the whole private and corporate banking activity by the transfer of the coitespon<ling assets and liabilities. The major part of the Bank employees will be transferred to the New Bank which will rent new offices: The current Bank will be converted into a professional of the financial sector ("Old Company") whose purpose is to manage the litigation assets and liabilities. The Old Company will keep the material and human resources needed to carry out its activities. 11. The creditors of the Old Company \vould be protected by a legal commitment from shareholders to intervene in case the resources of the Old Company would not allow it to fullill its rcsponsihi lities. (2)

11 12. The allocation of the assets and liabiliti<.:s will be finally determined in the Dcmcrgcr project in accordance with the above guiddines. The steps of the partial demergcr wi II all take place hy the end of 2009 in order for New Hank to start its activities on I January 20 I 0. B. Tax treatment B. I Tax residence ascd on article 159 of the Luxembourg lnt;omc Tax Law ("LITL"). a company is tn.:atcd us a tax resident in Luxembourg provided that either its registered office or its ct::ntrat administration is located in Luxembourg. Under douhk tax treaties signed with Luxembourg, the tic-bnmker rule is the place of cffecti\ e management. 14. In this respect, Board meetings and Shareholders mectings of Ncw Bank and Old Company will be physically held in Luxembourg. The accounting will he done and the ri.!cords arc kept in Luxembourg. Furthermore, regular meetings will take place:.: in Luxembourg through which all the important and slrutcgic decisions will physically bc taken in Luxembourg. 15. As a result, New Bank and Old Company arc effectively managed from Luxembourg and qualify as Luxembourg tax resident companies. Should the need arist.:, a tax residence certilicate could be obtained. 8.2 The partial dcmcrger Tax neutrality of the partial de merger 16. The partial clcmcrger will he realized under the tux ncutrulity as long as the following conditions. mentioned in Artidc 170(3) of the Luxembourg Income Tax Law (''L!TL"), arc met: (i) (ii) (iii) (1v) The companies toking part in the partial ctcmergcr arc Luxembourg fully taxable resident joint-stock companies; The contribution will only be remunerated by shan.:s representing the share cupital or New Bank (a maximum cash outlet of I O~o of the nominal or par value may however be accepted) to the shareholders of the divided company, i.e. the Bunk. Therefore, the shares of the 13unk will he cancelled up to the contribution to the New Bank; The distribution of shares of N<.:w Bank will he apportioned uccording to the previous holding percentage i11 the Bank; The contribution will be realized at book value in order for the unrealized capital gain linked to the activity contributed to remain subject to taxation in Luxembourg later on; (3)

12 (v) The assets transrcrred will represent a business or a part or a business (branch of activity) and the Bank, after division in Old Company, \vill keep at least one branch of activity. 17. In the case at hand, the demcrgcr wi ll have the effect to transfer an autonomous pati of business to New Bank (i.e. the full banking business). At the same time, the divided company, i.e. Old Company, wi ll keep a branch of activity through the asset management activity it will carry out. for this purpose, Old Company will also keep the liabilities attached to the assets managed as well as needed staff and materials to reach its business purposes. B.2.2 Tax neutrality at the level of the shareholde1 s 18. The shareholders will exchange their shares in the divided Bank for shares in the New Bank. Given the comments from the Chamber of Commerce and the State Council regarding the Drall Bill (5829/1 and 5829/6), the provisions of art. 22bis (2) 3 LITL should normally apply also to a partial dcmergcr as this transaction should be tax neutral (sec in this respect the comments from the Chamber of Commerce and the State Council regarding the Draft Bill ). 19. /\.s a result, none of the shareholders of the Bank will be taxable on any porential gain that may arise from the partial dcmcrger. ln this respect. the holding period on the shares in New Bank v..'ill be computed as from the acquisition date of the shares previously held in the Bank (article 22bis (4) LITL) in order to benefit from the withholding tax exemption under article 14 7 LlTL. B.3 C arry forward of the tax losses of the Bank B.3.1 Article 114 LITL 20., Article 114 LITL- provides that a taxpayer can deduct as special expenses under article I 09 (I) 4 LITL, tax losses incuttcd in the past in its business undertaking without any time limit provided that the following conditions arc met: (i) (ii) (iii) These tax losses could not have been used/deducted previow;ly to off."et other income or any debt waiver as foreseen by article 52 LITL ("gain d 'assainisscmcnt "); The accounting of the taxpayer is in line with general accepted accounting principles; Only the business undertaking who suffered the lax loss can carry it forward. 21. In case of business restructuring, the key criterion is the one of identity or taxpayer according to the tax legislation. Indeed, as long as the taxpayer incurring the losses and the one using them arc the same entity, the carry forward of tux losses will not be denied. I!owever, there is a discussion on whether the economic or legal analysis should be adopted in order to determine if tbc identity condition is met. To h1. r.:;id w11h lh.: Circul:u ixllrr I IR n" da1~d 15 'h:pll'lnhc (4)

13 19. According to a recent case Jaw (against which an appeal was introduced by the Luxembourg Tax Authorities) 3, it was held that as the provision::; or ai1icle l 14 LITL are clear, there should be no room for intcrpn.:tation. Therefore, given that the article of law refers to legal concepts, they should be intcrpretc.:d based on their meaning in the wmmercial law and not based on an economic approach. 20. Based on the traditional interpretation of article I 14 LITL, the argument would be that the business undertaking who suffered the tax losses is the Bunk and not the >Jew Bank resulting from the partial demcrgcr. Therefore, only the Old Company would be entitled to carry forward the tax losses as its legal personality docs not '"change" further to the dcmergcr. However, this reading is nol satisfying even based on a legal approach. Further details on the conditions to carry forward tax losses as well as on the approach to be taken could be found in Appendix 2. B.3.2 Appfic(lfio11 oftlze legal approach in case of a partial demerger 21. Should the condition of identity be only considered in the light of the commercial Jaw. the l'ull legal consequences of the partial dcmcrgcr must be taken imo account. In this respc<.:t, a partial dcmerger entails a universal trans for of assets and liabilities to u new entity, i.e. New Bank, according to article 288 of the law dated August I 0. J 915. paragraph I. as amended by article 28 of the law dated J unc I 0, 2009: H /,a scission par co11stitwio11 de no11velles socil;th es1 / 'op<irario11 par laquel!e 1111c socit;te (...) trans/he. sans dissol111io11, (l une 011 pl11sie11rs soci(>1c\ 'l'lle111<!11t constitwil's, 1mc partie vu/ 'ensemble de son µatrimoi11e. ac1iveme11! el passi\'( ment, 111oye111u111t /'attrib111io11 cl ses associes d 'actions ou de parts des.rncii:t(;.,. bc!11e/iciaires et. frem11clleme11t, d '1111e soulte en especes 11c depassanr pas 10''1, de la rnlcur nominale des actio11s 011 paris a1trib11ees 011, cl d~fhut de \l(/feur no111i11ale, de leur pwr compwhle». 22. As a result, New Bank as well as Old Company arc deemed to be part of' the divided t.:l)mpany. the Bank. but cannot be considered alone as the sole heir of the di\ 1dcd company. rhi::; still holds true even if Old Company continues the legal person of the Bank as the legal titles and obligations o!' the Bank un: mostly transferred to New Bank in the ease at hand (inc.:luding lh!.! start). Morco\er, another clue of the continuity of the Bank by New Bank lays in the foct lhat part or the shan: capital of' the Bank will be cam:ellccl and allrn.:atcd to the New Bank further to the partial dcmergcr. 23. Therefore. transferring the tax losses only to Old Company would not he in line \\'Ith the legal consequences of the demcrgcr a::;. (.!\\ Bank inherits from part or the es\lltc ol'the divided t:ompany, i.e. the Bank. A trnnsrcr of tax losses apportioned to the acti\'ity transf'erred to New Bunk would then be more in line \\1th the legal 11nplicat1ons and, 111 addition, would follow the rationale behind article 11-t (1) 3 LIT!.. Indeed. in case of a lransfor of a business by succession. the tax law provides that the bcnclit.:iary can d<.:duct the tax losses incurred by the transferor provided he was collet.:th dy taxed with him at the time the tax losses wcrc 1ncurred' 1. l'nbu11.1l 1\J11111:hlr.111r. 1> Jul) Wtl'I. 11 ~11JX:? In ~J\I,' nl l"o \II lllurl' h nclicr.tnl.,., la~ Ii.,;~,.., ;rn.: 1r.m~fc11. J pm nlla lhcu nvhts.1cn1nhng lu lhc CirculJI l c'lll'i n" 114 'I 1fatc'tl I~ Scptcmh, r.'00 1 (5)

14 24. Even 1 f this exception was initially foreseen only for mdividuals, the application to partial demergcr of companies would entitle New Bank to carry forward part or all the tax losses of the Bank as it cany out the same activity and was pre\ iously taxed together ~1th the divided company. B.3.3 Method to apportion tlie tax losses ,~ w I. l\s there is no guidance regarding the apportionment of tax losses in case of pa1iial demergcr, reference could be made to the tax legislation in force in neighbor countries (The Netherlands, Germany, France and Belgium r<:ir instance). Jn s<.:vcral or them, the transfer of tax losses in case of a partial dcmcrger is authorized provided that they arc apportioned and provided that certain economic requirements arc met. For further details, plca<;e refer to Appendix 3. In the case at hand. the tax losses lo be carry forward by Old Company or Ne\\ Hank \s,. ill be apportioned based on the activity transfctted. Given that the banking busmcss, which was the core activity of the Bank is only transfcned to cw Bank, only this company will be entitled to carry forward the whole amount of tax losses incurred hy the Bank (1.e. EUR :rn of tax losses as at and an1 additional tax losses to be incurred until the partial division is realized). In case the identity criterion should also be consider<.:cl 111 the light 0f an economic analysis (depending on the outcome of the appeal introduced against the judgment dated 6 July 2009), the tax losses should also have to he allocated to the Ne\ 1.: Bank us il continues the economic entity or th<.: Bank (same shareholders. same activity). R.3.4 The application nf anti-abuse provisions 28. None or the anti-abuse provisions will apply to the dcmerger given the underlying sound economic reasons for such rcstructu1ing. For additional details on the non application of anti-abuse provisions, please re for to Appendix 4. (6)

15 We remain at your disposal should you need any further information and would like to thank you for the at1cntion that you will give to our request. \ Yours s111tcrd y, r ~/\~-~ - --r- Partncr Murielle filipucci Partner., Appendices Appendix I : Appendix ~ : Appendix 3: Appendix.+: Sd la Bank (Luxembourg) S.A. Conditions to carry forward tux losses in Luxcmhourg Overview of the becoming of tax losses in case of dcmcrgers m our neighbor countries Non application of anti-abuse provisions J1n\ /cl\ ag1,, mo:t j\ b~ah/ Vfl Im. Jue/\ ti.> pn. ff. ll(l'l' lo /i111 c.twlllt rhrn,;, ( (,U/Jt'rt s,;,.,,n '11 :hr dt1/1' tlh._,,,.h' 11 -~H j!l\'t'll 111' ~'l:' c1.:111t 111., ti, I nc/, 111 '".\Jlt:L!I:< /ti<. I.\ au.1 c;rcum.hunce~ u11d mut not b, c:p/wo/jl"wltt /fl any /KU 11 11tl1C'r 1l1tu1 tlw '''ff,,,,- ' '1wJ1 /,' \\ "'-" 11r.par<1/ / ,11.1gr""'""' t1l/l /ll<'j111rcd \\ilh 1111/\ 1/w 1/lln'l'\/; u/ Sella /11111A / 111<111/>11111-g S.:I in 111i11d. t1111/ 11'111t111I11/111111, d '" n1rncd 0111jl/,1mte11111l11/lfl11 u/ <llly "'' lw 1111y olirfr pauy l'rtn rh<-11s1 ( '0011 rs S1/rl. 11> partm 1,,, l'lll/''"l <'1'.r <111.l nr ux "' 11hc1,,...,. uor,,. <' "!'' duty u/, an,,, n s1~m.1"1/ti/111 1u 1my u1/11 r p 11rt1 nlwthn 111 L'CJl//r,1t t "r I 11111!11di11.~ 1111/:11111 l1m1tu1w11. t11 gt1gn11,.,,. /Ir,"' h!) 1: >1'1' cf1111 I lru11, 1, r 11n.w1,i: 1111d 1/r11// 1ro1 I>< /w/>lc- m f<'l/11'< I,,(ti/II l11<r d.1111t1,i(<' ''' 1/><' / 11 /1111,,,., 1(<1/111"(' \\"/J(("/J /~ 1ill.\C c/ (II )//rl'I' /~11"/,1' (7)

16 Appendix 1 Sella Bank (Luxembourg) S.A. Sella Bank Luxembourg is held by Sella Holding BY and by Sella I folding Banca S.p.A. It exercises the banking activity, including the private banking, corporate banking and Salles des Marches activities. 2 The well-known events of the last management ( ) have undermined the credibility and the reputation of SBL on the market. Such a negative trend \.vas due to the necessity to fucc the provisions required by the litigations, arisen and only pa11ially dclined. and to the leaving or clients linked lo the worscnmg of the hank's rcputati on. 3 The research of a new impetus for the hank occurs in the most appropriate moment as the possibility to have an efficient and "safo" banking ~tructure becomes the condition sine qua non to be attractive towards the clients interested to the services rendered by a I.uxembourg bank. 4 The profit an<l loss account for the years shows a continuity of losses, nlong with a contraction of' the assets. In this respect, it is sufficient to recall such loss, taking into account that for year 2008 the negative result worse due to the write-down of the credit towards Lehman Brothers International (Europe) Ltd, currently in administration. and by the implementation or redundancy plan which involved the payment of money as incentive to the exit ( ) 2004 (J.615J48) 2005 ( ) 2006 ( ) 2007 ( l. l ) 2008 ( ) (8)

17 Appendix 2 Conditions to carry forward tax losses in Luxembourg A Legal requirements Article 114 LJTL 5 provides that a taxpayer can deduct as special expenses under anidc I 09 (l) 4 l.itl, tax losses incurred in the past in its business undertaking without any time limit provided that the following conditions arc met: (i) (ii) tiii) These tax losses could not have been used/deducted previously to offset other income or any debt waiver as foreseen hy aniclc 52 LITL ('ga111 d 'assai11isseme11t "); The accounting of the taxpayer is in line with general at:<.:<.:pled accounting principles; Only the business undertaking who suffered the tax loss can <.:arr) it forward. 2 This aniclc should be read taking into account the historical and econonm; background. B l listorical background 3 Before World War II ("WW II"), Luxembourg tax legislation denied the carry forward of tax losses in all cascs 6. During WW II. the German tax legislation was applied to Luxembourg according to > ordinances 7. The application of this Gcm1an direct tax legislation in Lux<.:mbourg was validated ultcr WW II by the Grnnd-ducal dc1.;rec dulcd 26 Odobcr 194-t. Based on this legislation, thi.! carry forward of tux losses was U\'ailablc under <.:i.!rtain conditions~. 5 Bill 11vs71 was ujoptcd by the law of 1967 which cnch.:tcd the current article 114 l.itl (fonncrly a1ticle 127). The cmtcnl article was not signi ticantly modi lied (except in 1990 to withdraw uny time limit to the carry forward of tux losses) since its enm:tment more than 40 years ago. 6 To u <.:e1iain extent, the current wording or artick 114 l.itl is no longer appropriate given th<: evolution of the economic market since To b.: rcjj \I ath 1lw Cucul.1r l-<11l'r I IR n'l 14 I Jull'tl IS S -plcrnbcr '.!00-i l'arhamc111:11y d1>11j111c11111' 571, ~0111mc111:iril'' 011 J1t1ck 127 of1hc Brll. p.346 and 'l'i Ordonr rnc, d11i- J 30 Scp11:111bc 1 I 'l IO ( V13ll p.17), Ordo1111a11cl' dutc'ci 25 Novc111h, r 1940 ( VBll I 9 IO. p 14 7), 01dn1111,uw, d<hcj31 lkccrnhl'r l 1 1.\\l(Vl31l. l9 10,p476) P.irhaml'lllOI) J111.umc111 n 'i71. curnmcntanc:. on urtick 1:?7 oftlw llrll. p 346 anj ~c-i (9)

18 7 For instance. the condition of identity between the business undettaking who suffered the tax loss and the one who can can-y forward it was ah initio provided with only commercial activities directly excrci/,cd hy individuals in mind and not specifically for corporations 9. Moreover, the concept of pru1ial division was only introduced in the Luxembourg legislation on June 10, Given this background. the requirement of identity of the individual is justified as taxes arc personal. Indeed. it should not be accepted that an individual can deduct a tax loss effectively suffered by another individual. Nevertheless. the tax legislation provides for an exception in case of a transfer of the business by succession where the beneficiary can dedud the tax losses incurred by the trans fcror provided he was rollcctively taxed with him at the time the tax losses were incu1tcd 1. This is a case of an authorized transfer as there arc different legal persons but there 1s only one taxpayer. 9 Article I 14 LJTL is applicable to corporations according to article 162 UTL and to the Grand-ducal Decree dated 3 Dcccinbcr The identity criterion hcing also applicable to corporations, the right to can-y forward tax losses should normally be denied only when there is a new legal cntity 1 ~. Doctrine confirms that tax losses arc maintained as long as the legal personality is not changed (sec the specific application of this principle in case of conversion as a specific provision of the law leads to the entitlement lo carry forward tax losses in this case) 1 '. According lo traditional doct1inc therefore, in case of a division where the divided company disappears. the tax losses should normally be lost 14 I 0 In this respect, it appears that article 114 LITL was enacted for individuals and not for corporations. The condition of identity required by aitidc 114 LIT!, is therefore not adapted to corporate reorganizations and was enacted before mergers and divisions verc introduced following EU company directives and before EU directive 90/434/EEC providing for tax neutrality in case of mergers and dcmcrgcrs. C Economic background 11 The economic analysis is generally applied in order to levy the appropriate taxes when the legal form of the transaction docs not correspond to the underlying real economic situation 15. " /\ S1t~1.:l1c11. l'n. u~ d..i;. dmi.l!i~ illa~.[m1 rcrns..;. ~004. p..\60. parap.raph ';111iamcn1ary d11<..11mc111s n' commcnl~ on a111clc l 21. p 346 nn<l,.,l'q. ' \rt1dc 2XX ni" the l:iw dated I 0 /\up.u~i l'amgr.iph I. a" amcmkd hy a11iclc ~g (lf lhc law d111.xl I 0.hnw 20<N ii 111 case o! 1wn or 111on: hcnclic1:11 i ~.1aA lm.~c's arc 1m11.\l"crrcd pm rata 1he11 ngh1' nccnr<lin!! lo lhc Circula1 Lc11c1n'114 I <lalc'(l 15 Sep I e111ocr I ' 11 Eh111ger. Rcck111gcr. rnpponcur:- mniommx. IFAC 1998, p.c.~0 : "/,fi 1rwuflir111at1111is de /)( r ,., mmr1/<.< tcllu </LU /1., 14 l"hlll1rc>llt'll/j de f()i 11/r SO< ih11i1 e a f '/11/rrir11r di.'s.~odf-tl>.f df' t11pita/.!("/.f,1 /fjll.i CIC I/Ill II 0 1~/{ccll /1/ J'a.t I'll dmil cfrj.mt"ihl;f fa pc r m 11l1. l'llli/1: 1111"id1q1w fo111i1111e dr 1 il'n s<>u.1 la m1'mt fnrmr, n "uffcur111 pm la ru1.i.iil>ili111f di' 1'Cf)()lf d1 prrt1.< 11 Elv111gl"1 R,'Ckingcr. 111J11Xlll"ur~ mllmnaux, IFA( 199~, p.627. I~! nr 111~1.Jlll:C. *6 of 1h, Adapw1iu11 L;iw fstcu cr~1npa~~lljl!!s!,!.csct.:r) 1cgunhng abu~~ o\" luw Fo1 1\trthcr 1ktails plcam' 1l'fc1 h 1\ St«1d1cn. Mill1ucl <led.mi! n.~l.11, Drrl!J..fig;ilL~.w;nli. r. I. Sainl l'aul. :!006. p and ~c-q ( 10)

19 11 The economic method derives from the German "Wirtsch<{(fliche Be1raclit1111gsweise" pr1nciple and is often applied by the Luxembourg courts. For mstunce, the Luxembourg Supreme Court has ad of tcd the economic approach to 1:malysc th1,; tax consequences of a legal ugrecmcnl 1 (Conseil d'elut 13 juillct 1955 n.5473 Parsic.:r. XVI page 352). As a result, in case of any discrepancy between the economic and legal position, the economic approach should prevail. This economi<.: approach 17 is notably applied regarding the ownership (legal \'S. cconomic) 1 x and also regarding the tax treatment or lease agrecmcnts Even if the application of the economical analysis is discus-;cd regarding the tax losscs 20 this approach is still interesting to analyze the consequences of the tax rules in case of business restructuring. Based on the current practice. it seems that onl y a kind or legal approach is adopted The cmt) forward of tax losses cunnot he considered as a fa\orablc tux m~asurc but as an essential tax provision to avoid any increase or the tax burden. If a business undertaking cannot caity forward part of its tax losses, the cffc<.:ti' c tux rate will be higher than the one dctcm1incd by the tax legislution (i.e. rnrrcntly 28.59% in Luxembourg City): C';HT)' fonvard of tax losses Authorizi:d No t Authorized Year I FUR ( ) ( 1, ) Yl.!ar 1 l:ur I,000,000 t,000,000 Year 3 EUR I, ,000,000 Ycur 4 EUR 1,000, Year 5 EUR 1,000,000 1, Ag~rrcgatc la\ rcsuh FUR 3, ,000 Nomu1al tax r:.11e 28.59~u 18 59~o Tax d11l' EUR Efft ctivl' ta\ rate (in % ) U 2 D Legal vs. economic approach 15 A<.:cording to the current practice, the conditions to carry forward tax losses should be considered from a legal standpoint. This analysis has recently been strengthened by the outcome nf a judgment from the Tribunal Adrninistratif dated 6 july 2009 (11 '.!3982) regarding the "Manlelkauf' Gennan theory. 1 C<>IN'd J'Hal D Jllilkt 111~5 n.5473 P: u~in XV I pag~ 35:! 17 J I' Wm;u'IJ) " ,.. 1,J!icJll,.,mm111qm d l"<'f'<jrl rle.1 f>l!rt<'l "" drmt /heal lr1w111bo11ri:c m.< " IFA AI rr. Dtc ll focal lu\1. 1nh..1uri:l'\ 1,, I_ 1' rr Ju htlilln:.ik I' I FA~blll.1<1nl>q tlrg. 13ruylant 2UOX, p J W. 1 b Rcy;11\lit1g the p11."1:;.'\l1. 11cc uf 1.'l:onom1c tlwm 1~l11p tt\'l.'r kgal OWl'ncrship ~ ' 1hc 1.uwml>uury AJ:1p1a1inn la" Jat1.-J Iii 01. 1ubc1 1 'll-1. 'i1c111:r.111p;.1.>>lllll!'l!1.~1. 11, Con,c1I d' Etat 15 July 1953 n1k n")'.!-1~. ~oc1c11. Natmnak J1.~ Ch1.1nm., de f1. r I u\1 ml>\1u1v1.i>h w1. al'" /\Jm1111st1a1Jvl.' Court, '.Ui June 2008, n"'.' I061C 1cg.1rding l'all 1.1ptwn' 011,har1.-: F1mh:s l i>l.'.il1, n 811. M:11d1 l'l~'i. l.c l...:1slll1l<.:!l.ilt.'ql.uhc,il. Cado l\tack. J'nbun.11 AJ111111i,1r.1111' 11 Jul) 200'1. n"'.!39x2 (;m : pj>l."ji v.a, mtn>juc1.-<l) ~~-.:.1bo J I' Wmand> 4pf rc <1f/t11m "1J11tm!l'{ll<', / tcjn 1/.'n i' 1,', n (1k<1i f /k1111~c o1.1" IF\ /\I EF. Dml\ Ii seal Ju\1 111Q!!.111r.co1-, Llln:Jl!illl,1m J~ I Jh\ I uxc11!llij.y_a:. U11Jyla111 '.'00~. p 19?.1ml ''-''i ( I I )

20 16 In this dec1s1on. the judges held that the provisions of article 114 LIT!. should he appl ied in the light of the general principles of law according to which there 1s no room for interpretation where there is a clear legal provision. As mticle 114 LITL refers lo legal concepts. the economic approach. even if it nonnally pre\ ails in case of discrepancy with the legal anal ysis, should not apply as far as tax losses arc concerned. 17 As an appeal was introduced against this judgment, the solution held in this case has to be taken with caution. However, the debate (legal vs. economic) regarding which analysis should be applied in order to appreciate the conditions to carry forward tax losses is not decisive as both analyses will lead to entitle New Bank to carry forward part or all the tax losses incumxl before the partial division E Partial division and tax losses 18 fhc cu1tcnt position regarding the carry forward of lax losses is neither driven by a ~anct economic approach nor a strict legal approach. Indeed. under both methods the lramdcr of ta"< losses would have been possible. 19 The transfer of all assets an<l linbililics is ruled by company law without liquidation of the company which is the subject of the partial division. Assets and liabilities should he passed to the new company ("New Bank'') resulting from the partial division. Indeed, according to article :?.88 of the law dated Au!,rusl 10. IC) 15. paragraph I, as amended by article 28 of the law dated June I : (< l.a scissio 11 par constitution de 11011vellcs sncil!tes est I 'opcmtio11 par!aq11cllc llll<'.\ ocic;t(i (... ) trm1.y{erc, sa11s dissolt11ion, u ou p/11sieurs societh; c//emc111 co11stit11jc.\. 1111e partic 011 I 'e11se111blc de son patrimninc, actil'<'lll<.!11! er f)(l\'sivcmenl, 11w1 c1111a11t / 'aurih11tio11 ci.ws associh d 'actions 011 de parts des socii!tc's hh1c;ficiaircs ct. frc111uelleme11t. d '1111<' so11/f( C'n espc;ces m dcpassant pas I W',, de la \'Ulcur 11om111alc des actions 011 parts uttribuc;cs 011. ci dq(aut de l'(l/c>ur i11alc. de l<'ur pair comptahle». 20 n1e traditional interprclation leads to applying a legal approach without recogni1.ing fully the legal effects. :?. I In order to fully follow the legal consequences of a panial division. the tax losses of the dcmcrged entity will he fully or partially transferred t<' the New Bank proportionally to the assets and liabilities transferred. 22 J\s a result, a similar reasoning as for individuals will be carried out (i.e. transfer of tax losses when the beneficiary was collcclivcly taxed with the transferor when the tax losses were incuncd) 22 Indeed: In ~ ll <: ol tw,,, lx:ndi",1111..,, t.i- ln~,l..,,1n: 1r;in,fl.'1Too pro r.lla rhl ir nl'l11, n'""1d111µ t thl t"ir~u l.11 l.lit. 1 n 11-1 I J.tlL'll ' ' S.:ptcmli..:1 : <Ml-I ( 12)

INDIVIDUALS AND LEGAL ENTITIES: If the dividends have not been paid yet, you may be eligible for the simplified procedure.

INDIVIDUALS AND LEGAL ENTITIES: If the dividends have not been paid yet, you may be eligible for the simplified procedure. Recipient s name 5001-EN For use by the foreign tax authority CALCULATION OF WITHHOLDING TAX ON DIVIDENDS Attachment to Form 5000 12816*01 INDIVIDUALS AND LEGAL ENTITIES: If the dividends have not been

Plus en détail

Cheque Holding Policy Disclosure (Banks) Regulations. Règlement sur la communication de la politique de retenue de chèques (banques) CONSOLIDATION

Cheque Holding Policy Disclosure (Banks) Regulations. Règlement sur la communication de la politique de retenue de chèques (banques) CONSOLIDATION CANADA CONSOLIDATION CODIFICATION Cheque Holding Policy Disclosure (Banks) Regulations Règlement sur la communication de la politique de retenue de chèques (banques) SOR/2002-39 DORS/2002-39 Current to

Plus en détail

Natixis Asset Management Response to the European Commission Green Paper on shadow banking

Natixis Asset Management Response to the European Commission Green Paper on shadow banking European Commission DG MARKT Unit 02 Rue de Spa, 2 1049 Brussels Belgium markt-consultation-shadow-banking@ec.europa.eu 14 th June 2012 Natixis Asset Management Response to the European Commission Green

Plus en détail

Credit Note and Debit Note Information (GST/ HST) Regulations

Credit Note and Debit Note Information (GST/ HST) Regulations CANADA CONSOLIDATION CODIFICATION Credit Note and Debit Note Information (GST/ HST) Regulations Règlement sur les renseignements à inclure dans les notes de crédit et les notes de débit (TPS/ TVH) SOR/91-44

Plus en détail

Name Use (Affiliates of Banks or Bank Holding Companies) Regulations

Name Use (Affiliates of Banks or Bank Holding Companies) Regulations CANADA CONSOLIDATION CODIFICATION Name Use (Affiliates of Banks or Bank Holding Companies) Regulations Règlement sur l utilisation de la dénomination sociale (entités du même groupe qu une banque ou société

Plus en détail

Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations

Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations CANADA CONSOLIDATION CODIFICATION Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations Règlement sur les ordonnances alimentaires et les dispositions alimentaires (banques

Plus en détail

Calculation of Interest Regulations. Règlement sur le calcul des intérêts CONSOLIDATION CODIFICATION. Current to August 4, 2015 À jour au 4 août 2015

Calculation of Interest Regulations. Règlement sur le calcul des intérêts CONSOLIDATION CODIFICATION. Current to August 4, 2015 À jour au 4 août 2015 CANADA CONSOLIDATION CODIFICATION Calculation of Interest Regulations Règlement sur le calcul des intérêts SOR/87-631 DORS/87-631 Current to August 4, 2015 À jour au 4 août 2015 Published by the Minister

Plus en détail

THE LAW SOCIETY OF UPPER CANADA BY-LAW 19 [HANDLING OF MONEY AND OTHER PROPERTY] MOTION TO BE MOVED AT THE MEETING OF CONVOCATION ON JANUARY 24, 2002

THE LAW SOCIETY OF UPPER CANADA BY-LAW 19 [HANDLING OF MONEY AND OTHER PROPERTY] MOTION TO BE MOVED AT THE MEETING OF CONVOCATION ON JANUARY 24, 2002 2-aes THE LAW SOCIETY OF UPPER CANADA BY-LAW 19 [HANDLING OF MONEY AND OTHER PROPERTY] MOTION TO BE MOVED AT THE MEETING OF CONVOCATION ON JANUARY 24, 2002 MOVED BY SECONDED BY THAT By-Law 19 [Handling

Plus en détail

First Nations Assessment Inspection Regulations. Règlement sur l inspection aux fins d évaluation foncière des premières nations CONSOLIDATION

First Nations Assessment Inspection Regulations. Règlement sur l inspection aux fins d évaluation foncière des premières nations CONSOLIDATION CANADA CONSOLIDATION CODIFICATION First Nations Assessment Inspection Regulations Règlement sur l inspection aux fins d évaluation foncière des premières nations SOR/2007-242 DORS/2007-242 Current to September

Plus en détail

INVESTMENT REGULATIONS R-090-2001 In force October 1, 2001. RÈGLEMENT SUR LES INVESTISSEMENTS R-090-2001 En vigueur le 1 er octobre 2001

INVESTMENT REGULATIONS R-090-2001 In force October 1, 2001. RÈGLEMENT SUR LES INVESTISSEMENTS R-090-2001 En vigueur le 1 er octobre 2001 FINANCIAL ADMINISTRATION ACT INVESTMENT REGULATIONS R-090-2001 In force October 1, 2001 LOI SUR LA GESTION DES FINANCES PUBLIQUES RÈGLEMENT SUR LES INVESTISSEMENTS R-090-2001 En vigueur le 1 er octobre

Plus en détail

Borrowing (Property and Casualty Companies and Marine Companies) Regulations

Borrowing (Property and Casualty Companies and Marine Companies) Regulations CANADA CONSOLIDATION CODIFICATION Borrowing (Property and Casualty Companies and Marine Companies) Regulations Règlement sur les emprunts des sociétés d assurances multirisques et des sociétés d assurance

Plus en détail

APPENDIX 2. Provisions to be included in the contract between the Provider and the. Holder

APPENDIX 2. Provisions to be included in the contract between the Provider and the. Holder Page 1 APPENDIX 2 Provisions to be included in the contract between the Provider and the Obligations and rights of the Applicant / Holder Holder 1. The Applicant or Licensee acknowledges that it has read

Plus en détail

RULE 5 - SERVICE OF DOCUMENTS RÈGLE 5 SIGNIFICATION DE DOCUMENTS. Rule 5 / Règle 5

RULE 5 - SERVICE OF DOCUMENTS RÈGLE 5 SIGNIFICATION DE DOCUMENTS. Rule 5 / Règle 5 RULE 5 - SERVICE OF DOCUMENTS General Rules for Manner of Service Notices of Application and Other Documents 5.01 (1) A notice of application or other document may be served personally, or by an alternative

Plus en détail

that the child(ren) was/were in need of protection under Part III of the Child and Family Services Act, and the court made an order on

that the child(ren) was/were in need of protection under Part III of the Child and Family Services Act, and the court made an order on ONTARIO Court File Number at (Name of court) Court office address Applicant(s) (In most cases, the applicant will be a children s aid society.) Full legal name & address for service street & number, municipality,

Plus en détail

Multiple issuers. La cotation des actions ROBECO ci-dessous est suspendue sur EURONEXT PARIS dans les conditions suivantes :

Multiple issuers. La cotation des actions ROBECO ci-dessous est suspendue sur EURONEXT PARIS dans les conditions suivantes : CORPORATE EVENT NOTICE: Suspension de cotation Multiple issuers PLACE: Paris AVIS N : PAR_20141002_07393_EUR DATE: 02/10/2014 MARCHE: EURONEXT PARIS La cotation des fonds mentionnés ci-dessous sera suspendue

Plus en détail

Règlement sur le télémarketing et les centres d'appel. Call Centres Telemarketing Sales Regulation

Règlement sur le télémarketing et les centres d'appel. Call Centres Telemarketing Sales Regulation THE CONSUMER PROTECTION ACT (C.C.S.M. c. C200) Call Centres Telemarketing Sales Regulation LOI SUR LA PROTECTION DU CONSOMMATEUR (c. C200 de la C.P.L.M.) Règlement sur le télémarketing et les centres d'appel

Plus en détail

Disclosure on Account Opening by Telephone Request (Trust and Loan Companies) Regulations

Disclosure on Account Opening by Telephone Request (Trust and Loan Companies) Regulations CANADA CONSOLIDATION CODIFICATION Disclosure on Account Opening by Telephone Request (Trust and Loan Companies) Regulations Règlement sur la communication en cas de demande téléphonique d ouverture de

Plus en détail

Input Tax Credit Information (GST/HST) Regulations

Input Tax Credit Information (GST/HST) Regulations CANADA CONSOLIDATION CODIFICATION Input Tax Credit Information (GST/HST) Regulations Règlement sur les renseignements nécessaires à une demande de crédit de taxe sur les intrants (TPS/ TVH) SOR/91-45 DORS/91-45

Plus en détail

AUDIT COMMITTEE: TERMS OF REFERENCE

AUDIT COMMITTEE: TERMS OF REFERENCE AUDIT COMMITTEE: TERMS OF REFERENCE PURPOSE The Audit Committee (the Committee), assists the Board of Trustees to fulfill its oversight responsibilities to the Crown, as shareholder, for the following

Plus en détail

Life Companies Borrowing Regulations. Règlement sur les emprunts des sociétés d assurance-vie CONSOLIDATION CODIFICATION

Life Companies Borrowing Regulations. Règlement sur les emprunts des sociétés d assurance-vie CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Life Companies Borrowing Regulations Règlement sur les emprunts des sociétés d assurance-vie SOR/92-277 DORS/92-277 Current to August 4, 2015 À jour au 4 août 2015 Published

Plus en détail

Bill 12 Projet de loi 12

Bill 12 Projet de loi 12 1ST SESSION, 41ST LEGISLATURE, ONTARIO 63 ELIZABETH II, 2014 1 re SESSION, 41 e LÉGISLATURE, ONTARIO 63 ELIZABETH II, 2014 Bill 12 Projet de loi 12 An Act to amend the Employment Standards Act, 2000 with

Plus en détail

COUNCIL OF THE EUROPEAN UNION. Brussels, 18 September 2008 (19.09) (OR. fr) 13156/08 LIMITE PI 53

COUNCIL OF THE EUROPEAN UNION. Brussels, 18 September 2008 (19.09) (OR. fr) 13156/08 LIMITE PI 53 COUNCIL OF THE EUROPEAN UNION Brussels, 18 September 2008 (19.09) (OR. fr) 13156/08 LIMITE PI 53 WORKING DOCUMENT from : Presidency to : delegations No prev. doc.: 12621/08 PI 44 Subject : Revised draft

Plus en détail

APPENDIX 6 BONUS RING FORMAT

APPENDIX 6 BONUS RING FORMAT #4 EN FRANÇAIS CI-DESSOUS Preamble and Justification This motion is being presented to the membership as an alternative format for clubs to use to encourage increased entries, both in areas where the exhibitor

Plus en détail

Bill 69 Projet de loi 69

Bill 69 Projet de loi 69 1ST SESSION, 41ST LEGISLATURE, ONTARIO 64 ELIZABETH II, 2015 1 re SESSION, 41 e LÉGISLATURE, ONTARIO 64 ELIZABETH II, 2015 Bill 69 Projet de loi 69 An Act to amend the Business Corporations Act and the

Plus en détail

Disclosure on Account Opening by Telephone Request (Retail Associations) Regulations

Disclosure on Account Opening by Telephone Request (Retail Associations) Regulations CANADA CONSOLIDATION CODIFICATION Disclosure on Account Opening by Telephone Request (Retail Associations) Regulations Règlement sur la communication en cas de demande téléphonique d ouverture de compte

Plus en détail

Règlement relatif à l examen fait conformément à la Déclaration canadienne des droits. Canadian Bill of Rights Examination Regulations CODIFICATION

Règlement relatif à l examen fait conformément à la Déclaration canadienne des droits. Canadian Bill of Rights Examination Regulations CODIFICATION CANADA CONSOLIDATION CODIFICATION Canadian Bill of Rights Examination Regulations Règlement relatif à l examen fait conformément à la Déclaration canadienne des droits C.R.C., c. 394 C.R.C., ch. 394 Current

Plus en détail

Gestion des prestations Volontaire

Gestion des prestations Volontaire Gestion des prestations Volontaire Qu estce que l Income Management (Gestion des prestations)? La gestion des prestations est un moyen de vous aider à gérer votre argent pour couvrir vos nécessités et

Plus en détail

22/09/2014 sur la base de 55,03 euros par action

22/09/2014 sur la base de 55,03 euros par action CORPORATE EVENT NOTICE: Amortissement d'orane Reprise de cotation PUBLICIS GROUPE S.A. PLACE: Paris AVIS N : PAR_20140902_06559_EUR DATE: 02/09/2014 MARCHE: EURONEXT PARIS Amortissement en titres et en

Plus en détail

GASCOGNE PAR_20150827_06702_ALT DATE: 27/08/2015. Pour faire suite à l'avis PAR_20150827_06701_EUR I - ADMISSION D'ACTIONS PAR COTATION DIRECTE

GASCOGNE PAR_20150827_06702_ALT DATE: 27/08/2015. Pour faire suite à l'avis PAR_20150827_06701_EUR I - ADMISSION D'ACTIONS PAR COTATION DIRECTE CORPORATE EVENT NOTICE: Admission par cotation directe GASCOGNE PLACE: Paris AVIS N : PAR_20150827_06702_ALT DATE: 27/08/2015 MARCHE: Alternext Paris Pour faire suite à l'avis PAR_20150827_06701_EUR I

Plus en détail

Railway Operating Certificate Regulations. Règlement sur les certificats d exploitation de chemin de fer CODIFICATION CONSOLIDATION

Railway Operating Certificate Regulations. Règlement sur les certificats d exploitation de chemin de fer CODIFICATION CONSOLIDATION CANADA CONSOLIDATION CODIFICATION Railway Operating Certificate Regulations Règlement sur les certificats d exploitation de chemin de fer SOR/2014-258 DORS/2014-258 Current to September 10, 2015 À jour

Plus en détail

AMENDMENT TO BILL 32 AMENDEMENT AU PROJET DE LOI 32

AMENDMENT TO BILL 32 AMENDEMENT AU PROJET DE LOI 32 THAT the proposed clause 6(1), as set out in Clause 6(1) of the Bill, be replaced with the following: Trustee to respond promptly 6(1) A trustee shall respond to a request as promptly as required in the

Plus en détail

Loi sur l aide financière à la Banque Commerciale du Canada. Canadian Commercial Bank Financial Assistance Act CODIFICATION CONSOLIDATION

Loi sur l aide financière à la Banque Commerciale du Canada. Canadian Commercial Bank Financial Assistance Act CODIFICATION CONSOLIDATION CANADA CONSOLIDATION CODIFICATION Canadian Commercial Bank Financial Assistance Act Loi sur l aide financière à la Banque Commerciale du Canada S.C. 1985, c. 9 S.C. 1985, ch. 9 Current to September 10,

Plus en détail

Interest Rate for Customs Purposes Regulations. Règlement sur le taux d intérêt aux fins des douanes CONSOLIDATION CODIFICATION

Interest Rate for Customs Purposes Regulations. Règlement sur le taux d intérêt aux fins des douanes CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Interest Rate for Customs Purposes Regulations Règlement sur le taux d intérêt aux fins des douanes SOR/86-1121 DORS/86-1121 Current to August 4, 2015 À jour au 4 août

Plus en détail

Ordonnance sur le paiement à un enfant ou à une personne qui n est pas saine d esprit. Infant or Person of Unsound Mind Payment Order CODIFICATION

Ordonnance sur le paiement à un enfant ou à une personne qui n est pas saine d esprit. Infant or Person of Unsound Mind Payment Order CODIFICATION CANADA CONSOLIDATION CODIFICATION Infant or Person of Unsound Mind Payment Order Ordonnance sur le paiement à un enfant ou à une personne qui n est pas saine d esprit C.R.C., c. 1600 C.R.C., ch. 1600 Current

Plus en détail

FCM 2015 ANNUAL CONFERENCE AND TRADE SHOW Terms and Conditions for Delegates and Companions Shaw Convention Centre, Edmonton, AB June 5 8, 2015

FCM 2015 ANNUAL CONFERENCE AND TRADE SHOW Terms and Conditions for Delegates and Companions Shaw Convention Centre, Edmonton, AB June 5 8, 2015 FCM 2015 ANNUAL CONFERENCE AND TRADE SHOW Terms and Conditions for Delegates and Companions Shaw Convention Centre, Edmonton, AB June 5 8, 2015 Early-bird registration Early-bird registration ends April

Plus en détail

RICHEL SERRES DE FRANCE PAR_20120203_02432_ALT DATE: 03/02/2012

RICHEL SERRES DE FRANCE PAR_20120203_02432_ALT DATE: 03/02/2012 CORPORATE EVENT NOTICE: Offre contractuelle de rachat RICHEL SERRES DE FRANCE PLACE: Paris AVIS N : PAR_20120203_02432_ALT DATE: 03/02/2012 MARCHE: Alternext Paris La société RICHEL SERRES DE FRANCE (la

Plus en détail

CRM Company Group lance l offre volontaire de rachat en espèces des 2 100 OC 1 restant en circulation.

CRM Company Group lance l offre volontaire de rachat en espèces des 2 100 OC 1 restant en circulation. CORPORATE EVENT NOTICE: Offre volontaire de rachat CRM COMPANY GROUP PLACE: Paris AVIS N : PAR_20121121_10423_ALT DATE: 21/11/2012 MARCHE: Alternext Paris CRM Company Group lance l offre volontaire de

Plus en détail

Form of Deeds Relating to Certain Successions of Cree and Naskapi Beneficiaries Regulations

Form of Deeds Relating to Certain Successions of Cree and Naskapi Beneficiaries Regulations CANADA CONSOLIDATION CODIFICATION Form of Deeds Relating to Certain Successions of Cree and Naskapi Beneficiaries Regulations Règlement sur la forme des actes relatifs à certaines successions de bénéficiaires

Plus en détail

Scénarios économiques en assurance

Scénarios économiques en assurance Motivation et plan du cours Galea & Associés ISFA - Université Lyon 1 ptherond@galea-associes.eu pierre@therond.fr 18 octobre 2013 Motivation Les nouveaux référentiels prudentiel et d'information nancière

Plus en détail

Improving the breakdown of the Central Credit Register data by category of enterprises

Improving the breakdown of the Central Credit Register data by category of enterprises Improving the breakdown of the Central Credit Register data by category of enterprises Workshop on Integrated management of micro-databases Deepening business intelligence within central banks statistical

Plus en détail

Import Allocation Regulations. Règlement sur les autorisations d importation CONSOLIDATION CODIFICATION

Import Allocation Regulations. Règlement sur les autorisations d importation CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Import Allocation Regulations Règlement sur les autorisations d importation SOR/95-36 DORS/95-36 Current to May 17, 2011 À jour au 1 er 17 mai 2011 Published by the Minister

Plus en détail

ONTARIO Court File Number. Form 17E: Trial Management Conference Brief. Date of trial management conference. Name of party filing this brief

ONTARIO Court File Number. Form 17E: Trial Management Conference Brief. Date of trial management conference. Name of party filing this brief ONTARIO Court File Number at (Name of court) Court office address Form 17E: Trial Management Conference Brief Name of party filing this brief Date of trial management conference Applicant(s) Full legal

Plus en détail

Règlement sur les baux visés à la Loi no 1 de 1977 portant affectation de crédits. Appropriation Act No. 1, 1977, Leasing Regulations CODIFICATION

Règlement sur les baux visés à la Loi no 1 de 1977 portant affectation de crédits. Appropriation Act No. 1, 1977, Leasing Regulations CODIFICATION CANADA CONSOLIDATION CODIFICATION Appropriation Act No. 1, 1977, Leasing Regulations Règlement sur les baux visés à la Loi no 1 de 1977 portant affectation de crédits C.R.C., c. 320 C.R.C., ch. 320 Current

Plus en détail

Appointment or Deployment of Alternates Regulations. Règlement sur la nomination ou la mutation de remplaçants CONSOLIDATION CODIFICATION

Appointment or Deployment of Alternates Regulations. Règlement sur la nomination ou la mutation de remplaçants CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Appointment or Deployment of Alternates Regulations Règlement sur la nomination ou la mutation de remplaçants SOR/2012-83 DORS/2012-83 Current to August 30, 2015 À jour

Plus en détail

Nouveautés printemps 2013

Nouveautés printemps 2013 » English Se désinscrire de la liste Nouveautés printemps 2013 19 mars 2013 Dans ce Flash Info, vous trouverez une description des nouveautés et mises à jour des produits La Capitale pour le printemps

Plus en détail

P R E T S P R E F E R E N T I E L S E T S U B V E N T I O N S D I N T E R Ê T S

P R E T S P R E F E R E N T I E L S E T S U B V E N T I O N S D I N T E R Ê T S P R E T S P R E F E R E N T I E L S E T S U B V E N T I O N S D I N T E R Ê T S Il est courant pour les employeurs d octroyer à leurs employés des prêts préférentiels ou des subventions d intérêts. L économie

Plus en détail

Material Banking Group Percentage Regulations. Règlement fixant le pourcentage (groupe bancaire important) CONSOLIDATION CODIFICATION

Material Banking Group Percentage Regulations. Règlement fixant le pourcentage (groupe bancaire important) CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Material Banking Group Percentage Regulations Règlement fixant le pourcentage (groupe bancaire important) SOR/2008-163 DORS/2008-163 Current to August 30, 2015 À jour

Plus en détail

LOI SUR LA RECONNAISSANCE DE L'ADOPTION SELON LES COUTUMES AUTOCHTONES ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT

LOI SUR LA RECONNAISSANCE DE L'ADOPTION SELON LES COUTUMES AUTOCHTONES ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT ABORIGINAL CUSTOM ADOPTION RECOGNITION REGULATIONS R-085-95 In force September 30, 1995 LOI SUR LA RECONNAISSANCE DE L'ADOPTION SELON LES COUTUMES AUTOCHTONES

Plus en détail

Nordion Europe S.A. Incorporation Authorization Order. Décret autorisant la constitution de Nordion Europe S.A. CONSOLIDATION CODIFICATION

Nordion Europe S.A. Incorporation Authorization Order. Décret autorisant la constitution de Nordion Europe S.A. CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Nordion Europe S.A. Incorporation Authorization Order Décret autorisant la constitution de Nordion Europe S.A. SOR/90-162 DORS/90-162 Current to June 9, 2015 À jour au

Plus en détail

Air Transportation Tax Order, 1995. Décret de 1995 sur la taxe de transport aérien CONSOLIDATION CODIFICATION

Air Transportation Tax Order, 1995. Décret de 1995 sur la taxe de transport aérien CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Air Transportation Tax Order, 1995 Décret de 1995 sur la taxe de transport aérien SOR/95-206 DORS/95-206 Current to August 30, 2015 À jour au 30 août 2015 Published by

Plus en détail

Ships Elevator Regulations. Règlement sur les ascenseurs de navires CODIFICATION CONSOLIDATION. C.R.C., c. 1482 C.R.C., ch. 1482

Ships Elevator Regulations. Règlement sur les ascenseurs de navires CODIFICATION CONSOLIDATION. C.R.C., c. 1482 C.R.C., ch. 1482 CANADA CONSOLIDATION CODIFICATION Ships Elevator Regulations Règlement sur les ascenseurs de navires C.R.C., c. 1482 C.R.C., ch. 1482 Current to September 10, 2015 À jour au 10 septembre 2015 Last amended

Plus en détail

L'Offre sera ouverte pendant 18 jours de bourse, à un prix par action de 152,30 EUR. BPCE International et Outre-Mer

L'Offre sera ouverte pendant 18 jours de bourse, à un prix par action de 152,30 EUR. BPCE International et Outre-Mer CORPORATE EVENT NOTICE: Offre publique d'achat simplifiée REUNION(BANQUE DE LA) PLACE: Paris AVIS N : PAR_20150402_02663_EUR DATE: 02/04/2015 MARCHE: EURONEXT PARIS Le 02/04/2015, l'autorité des marchés

Plus en détail

PRACTICE DIRECTION ON THE LENGTH OF BRIEFS AND MOTIONS ON APPEAL

PRACTICE DIRECTION ON THE LENGTH OF BRIEFS AND MOTIONS ON APPEAL Tribunal pénal international pour le Rwanda International Criminal Tribunal for Rwanda PRACTICE DIRECTION ON THE LENGTH OF BRIEFS AND MOTIONS ON APPEAL INTRODUCTION In accordance with Rule 107bis of the

Plus en détail

Practice Direction. Class Proceedings

Practice Direction. Class Proceedings Effective Date: 2010/07/01 Number: PD - 5 Title: Practice Direction Class Proceedings Summary: This Practice Direction describes the procedure for requesting the assignment of a judge in a proceeding under

Plus en détail

If the corporation is or intends to become a registered charity as defined in the Income Tax Act, a copy of these documents must be sent to:

If the corporation is or intends to become a registered charity as defined in the Income Tax Act, a copy of these documents must be sent to: 2014-10-07 Corporations Canada 9th Floor, Jean Edmonds Towers South 365 Laurier Avenue West Ottawa, Ontario K1A 0C8 Corporations Canada 9e étage, Tour Jean-Edmonds sud 365 avenue Laurier ouest Ottawa (Ontario)

Plus en détail

Archived Content. Contenu archivé

Archived Content. Contenu archivé ARCHIVED - Archiving Content ARCHIVÉE - Contenu archivé Archived Content Contenu archivé Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject

Plus en détail

Loi sur la remise de certaines dettes liées à l aide publique au développement. Forgiveness of Certain Official Development Assistance Debts Act

Loi sur la remise de certaines dettes liées à l aide publique au développement. Forgiveness of Certain Official Development Assistance Debts Act CANADA CONSOLIDATION CODIFICATION Forgiveness of Certain Official Development Assistance Debts Act Loi sur la remise de certaines dettes liées à l aide publique au développement S.C. 1987, c. 27 L.C. 1987,

Plus en détail

Resident Canadian (Insurance Companies) Regulations. Règlement sur les résidents canadiens (sociétés d assurances) CONSOLIDATION CODIFICATION

Resident Canadian (Insurance Companies) Regulations. Règlement sur les résidents canadiens (sociétés d assurances) CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Resident Canadian (Insurance Companies) Regulations Règlement sur les résidents canadiens (sociétés d assurances) SOR/92-284 DORS/92-284 Current to August 4, 2015 À jour

Plus en détail

FÉDÉRATION INTERNATIONALE DE NATATION Diving

FÉDÉRATION INTERNATIONALE DE NATATION Diving QUALIFICATION SYSTEM - 2 ND SUMMER YOUTH OLYMPIC GAMES - NANJING 2014 FÉDÉRATION INTERNATIONALE DE NATATION Diving A. Events (5) MEN S EVENTS (2) WOMEN S EVENTS (2) MIXED EVENTS (2) 3m individual springboard

Plus en détail

Confirmation du titulaire de la carte en cas de contestation de transaction(s) Cardholder s Certification of Disputed Transactions

Confirmation du titulaire de la carte en cas de contestation de transaction(s) Cardholder s Certification of Disputed Transactions Confirmation du titulaire de la carte en cas de contestation de transaction(s) Cardholder s Certification of Disputed Transactions Informations personnelles Nom/Prénom Name / Firstname Numéro de la carte

Plus en détail

Francoise Lee. www.photoniquequebec.ca

Francoise Lee. www.photoniquequebec.ca Francoise Lee De: Francoise Lee [francoiselee@photoniquequebec.ca] Envoyé: 2008 年 11 月 17 日 星 期 一 14:39 À: 'Liste_RPQ' Objet: Bulletin #46 du RPQ /QPN Newsletter #46 No. 46 novembre 2008 No. 46 November

Plus en détail

CONSOLIDATION OF ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT S.N.W.T. 1994,c.26 In force September 30, 1995; SI-009-95

CONSOLIDATION OF ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT S.N.W.T. 1994,c.26 In force September 30, 1995; SI-009-95 CONSOLIDATION OF ABORIGINAL CUSTOM ADOPTION RECOGNITION ACT S.N.W.T. 1994,c.26 In force September 30, 1995; SI-009-95 CODIFICATION ADMINISTRATIVE DE LA LOI SUR LA RECONNAISSANCE DE L ADOPTION SELON LES

Plus en détail

Export Permit (Steel Monitoring) Regulations. Règlement sur les licences d exportation (surveillance de l acier) CONSOLIDATION CODIFICATION

Export Permit (Steel Monitoring) Regulations. Règlement sur les licences d exportation (surveillance de l acier) CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Export Permit (Steel Monitoring) Regulations Règlement sur les licences d exportation (surveillance de l acier) SOR/87-321 DORS/87-321 Current to August 4, 2015 À jour

Plus en détail

PROJET DE LOI. An Act to Amend the Employment Standards Act. Loi modifiant la Loi sur les normes d emploi

PROJET DE LOI. An Act to Amend the Employment Standards Act. Loi modifiant la Loi sur les normes d emploi 2nd Session, 57th Legislature New Brunswick 60-61 Elizabeth II, 2011-2012 2 e session, 57 e législature Nouveau-Brunswick 60-61 Elizabeth II, 2011-2012 BILL PROJET DE LOI 7 7 An Act to Amend the Employment

Plus en détail

MELTING POTES, LA SECTION INTERNATIONALE DU BELLASSO (Association étudiante de lʼensaparis-belleville) PRESENTE :

MELTING POTES, LA SECTION INTERNATIONALE DU BELLASSO (Association étudiante de lʼensaparis-belleville) PRESENTE : MELTING POTES, LA SECTION INTERNATIONALE DU BELLASSO (Association étudiante de lʼensaparis-belleville) PRESENTE : Housing system est un service gratuit, qui vous propose de vous mettre en relation avec

Plus en détail

LOI SUR LE RÉGIME D ASSURANCE COLLECTIVE DE LA FONCTION PUBLIQUE PUBLIC SERVICE GROUP INSURANCE BENEFIT PLAN ACT

LOI SUR LE RÉGIME D ASSURANCE COLLECTIVE DE LA FONCTION PUBLIQUE PUBLIC SERVICE GROUP INSURANCE BENEFIT PLAN ACT PUBLIC SERVICE GROUP INSURANCE BENEFIT PLAN ACT LOI SUR LE RÉGIME D ASSURANCE COLLECTIVE DE LA FONCTION PUBLIQUE Application of this Act 1(1) This Act applies to the following (a) persons employed by the

Plus en détail

ETABLISSEMENT D ENSEIGNEMENT OU ORGANISME DE FORMATION / UNIVERSITY OR COLLEGE:

ETABLISSEMENT D ENSEIGNEMENT OU ORGANISME DE FORMATION / UNIVERSITY OR COLLEGE: 8. Tripartite internship agreement La présente convention a pour objet de définir les conditions dans lesquelles le stagiaire ci-après nommé sera accueilli dans l entreprise. This contract defines the

Plus en détail

IPSAS 32 «Service concession arrangements» (SCA) Marie-Pierre Cordier Baudouin Griton, IPSAS Board

IPSAS 32 «Service concession arrangements» (SCA) Marie-Pierre Cordier Baudouin Griton, IPSAS Board IPSAS 32 «Service concession arrangements» (SCA) Marie-Pierre Cordier Baudouin Griton, IPSAS Board 1 L élaboration de la norme IPSAS 32 Objectif : traitement comptable des «service concession arrangements»

Plus en détail

de stabilisation financière

de stabilisation financière CHAPTER 108 CHAPITRE 108 Fiscal Stabilization Fund Act Loi sur le Fonds de stabilisation financière Table of Contents 1 Definitions eligible securities valeurs admissibles Fund Fonds Minister ministre

Plus en détail

BLUELINEA. 269.826,00 EUR composé de 1.349.130 actions de valeur nominale 0,20 EUR Date de création : 17/01/2006

BLUELINEA. 269.826,00 EUR composé de 1.349.130 actions de valeur nominale 0,20 EUR Date de création : 17/01/2006 CORPORATE EVENT NOTICE: Inscription par cotation directe BLUELINEA PLACE: Paris AVIS N : PAR_20120221_02921_MLI DATE: 21/02/2012 MARCHE: MARCHE LIBRE A l'initiative du membre de marché ARKEON Finance agissant

Plus en détail

CEPF FINAL PROJECT COMPLETION REPORT

CEPF FINAL PROJECT COMPLETION REPORT CEPF FINAL PROJECT COMPLETION REPORT I. BASIC DATA Organization Legal Name: Conservation International Madagascar Project Title (as stated in the grant agreement): Knowledge Management: Information & Monitoring.

Plus en détail

Order Binding Certain Agents of Her Majesty for the Purposes of Part 1 of the Personal Information Protection and Electronic Documents Act

Order Binding Certain Agents of Her Majesty for the Purposes of Part 1 of the Personal Information Protection and Electronic Documents Act CANADA CONSOLIDATION CODIFICATION Order Binding Certain Agents of Her Majesty for the Purposes of Part 1 of the Personal Information Protection and Electronic Documents Act Décret liant certains mandataires

Plus en détail

Application Form/ Formulaire de demande

Application Form/ Formulaire de demande Application Form/ Formulaire de demande Ecosystem Approaches to Health: Summer Workshop and Field school Approches écosystémiques de la santé: Atelier intensif et stage d été Please submit your application

Plus en détail

Bill 204 Projet de loi 204

Bill 204 Projet de loi 204 3RD SESSION, 37TH LEGISLATURE, ONTARIO 51 ELIZABETH II, 2002 3 e SESSION, 37 e LÉGISLATURE, ONTARIO 51 ELIZABETH II, 2002 Bill 204 Projet de loi 204 An Act to amend the Ontario Energy Board Act, 1998 to

Plus en détail

Contrôle d'accès Access control. Notice technique / Technical Manual

Contrôle d'accès Access control. Notice technique / Technical Manual p.1/18 Contrôle d'accès Access control INFX V2-AI Notice technique / Technical Manual p.2/18 Sommaire / Contents Remerciements... 3 Informations et recommandations... 4 Caractéristiques techniques... 5

Plus en détail

Edna Ekhivalak Elias Commissioner of Nunavut Commissaire du Nunavut

Edna Ekhivalak Elias Commissioner of Nunavut Commissaire du Nunavut SECOND SESSION THIRD LEGISLATIVE ASSEMBLY OF NUNAVUT DEUXIÈME SESSION TROISIÈME ASSEMBLÉE LÉGISLATIVE DU NUNAVUT GOVERNMENT BILL PROJET DE LOI DU GOUVERNEMENT BILL 52 PROJET DE LOI N o 52 SUPPLEMENTARY

Plus en détail

Private banking: après l Eldorado

Private banking: après l Eldorado Private banking: après l Eldorado Michel Juvet Associé 9 juin 2015 Toutes les crises génèrent de nouvelles réglementations Le tournant de 2008 Protection des clients MIFID, UCITS, FIDLEG Bilan des banques

Plus en détail

Filed December 22, 2000

Filed December 22, 2000 NEW BRUNSWICK REGULATION 2000-64 under the SPECIAL PAYMENT TO CERTAIN DEPENDENT SPOUSES OF DECEASED WORKERS ACT (O.C. 2000-604) Regulation Outline Filed December 22, 2000 Citation..........................................

Plus en détail

INTERNATIONAL CRIMINAL COURT. Article 98 TREATIES AND OTHER INTERNATIONAL ACTS SERIES 03-415. Agreement between the UNITED STATES OF AMERICA and GABON

INTERNATIONAL CRIMINAL COURT. Article 98 TREATIES AND OTHER INTERNATIONAL ACTS SERIES 03-415. Agreement between the UNITED STATES OF AMERICA and GABON TREATIES AND OTHER INTERNATIONAL ACTS SERIES 03-415 INTERNATIONAL CRIMINAL COURT Article 98 Agreement between the UNITED STATES OF AMERICA and GABON Effected by Exchange of Notes at Libreville February

Plus en détail

Instructions Mozilla Thunderbird Page 1

Instructions Mozilla Thunderbird Page 1 Instructions Mozilla Thunderbird Page 1 Instructions Mozilla Thunderbird Ce manuel est écrit pour les utilisateurs qui font déjà configurer un compte de courrier électronique dans Mozilla Thunderbird et

Plus en détail

PAR_20141217_09543_EUR DATE: 17/12/2014. Suite à l'avis PAR_20141119_08654_EUR

PAR_20141217_09543_EUR DATE: 17/12/2014. Suite à l'avis PAR_20141119_08654_EUR CORPORATE EVENT NOTICE: Emission avec maintien du droit préférentiel de souscription, d obligations convertibles en actions ordinaires nouvelles assorties de bons de souscription d action («OCABSA») -

Plus en détail

CONFLICT OF LAWS (TRAFFIC ACCIDENTS) ACT LOI SUR LES CONFLITS DE LOIS (ACCIDENTS DE LA CIRCULATION) Définitions et interprétation.

CONFLICT OF LAWS (TRAFFIC ACCIDENTS) ACT LOI SUR LES CONFLITS DE LOIS (ACCIDENTS DE LA CIRCULATION) Définitions et interprétation. CONFLICT OF LAWS (TRAFFIC ACCIDENTS) ACT Interpretation 1(1) In this Act, accident means an accident that involves one or more vehicles and is connected with traffic on a highway; «accident» highway means

Plus en détail

CALCUL DE LA CONTRIBUTION - FONDS VERT Budget 2008/2009

CALCUL DE LA CONTRIBUTION - FONDS VERT Budget 2008/2009 Société en commandite Gaz Métro CALCUL DE LA CONTRIBUTION - FONDS VERT Budget 2008/2009 Taux de la contribution au Fonds vert au 1 er janvier 2009 Description Volume Coûts Taux 10³m³ 000 $ /m³ (1) (2)

Plus en détail

English Q&A #1 Braille Services Requirement PPTC 144918. Q1. Would you like our proposal to be shipped or do you prefer an electronic submission?

English Q&A #1 Braille Services Requirement PPTC 144918. Q1. Would you like our proposal to be shipped or do you prefer an electronic submission? English Q&A #1 Braille Services Requirement PPTC 144918 Q1. Would you like our proposal to be shipped or do you prefer an electronic submission? A1. Passport Canada requests that bidders provide their

Plus en détail

Short-term Pooled Investment Fund Regulations. Règlement sur le fonds commun de placement à court terme CONSOLIDATION CODIFICATION

Short-term Pooled Investment Fund Regulations. Règlement sur le fonds commun de placement à court terme CONSOLIDATION CODIFICATION CANADA CONSOLIDATION CODIFICATION Short-term Pooled Investment Fund Regulations Règlement sur le fonds commun de placement à court terme SOR/2006-245 DORS/2006-245 Current to September 27, 2015 À jour

Plus en détail

Loi sur la prise en charge des prestations de la Commission de secours d Halifax. Halifax Relief Commission Pension Continuation Act CODIFICATION

Loi sur la prise en charge des prestations de la Commission de secours d Halifax. Halifax Relief Commission Pension Continuation Act CODIFICATION CANADA CONSOLIDATION CODIFICATION Halifax Relief Pension Continuation Act Loi sur la prise en charge des prestations de la de secours d Halifax S.C. 1974-75-76, c. 88 S.C. 1974-75-76, ch. 88 Current to

Plus en détail

Compléter le formulaire «Demande de participation» et l envoyer aux bureaux de SGC* à l adresse suivante :

Compléter le formulaire «Demande de participation» et l envoyer aux bureaux de SGC* à l adresse suivante : FOIRE AUX QUESTIONS COMMENT ADHÉRER? Compléter le formulaire «Demande de participation» et l envoyer aux bureaux de SGC* à l adresse suivante : 275, boul des Braves Bureau 310 Terrebonne (Qc) J6W 3H6 La

Plus en détail

PAR RINOX INC BY RINOX INC PROGRAMME D INSTALLATEUR INSTALLER PROGRAM

PAR RINOX INC BY RINOX INC PROGRAMME D INSTALLATEUR INSTALLER PROGRAM PAR RINOX INC BY RINOX INC PROGRAMME D INSTALLATEUR INSTALLER PROGRAM DEVENEZ UN RINOXPERT DÈS AUJOURD HUI! BECOME A RINOXPERT NOW OPTIMISER VOS VENTES INCREASE YOUR SALES VISIBILITÉ & AVANTAGES VISIBILITY

Plus en détail

1.The pronouns me, te, nous, and vous are object pronouns.

1.The pronouns me, te, nous, and vous are object pronouns. 1.The pronouns me, te, nous, and vous are object pronouns.! Marie t invite au théâtre?!! Oui, elle m invite au théâtre.! Elle te parle au téléphone?!! Oui, elle me parle au téléphone.! Le prof vous regarde?!!!

Plus en détail

Un système KYC robuste et sa valeur ajoutée commerciale

Un système KYC robuste et sa valeur ajoutée commerciale MY JOURNEY BEGAN AT 19, WHEN I LANDED IN THE COLDEST PLACE I D EVER EXPERIENCED. MAJID AL-NASSAR BUSINESS OWNER AND PROPERTY INVESTOR. EVERY JOURNEY IS UNIQUE. Un système KYC robuste et sa valeur ajoutée

Plus en détail

Paxton. ins-20605. Net2 desktop reader USB

Paxton. ins-20605. Net2 desktop reader USB Paxton ins-20605 Net2 desktop reader USB 1 3 2 4 1 2 Desktop Reader The desktop reader is designed to sit next to the PC. It is used for adding tokens to a Net2 system and also for identifying lost cards.

Plus en détail

BILL C-452 PROJET DE LOI C-452 C-452 C-452 HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA

BILL C-452 PROJET DE LOI C-452 C-452 C-452 HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA C-452 C-452 First Session, Forty-first Parliament, Première session, quarante et unième législature, HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA BILL C-452 PROJET DE LOI C-452 An Act to amend

Plus en détail

Name of document. Audit Report on the CORTE Quality System: confirmation of the certification (October 2011) Prepared by.

Name of document. Audit Report on the CORTE Quality System: confirmation of the certification (October 2011) Prepared by. AUDIT REPORT ON THE CORTE QUALITY SYSTEM: CONFIRMATION OF THE CERTIFICATION (OCTOBER 2011) Name of document Prepared by Audit Report on the CORTE Quality System: confirmation of the certification (October

Plus en détail

The assessment of professional/vocational skills Le bilan de compétences professionnelles

The assessment of professional/vocational skills Le bilan de compétences professionnelles The assessment of professional/vocational skills Le bilan de compétences professionnelles 03/06/13 WHAT? QUOI? Subject Sujet The assessment of professional/vocational skills (3 hours) Bilan de compétences

Plus en détail

Fédération Internationale de Handball. b) Règlement du but

Fédération Internationale de Handball. b) Règlement du but Fédération Internationale de Handball b) Règlement du but Edition: Septembre 2007 Table des matières Page 1. Généralités 3 2. Caractéristiques techniques des buts de handball 3 3. Dimensions et schéma

Plus en détail

CHANGE GUIDE France- Monaco- Guyana- Martinique- Guadeloupe- Reunion- Mayotte

CHANGE GUIDE France- Monaco- Guyana- Martinique- Guadeloupe- Reunion- Mayotte IATA TRAVEL AGENT CHANGE GUIDE France- Monaco- Guyana- Martinique- Guadeloupe- Reunion- Mayotte CHECKLIST - IATA TRAVEL AGENT CHECK LIST Change of Ownership/Shareholding Instructions and special requirements

Plus en détail

Prepaid Payment Products Regulations. Règlement sur les produits de paiement prépayés CODIFICATION CONSOLIDATION. Current to September 10, 2015

Prepaid Payment Products Regulations. Règlement sur les produits de paiement prépayés CODIFICATION CONSOLIDATION. Current to September 10, 2015 CANADA CONSOLIDATION CODIFICATION Prepaid Payment Products Regulations Règlement sur les produits de paiement prépayés SOR/2013-209 DORS/2013-209 Current to September 10, 2015 À jour au 10 septembre 2015

Plus en détail

Tier 1 / Tier 2 relations: Are the roles changing?

Tier 1 / Tier 2 relations: Are the roles changing? Tier 1 / Tier 2 relations: Are the roles changing? Alexandre Loire A.L.F.A Project Manager July, 5th 2007 1. Changes to roles in customer/supplier relations a - Distribution Channels Activities End customer

Plus en détail

Formulaire d inscription (form also available in English) Mission commerciale en Floride. Coordonnées

Formulaire d inscription (form also available in English) Mission commerciale en Floride. Coordonnées Formulaire d inscription (form also available in English) Mission commerciale en Floride Mission commerciale Du 29 septembre au 2 octobre 2015 Veuillez remplir un formulaire par participant Coordonnées

Plus en détail

BILL 13 PROJET DE LOI 13. certains droits relatifs à l approvisionnement en bois et à l aménagement forestier

BILL 13 PROJET DE LOI 13. certains droits relatifs à l approvisionnement en bois et à l aménagement forestier 1st Session, 56th 58th Legislature New Brunswick 63-6456 Elizabeth II, II, 2014-2015 2007 1 re session, 56 58 e législature Nouveau-Brunswick 63-64 56 Elizabeth II, II, 2014-2015 2007 BILL 13 PROJET DE

Plus en détail