Thank you, Mr. Chairman. Mr. Chairman, the purpose of this bill is to allow the Business Corporations Act to be brought into force before the Personal Property Security Act. Both acts have been passed. Implementation of the Personal Property Security Act involved the development of a new computer system. This system is not expected to be completed before the Business Corporations Act is ready to be proclaimed. The Personal Property Security Act will repeal the requirement to file a corporate debenture under corporate law. The Business Corporations Act was drafted in anticipation of this having already occurred. If the Business Corporations Act is proclaimed first, the debenture filing requirements of the Company Act would apply to companies still governed by that act. However, there would not be a corresponding requirement under the Business Corporations Act. The result may be uncertainty regarding the priority of debentures in certain cases. The Business Corporations Act

provides that existing companies must continue under the new Act by March 31, 1999. In order that this Act may be brought into force as soon as possible, the proposed bill provides that the debenture filing requirements of the Companies Act apply also to corporations governed by the Business Corporations Act. This will be the case until they are repealed entirely by the Personal Property Security Act. Additional amendments not related to the primary purpose of the bill are of a housekeeping nature. I would like to thank the standing committee for its review and support of this bill, and I will be pleased to respond to any questions or comments that Members may have. Thank you, Mr. Chairman.