Thank you, Mr. Speaker. I move, seconded by the honourable Member for Aivilik, that Bill 3, Legal Registries Division Measures Act, 1999, be read for the second time. Mr. Speaker, this bill amends the Business Corporations Act, Document Registry Act, Personal Property Security Act and Securities Act to implement plans and service agreements relating to the establishments of Nunavut.
The Business Corporations Act is amended to add new Part Vll.1 pertaining to the registration of corporate mortgages. This Part is repealed on the coming into force of the Personal Property Security Act. Corporate mortgages registered under the Companies Act are deemed to be registered under this new part upon repeal of that act on March 31, 1999
The Document Registry Act is amended to permit the Registrar to register documents made or submitted under an authorizing Act of Nunavut. Such documents are deemed to be registered under the appropriate authorizing Act of the Northwest Territories. These provisions are repealed on the day the Personal Property Security Act comes into force.
The Personal Property Security Act is amended to facilitate the registration of documents electronically. These changes include changing the name of the registry from the Personal Property Security Registry to the Personal Property Registry, which is the name used in existing electronic registry systems in several provinces, and authorizing the Registrar to enter into agreements with persons to govern electronic access to the Registry.
In addition, several of the provisions consequentially amended by the Personal Property Security Act are further amended to refer to the registration of corporate mortgages under the Business Corporations Act following upon repeal of the Companies Act on March 31, 1999. The Children's Law Act and the Family Law Act are consequentially amended to change existing references to the Personal Property Security Registry to the Personal Property Registry.
The Securities Act is amended to permit the Registrar of Securities to exempt a person or company from the requirement to hold a certificate of registration before acting as a broker, security-issuer or salesperson. The Registrar may provide that a registration does not expire or expires on a day other than March 31st in each year, where a person or company is registered elsewhere in Canada or a code is adopted which permits the Registrar to do so. The Registrar is authorized to suspend or cancel a registration where the registrant does not comply with terms and conditions of a registration. The Registrar would also be authorized to exempt a person or company from requirements of the act where it would not be prejudicial to the public. The act is also amended to more clearly define the regulation-making powers under the act and to permit the adoption of codes or standards made by an association, person or body other than the government of the Northwest Territories. Thank you, Mr. Speaker.