Mr. Speaker, I move, seconded by the honourable Member for Inuvik Boot Lake, that Bill 5, Professional Corporations Act, be read for the first time.
Bill 5 has had first reading.
Motion carried; Bill 5, Professional Corporations Act, read a first time.
Bill 6
Mr. Speaker, I move, seconded by the honourable Member for Deh Cho, that Bill 6, Species at Risk (NWT) Act, be read for the first time.
Bill 6 has had first reading.
Motion carried; Bill 6, Species at Risk (NWT) Act, read a first time.
Mr. Speaker, I seek consent to proceed with second reading of Bill 5, Professional Corporations Act.
Thank you, Mr. Lafferty. The Member is seeking consent to proceed with second reading of Bill 5. Are there any nays? There are no nays. You may proceed with second reading, Mr. Lafferty.
Mr. Speaker, I move, seconded by the honourable Member for Inuvik Boot Lake, that Bill 5, Professional Corporations Act, be read for the second time.
This bill would permit members of designated professions to incorporate under the Business Corporations Act subject to requirements relating to the ownership and voting shares of the professional corporation. Such a corporation would be required to obtain an annual permit from the governing body of the profession in the Northwest Territories. Members of a profession who are shareholders in or employees of a professional corporation are subject to the same professional and ethical responsibilities as other members of the profession in respect of their dealings with their clients and their governing bodies. The governing bodies would be empowered to make bylaws or rules respecting professional corporations, and the government may make regulations to implement the act. Finally, the bill provides for transitional matters and consequential amendments in respect of the Dental Profession Act. Mahsi, Mr. Speaker.
Bill 5 has had second reading.
Motion carried; Bill 5, Professional Corporations Act, read a second time and referred to a standing committee.
