Changes to a MapleLeaf CA Business

12.1 General

Information changes to an IR’s business must be reported immediately and may be changed on the website through the IR’s contact information. It is important so that goods and services, payments and information can be delivered in a timely manner. Two weeks (2) advance notice is needed for changes to become effective.

12.2 Sale/Transfer of a Position

AN IR may sell or transfer his/her IR position to another individual, partnership or corporation, subject to MapleLeaf CA ’s prior review and approval which MapleLeaf CA may grant at its sole options and discretion. 

A sale will be defined as a change in which the individual(s) selling the IR position no longer maintains a financial interest in the IR position upon completions of the sale.

A transfer will be defined as a change in which the individual(s) selling the IR position still retains a financial interest in the IR position upon completion of the transfer. Examples of a transfer are: a transfer from one spouse to another spouse; a transfer from an individual to a partnership or a corporation, or visa versa; in which the transferor or any individual(s) having an interest in the IR position still retains a financial interest in the position; transfer from a SIN number to a GST number or visa versa. 

In all cases the transferor retains a financial interest after the transfer.

The review and acceptance of the change will not take place until MapleLeaf CA has received all of the documentation required. MapleLeaf CA will not approve any sale of transfer of an IR positions for which MapleLeaf CA has received an order for a garnishment from a governmental agency or court against the transferring or selling position. If a garnishment is received within a 60-day period following the sale or transfer, the sale or transference will be revoked by MapleLeaf CA 

An IR who sells or transfers a position may not activate another position until a 6 month period has elapsed.

12.3 Divorce/Separation

Should a couple who hold a joint position separate and/or divorce, they must provide MapleLeaf CA a copy of the final judgement that sets forth the final ownership of the position with MapleLeaf CA 

12.4 Bequeathing a Position

A position with MapleLeaf CA may be bequeathed to an heir if the conditions set out are adhered to, and if at the time of death, the deceased IR was in good standing with MapleLeaf CA  An IR who wishes to will their position to a beneficiary is solely responsible for ensuring that the bequest is appropriately made.

The following are the conditions for transferring the position:

• A certified copy of the death certificate of the deceased IR.
• A certified copy of the will of the deceased IR setting forth the provisions affecting the transfer of the IR position along with proof of the grant of letters probate of the estate or equivalent issued by a court
• Fully completed Agreement for Sale/Transfer signed by the executor/executrix of the estate of the deceased IR and by the IR to whom the position is to be transferred.
• Fully completed IR Agreement for the IR position signed by the IR to whom the position is to be transferred.

MapleLeaf CA assumes no responsibility for either the accuracy or the legitimacy of any will bequeathing an IR position

MapleLeaf CA reserves the sole discretion to refuse the transfer of any IR position in the event that any of the above requirements have not been met or of any dispute relating to the provisions of the will or estate of the deceased IR or if the sale/transfer of the IR position is otherwise prohibited by law.

NOTE:

MapleLeaf CA strongly encourages any IR wishing to bequeath their IR position to seek independent legal advice.

All IRs are advised that before any IR position may be transferred, that the IR to whom the positions is to be transferred must agree to abide by the terms and conditions of the IR Agreement and of the MapleLeaf CA Policies and Procedures. Failure of an IR to adhere to any such Policies and Procedures may lead to terminations of the IR positions regardless of whether the position was transferred by will.

12.5 Operating more than one position

AN IR shall not own, operate or have an interest in more that one IR position in any form. This prohibition may be waived by the company as follows.

An IR who inherits a position may also own his/her own position and one inherited position.

The company shall have sole discretion to determine if such a waiver to the multiple positions may occur.