What MLA Nominees Must Disclose
It is not necessary to disclose the value of your holdings or the amount of debt owed, but you must disclose:
- The name of each corporation in which you hold one or more shares, including shares held by a trustee on your behalf
- The name of each creditor to whom you owe a debt, with the following exceptions:
- Residential property debt (mortgage, lease or agreement for sale)
- Money borrowed for household or personal living expenses, or
- Any assets you hold in trust for another person
- The name of each business or organization located or carrying on business in British Columbia from which you receive financial remuneration. You must also identify your capacity as owner, part-owner, employee, trustee, partner or other (e.g. director of company or society).
- The legal description(s) and address(es) of all land located in British Columbia in which you, or a trustee acting on your behalf, own an interest or have an agreement, which entitles you to obtain an interest. Your personal residence does not need to be disclosed.
- The following information with regard to corporations where you individually, or together with your spouse, child, brother, sister, mother or father, own shares which total more than 30% of votes for electing directors:
- The name of each corporation and its subsidiaries.
- The type of business the corporation and its subsidiaries normally conduct.
- A description and address of land in which the corporation, its subsidiaries or a trustee acting for the corporation, own an interest or have an agreement entitling any of them to acquire an interest.
- A list of creditors of the corporation, including its subsidiaries (you need not include debts of less than $5,000 payable in 90 days).
- List of any other corporations in which the corporation, including its subsidiaries or trustees acting for them, holds one or more shares.
You must include shares held by a trustee on your behalf, but not shares you hold by way of security.