%PDF-1.6 % 1 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 195 0 R/XObject 196 0 R>>/Rotate 0/StructParents 12/Type/Page/Tabs/S>> endobj 2 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(money\224\))-39( and)-38( accredited)-34( investors)-58( \227 which)-32( are)-26( generally)-2( persons)-31( with)-45( a)-32( net)-22( income)-12( before)-47( taxes)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(exceeding)-30( $200,000)-6( or)-52( net)-22( assets)-51( of)-48( at)-48( least)-6( $5,000,000.)]TJ EMC /P <>BDC 0 -2.471 TD [(SMEs)-39( and)-38( startups)-31( also)-48( have)-8( the)-22( option)-41( of)-48( soliciting)-48( funds)-25( from a)-32( broader)-25( range)-31( of)-48( investors)-58( without)]TJ EMC /P <>BDC 0 -1.235 TD [(having)-54( to)-48( prepare)-25( a)-32( prospectus)-50( through)-21( the)-22( use)-35( of)-48( an)-6( offering)-18( memorandum.)-25( The)-42( offering)]TJ EMC /P <>BDC 0 -1.235 TD [(memorandum)-8( is)-43( a)-32( disclosure)-28( document)-21( similar)-53( to)-48( a)-32( prospectus)-50( but)-22( which)-32( is)-43( more)-16( simple)-52( to)-48( prepare)]TJ EMC /P <>BDC 0 -1.235 TD [(and)-38( less)-45( costly.)-48( This)-52( financing)-57( alternative)-34( seems)-55( generally)-2( to)-48( be)-6( overlooked)-50( and)-38( underused)-40( by)]TJ EMC /P <>BDC T* [(SMEs)-39( and)-38( startups.)-47( The)-42( lack)-45( of)-48( use)-35( of)-48( the)-22( offering)-18( memorandum)-8( is)-43( likely)-13( due)-38( to)-48( the)-22( accompanying)]TJ EMC /P <>BDC 0 -1.235 TD [(regulatory)-25( requirement)-18( of)-48( preparing)-11( audited)-14( financial)-38( statements)-50( drawn)-42( up)-6( in)-45( accordance)-7( with)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(IFRS.)-32( This)-52( type)-51( of)-48( financing)-57( appears)-34( to)-48( be)-6( much)-26( more)-16( popular)-18( in)-45( the)-22( Canadian)-14( West.)]TJ EMC /P <>BDC 0 -2.471 TD [(However,)-12( in)-45( this)-32( regard,)-8( on)-6( December)-35( 20,)-22( 2012,)-27( the)-22( Autorit\351)-25( des)-35( march\351s)-48( financiers)-15( \(\223)]TJ EMC /P <>BDC /TT1 1 Tf 0 Tw 38.765 0 Td (AMF)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw 2.176 0 Td [(\224\))-40( issued)]TJ EMC /P <>BDC -40.941 -1.235 Td [(an)-6( interim)-59( local)-3( order)-19( allowing)-35( SMEs)-39( and)-38( startups)-31( that)-38( are)-26( not)-22( otherwise)-15( reporting)-54( issuers,)-26( as)]TJ EMC /P <>BDC 0 -1.235 TD [(defined)-14( in)-46( the)-22( securities)-12( legislation,)-41( to)-48( distribute)-2( their)-55( securities)-12( by)-3( means)-58( of)-48( an)-6( offering)]TJ EMC /P <>BDC 0 -1.235 TD [(memorandum)-8( without)-8( having)-54( to)-48( include)-8( audited)-14( financial)-38( statements)-50( drawn)-42( up)-6( in)-45( accordance)-7( with)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( IFRS.)]TJ EMC /P <>BDC 0 -2.471 TD [(Thus,)-28( it)-29( is)-43( henceforth)-40( possible)-38( for)-9( these)-24( corporations)-27( to)-48( issue)-19( an)-6( offering)-18( memorandum)-8( without)]TJ EMC /P <>BDC 0 -1.235 TD [(having)-54( to)-48( prepare)-25( audited)-14( financial)-38( statements.)-7( Moreover,)-28( the)-22( unaudited)-20( financial)-38( statements)]TJ EMC /P <>BDC 0 -1.235 TD [(accompanying)-24( the)-22( offering)-18( memorandum)-8( may)-52( even)-8( be)-6( drawn)-42( up)-6( in)-45( accordance)-7( with)-45( the)-22( Canadian)]TJ EMC /P <>BDC 0 -1.235 TD [(GAAP)-44( applying)-41( to)-48( private)-58( issuers.)]TJ EMC /P <>BDC 0 -2.471 TD [(However,)-12( to)-48( take)-51( advantage)-36( of)-48( this)-32( easing)-54( of)-48( the)-22( regulatory)-25( requirements,)-5( the)-22( issuer)-39( must)-9( limit)-46( the)]TJ EMC /P <>BDC 0 -1.235 TD [(total)-51( amount)-18( of)-48( all)-59( of)-48( its offerings)-47( made)-28( under)-31( this)-32( rule)-39( to)-48( $500,000)-6( and)-38( limit)-47( the)-22( aggregate)]TJ EMC /P <>BDC 0 -1.235 TD [(acquisition)-41( cost)-48( per)-26( purchaser)-25( to)-48( $2,000)-1( per)-26( 12)-6(-)-20(month)-44( period)-44( preceding)-21( the)-22( offering)-18( \(and)-58( not)-22( $2,000)]TJ EMC /P <>BDC 0 -1.235 TD [(per)-26( issuer\).)-16( A)-39( warning)-28( must)-9( also)-48( be)-6( added)-44( to)-48( the)-22( offering)-18( memorandum)-8( clearly)-52( informing)-6( any)]TJ EMC /P <>BDC T* [(purchaser)-25( of)-48( the)-22( fact)-35( that)-38( the)-22( financial)-38( statements)-50( are)-25( not)-22( audited)-14( and)-38( are)-26( not)-22( drawn)-42( up)-6( in)]TJ EMC /P <>BDC 0 -1.235 TD [(accordance)-7( with)-45( the)-22( IFRS,)-32( and)-38( of)-48( the)-22( limits)-17( on)-6( the)-22( investment)-47( threshold.)]TJ EMC /P <>BDC 0 -2.471 TD [(It)-32( should)-54( also)-48( be)-6( noted)-27( that,)-54( under)-31( the)-22( Quebec)-27( legislation,)-41( the)-22( use)-35( of)-48( an)-6( offering)-18( memorandum)-8( by)-3( a)]TJ EMC /P <>BDC 0 -1.235 TD [(corporation)-57( to)-48( raise)-9( funds)-25( is)-43( subject)-8( to)-48( translation)-34( requirements.)-5( Thus,)-28( for)-9( purposes)-5( of)-48( soliciting)]TJ EMC /P <>BDC 0 -1.235 TD [(financing)-57( in)-46( the)-22( province)-44( of)-48( Quebec,)-44( the)-22( offering)-18( memorandum)-8( must)-9( either)-28( be)-6( written)-55( in)-45( French)-6( or)-52( in)]TJ EMC /P <>BDC T* [(both)-54( French)-6( and)-38( English.)]TJ EMC /P <>BDC 0 -2.471 TD [(Conscious)-38( of)-48( the)-22( financing)-57( needs)-41( of)-48( SMEs)-39( and)-38( startups,)-47( at)-48( the)-22( same)-26( time)-52( as)-3( the)-22( AMF)-7( was)]TJ EMC /P <>BDC 0 -1.235 TD [(announcing)-6( the)-22( easing)-54( of)-48( the)-22( rules)-9( on)-6( the)-22( contents)-43( of)-48( the)-22( offering)-18( memorandum)-8( \(which)-52( is)-43( slated)-38( to)]TJ EMC /P <>BDC 0 -1.235 TD [(apply)-22( for)-9( a)-32( maximum)-20( period)-45( of)-48( two)-32( years\),)-3( the)-22( AMF)-7( also)-48( launched)-60( a)-32( consultation)-17( on)-6( equity)]TJ EMC /P <>BDC 0 Tw T* (crowdfunding.)Tj EMC /P <>BDC 0.016 Tw 0 -2.471 TD [(Equity)-44( crowdfunding)-53( consists)-35( of)-48( raising)-55( capital)-51( from a)-32( large)-12( number)-22( of)-48( investors,)-15( who)-48( are)-26( not)]TJ EMC /P <>BDC 0 -1.235 TD [(necessarily)-58( accredited)-34( investors,)-15( by)-3( means)-58( of)-48( an)-6( electronic)-15( platform)-35( in)-45( return)-35( for)-9( the)-22( issuance)-54( of)]TJ EMC /P <>BDC 0 -1.235 TD [(securities.)-28( Some)-35( jurisdictions)-12( such)-6( as)-3( the)-22( United)-51( States)-47( \(under)-51( development)-40( since)-19( April)-59( 5,)-48( 2012\),)]TJ EMC /P <>BDC 0 -1.235 TD [(England)-37( and)-38( Australia)-51( have)-8( adopted)-33( rules)-9( authorizing)-50( equity)-38( crowdfunding.)]TJ EMC /P <>BDC 0 -2.471 TD [(These)-44( rules)-9( generally)-2( provide)-15( that)-38( corporations)-27( may)-52( only)-48( raise)-9( a)-32( modest)-15( amount)-18( through)-21( this)-32( type)-51( of)]TJ EMC /P <>BDC 0 -1.235 TD [(financing.)-14( Similarly,)-4( the)-22( amount)-18( investors)-58( may)-52( invest)-35( is)-43( also)-48( small.)-36( At)-55( present,)-34( this)-32( type)-51( of)-48( financing)]TJ EMC /P <>BDC 0 -1.235 TD [(is)-43( prohibited)-21( in)-45( Canada)-27( unless)-51( one)-38( has)-35( an)-6( exemption)-34( or)-52( issues)-48( a)-32( prospectus.)]TJ EMC /P <>BDC 0 -2.471 TD [(The)-42( main)-9( objective)-54( of)-48( equity)-38( crowdfunding)-53( is)-43( to)-48( facilitate)-38( access)-6( to)-48( capital)-51( at)-48( a)-32( reduced)-34( cost.)]TJ EMC /P <>BDC 0 -1.235 TD [(However,)-12( this)-32( objective)-54( is)-43( difficult)-6( to)-48( reconcile)-58( with)-46( recent)-44( developments)-10( in)-46( the)-22( regulation)-21( of)]TJ EMC /P <>BDC 0 -1.235 TD [(Canadian)-14( securities)-12( markets)-32( aimed)-42( at)-48( protecting)-21( investors.)]TJ EMC /P <>BDC 0 -2.471 TD [(Indeed,)-17( in)-45( carrying)-32( out)-22( their)-55( mission)-23( to)-48( protect)-2( investors,)-15( Canadian)-14( authorities)-34( have)-8( continued)-17( to)]TJ EMC ET endstream endobj 3 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 219 0 R/XObject 220 0 R>>/Rotate 0/StructParents 16/Type/Page/Tabs/S>> endobj 4 0 obj [15 0 R] endobj 5 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(increase)-44( the)-22( regulatory)-25( requirements)-47( \(disclosure,)-6( compliance,)-18( proficiency,)-2( etc.\),)-12( which)-32( also)-48( has)-35( the)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(effect)-25( of)-48( increasing)-31( the)-22( operating)-7( costs)-19( of)-48( the)-22( various)-12( participants)-5( in)-45( the)-22( financial)-38( markets.)]TJ EMC /P <>BDC 0 -2.471 TD [(Some)-35( financial)-38( market)-3( stakeholders)-37( are)-26( concerned)-37( about)-27( the)-22( risks)-4( of)-48( an)-6( exodus)-11( of)-48( innovative)]TJ EMC /P <>BDC 0 -1.235 TD [(Quebec)-27( corporations)-27( and)-38( talent)-25( which)-32( could)-22( be)-6( tempted)-34( to)-48( move)-26( south)-24( to)-48( the)-22( U.S.)-55( to)-48( finance)-11( their)]TJ EMC /P <>BDC T* [(projects,)-44( where)-42( they)-51( would)-35( benefit)-57( from a)-32( more)-16( streamlined)-8( and)-38( less)-45( costly)-32( financing)-57( environment.)]TJ EMC /P <>BDC T* [(The)-42( Canadian)-14( Securities)-22( Administrators)-22( will)-24( have)-8( to)-48( meet)-12( the)-22( challenge)-14( of)-48( finding)-54( the)-22( difficult)]TJ EMC /P <>BDC 0 -1.235 TD [(balance)-27( between)-43( the)-22( financing)-57( needs)-41( of)-48( SMEs)-39( and)-38( startups)-31( and)-38( the)-22( protection)-21( of)-48( investors.)]TJ EMC /P <>BDC /TT1 1 Tf 0 -2.471 TD [(AVOIDING)-55( DISPUTES)-58( BY)-23( ENTERING)-9( INTO)-23( A)-43( SHAREHOLDERS\222)-39( AGREEMENT)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 10.5517 0 0 10.5517 60.8276 626.8966 Tm [(Jean)-8(-)-20(S\351bastien)-24( Desroches)]TJ ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 60.8276 626.2759 cm 0 0 m 127.862 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 10.5517 0 0 10.5517 60.8276 600.8276 Tm [(Disputes)-51( between)-43( shareholders)-44( sometimes)-48( have)-8( serious)-12( consequences)-23( for)-9( a)-32( business)-54( corporation)]TJ EMC /P <>BDC 0 -1.235 TD [(and)-38( can)-35( be)-6( an)-6( impediment)-8( to)-48( the)-22( carrying)-32( on)-6( of)-48( the)-22( operations)-37( in)-46( the)-22( ordinary)-35( course)-58( of)-48( business.)]TJ EMC /P <>BDC 0 -1.235 TD [(Such)-15( disputes)-41( are)-26( usually)-6( complex)-42( and)-38( costly)-32( while)-16( also)-48( being)-25( protracted)-27( in)-45( nature.)-5( In)-48( this)-32( context,)-27( a)]TJ EMC /P <>BDC 0 -1.235 TD [(well)-43(-)-20(written)-55( shareholders\222)-57( agreement)-43( that)-38( is)-43( tailored)-15( to)-48( the)-22( business)-54( can)-35( help)-51( to)-48( avoid)-22( disputes)-41( or,)-9( at)]TJ EMC /P <>BDC 0 -1.235 TD [(least,)-22( limit)-46( their)-55( scope)-38( and)-38( provide)-15( a)-32( framework)-39( for)-9( managing)-21( them.)]TJ EMC /P <>BDC 0 -2.471 TD [(Shareholders\222)-7( agreements)-14( may)-52( not)-22( age)-38( well)-43( over)-55( time.)-9( They)-12( may)-52( not)-22( evolve)-51( in)-45( sync)-3( with)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(business)-54( and)-38( its shareholders,)-60( particularly)-48( in)-46( a)-32( context)-11( of)-48( expansion)-30( and)-38( growth.)-15( Furthermore,)-45( it)-29( is)]TJ EMC /P <>BDC 0 -1.235 TD [(generally)-2( difficult)-6( to)-48( change)-14( a)-32( shareholders\222)-57( agreement)-43( once)-8( it)-29( has)-35( been)-11( signed,)-11( and)-38( an)-6( attempt)-18( to)]TJ EMC /P <>BDC 0 -1.235 TD [(change)-14( the)-22( ground)-5( rules)-9( in)-46( midstream)-39( could)-22( be)-6( a)-32( source)-58( of)-48( additional)-14( conflicts)-35( between)-44( the)]TJ EMC /P <>BDC 0 -1.235 TD [(shareholders.)-60( It)-32( is)-43( therefore)-57( imperative)-35( for)-9( the)-22( shareholders)-43( to)-48( establish)-54( their)-55( rights)-26( and)-38( obligations,)]TJ EMC /P <>BDC T* [(as)-3( well)-43( as)-3( those)-25( of)-48( the)-22( corporation,)-14( in)-46( a)-32( shareholders\222)-57( agreement)-43( as)-3( early)-9( as)-3( possible)-38( in)-46( the)-22( life)-16( of)]TJ EMC /P <>BDC T* [(the)-22( corporation.)]TJ EMC /P <>BDC 0 -2.471 TD [(No)-16( one)-38( will)-24( be)-6( surprised)-6( to)-48( learn)-12( that)-38( money)-58( is)-43( the)-22( main)-9( cause)-38( of)-48( disputes)-41( between)-44( shareholders,)]TJ EMC /P <>BDC 0 -1.235 TD [(whether)-31( it)-29( is)-43( the)-22( money)-58( invested)-41( \(or)-13( to)-48( be)-6( invested\))-2( in)-45( the)-22( corporation)-57( or)-52( money)-58( that)-38( the)-22( corporation)]TJ EMC /P <>BDC 0 -1.235 TD [(pays)-6( \(or)-13( will)-24( pay\))-55( to)-48( its shareholders)-43( in)-45( the)-22( form of)-48( dividends)-11( or)-52( otherwise.)-31( At)-55( the)-22( same)-26( time,)-9( the)]TJ EMC /P <>BDC T* [(shareholders\222)-57( contributions)-37( in)-46( property,)-54( services,)-55( time)-52( and)-38( money)-58( often)-11( create)-44( friction)-55( within)-32( the)]TJ EMC /P <>BDC 0 -1.235 TD [(corporation,)-14( particularly)-48( since)-19( the)-22( shareholders\222)-57( business,)-11( financial)-38( and)-38( other)-15( expectations)-33( may)]TJ EMC /P <>BDC 0 -1.235 TD [(evolve)-51( differently)-18( -)-20( even)-8( in)-45( opposite)-43( directions)-15( -)-20( over)-55( time.)]TJ EMC /P <>BDC 0 -2.471 TD [(Apart)-22( from financial)-38( issues,)-6( personal)-47( conflicts)-35( can)-35( also)-48( inflame)-12( the)-22( relationship)-5( between)-44( the)]TJ EMC /P <>BDC 0 -1.235 TD [(shareholders,)-60( especially)-22( when)-22( family)-36( members)-9( are)-25( involved)-38( with)-46( the)-22( business.)-11( The)-42( same)-26( is)-43( true)]TJ EMC /P <>BDC 0 -1.235 TD [(when)-22( decisions)-8( are)-25( to)-48( be)-6( made)-28( on)-6( the)-22( global)-38( objectives)-25( of)-48( the)-22( corporation)-57( and)-38( strategic)-44( issues.)]TJ EMC /P <>BDC 0 -2.471 TD [(In)-48( addition,)-43( if)-29( the)-22( corporation)-57( has)-35( shareholders)-43( from different)-34( jurisdictions,)-28( cultural)-12( differences)-50( can)]TJ EMC /P <>BDC 0 -1.235 TD [(also)-48( give)-48( rise)-36( to)-48( tension)-11( between)-43( the)-22( shareholders.)-60( In)-48( such)-6( cases,)-51( the)-22( text)-35( of)-48( the)-22( shareholders\222)]TJ EMC /P <>BDC 0 -1.235 TD [(agreement)-43( must)-9( be)-6( very)-52( explicit)-3( and)-38( should,)-11( if)-29( possible,)-54( be)-6( supported)-24( by)-3( concrete)-47( examples)-15( of)-48( the)]TJ EMC /P <>BDC T* [(application)-43( of)-48( the)-22( more)-16( complex)-42( clauses,)-38( such)-6( as)-3( valuation)-57( of)-48( the)-22( shares)-58( and)-38( the)-22( procedure)-27( for)]TJ EMC /P <>BDC 0 -1.235 TD [(exercising)-28( a)-32( right)-55( of)-48( first)-36( refusal.)-15( In)-48( all)-59( cases,)-51( it)-29( is)-43( essential)-54( to)-48( provide)-15( for)-9( the)-22( order)-19( of)-48( priority)-59( for)-9( the)]TJ EMC /P <>BDC 0 -1.235 TD [(exercise)-42( of)-48( the)-22( various)-12( rights,)-42( remedies)-6( and)-38( mechanisms)-35( contained)-17( in)-46( the)-22( agreement)-43( to)-48( avoid)]TJ EMC /P <>BDC 0 -1.235 TD [(adding)-57( issues)-48( of)-48( interpretation)-46( of)-48( the)-22( agreement)-43( to)-48( the)-22( existing)-22( business)-54( issues.)]TJ EMC /P <>BDC 0 -2.471 TD [(It)-32( is)-43( often)-11( at)-48( times)-23( when)-22( the)-22( business)-54( of)-48( the)-22( corporation)-57( is)-43( not)-22( faring)-28( so)-3( well)-43( that)-38( the)-22( common)]TJ EMC /P <>BDC 0 -1.235 TD [(disagreements)-30( between)-44( shareholders)-43( tend)-54( to)-48( flare)-55( up)-6( and)-38( lead)-51( to)-48( litigation.)-54( The)-42( shareholders\222)]TJ EMC /P <>BDC 0 -1.235 TD [(agreement)-43( should)-54( therefore)-57( anticipate)-14( the)-22( future)-31( situations)-11( which)-32( the)-22( corporation)-57( may)-52( face,)-8( whether)]TJ EMC /P <>BDC T* [(positive)-22( or)-52( negative,)-1( such)-6( as)-3( refinancing,)-7( the)-22( arrival)-43( of)-48( new)-48( shareholders,)-60( family)-36( succession,)-11( the)]TJ EMC /P <>BDC 0 -1.235 TD [(acquisition)-41( or)-52( sale)-48( of)-48( a)-32( business,)-11( international)-24( expansion,)-46( the)-22( development)-40( of)-48( new)-48( markets,)-48( and)]TJ EMC /P <>BDC 0 -1.235 TD [(retirement)-28( from the)-22( business.)]TJ EMC /P <>BDC 0 -2.471 TD [(The)-42( ability)-32( to)-48( anticipate)-14( future)-31( developments)-10( takes)-22( on)-6( its full)-16( importance)-54( when)-22( one)-38( considers)-15( the)]TJ EMC ET endstream endobj 6 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 243 0 R/XObject 244 0 R>>/Rotate 0/StructParents 21/Type/Page/Tabs/S>> endobj 7 0 obj [18 0 R] endobj 8 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2415 Tm [(context)-11( in)-45( which)-32( the)-22( shareholders\222)-57( agreement)-43( is)-43( being)-24( entered)-21( into.)-51( Thus,)-28( the)-22( shareholders\222)-57( and)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.207 Tm [(drafter\222s)-35( objectives)-24( may)-52( be)-6( different)-34( in)-45( the)-22( case)-6( of)-48( an)-6( agreement)-43( concluded)-30( for)-9( tax)-19( and)-38( estate)]TJ EMC /P <>BDC 0 -1.235 TD [(planning)-43( purposes)-5( versus)-55( an)-6( agreement)-43( dealing,)-27( for)-9( instance,)-57( with)-46( the)-22( arrival)-43( of)-48( a)-32( new)-48( investor,)-45( a)]TJ EMC /P <>BDC 0 -1.235 TD [(transaction)-50( for)-9( the)-22( acquisition)-41( of)-48( the)-22( business)-54( \(e.g.,)-15( business)-54( transfer)-22( or)-52( succession\))-15( or)-52( a)-32( start)-55(-)-20(up)]TJ EMC /P <>BDC 0 -1.235 TD [(situation.)-57( Even)-15( in)-45( a)-32( very)-52( particular)-6( context)-11( such)-6( as)-3( this,)-48( the)-22( shareholders\222)-57( agreement)-43( should)-54( still)-27( give)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( corporation)-57( and)-38( its shareholders)-43( the)-22( means)-58( to)-48( achieve)-25( their)-55( ambitions)-15( and)-38( the)-22( requisite)-45( flexibility)]TJ EMC /P <>BDC 0 -1.235 TD [(to)-48( carry)-13( out)-22( all)-59( their)-55( business)-54( projects.)]TJ EMC /P <>BDC 0 -2.471 TD [(In)-48( addition)-27( to)-48( their)-55( status)-38( as)-3( shareholders,)-60( the)-22( shareholders)-43( may)-52( also)-48( hold)-51( several)-12( other)-15( titles)-3( or)]TJ EMC /P <>BDC 0 -1.235 TD [(functions)-57( in)-46( the)-22( corporation,)-14( since)-19( they)-51( often)-11( also)-48( act)-19( as)-3( directors,)-6( officers)-12( and)-38( employees.)-5( Disputes)]TJ EMC /P <>BDC 0 -1.235 TD [(may)-52( therefore)-57( arise)-9( as)-3( a)-32( result)-26( of)-48( these)-25( different)-34( roles)-9( and)-38( the)-22( associated)-43( rights)-26( and)-38( obligations,)-60( and)]TJ EMC /P <>BDC 0 -1.235 TD [(degenerate)-59( very)-52( quickly)-3( into)-35( personal)-47( disputes.)]TJ EMC /P <>BDC 0 -2.471 TD [(The)-42( drafting)-18( and)-38( negotiation)-49( of)-48( a)-32( shareholders\222)-57( agreement)-43( is)-43( a)-32( complex)-42( and)-38( exacting)-41( exercise)]TJ EMC /P <>BDC 0 -1.235 TD [(requiring)-51( both)-54( legal)-6( and)-38( practical)-42( experience.)-7( Thus,)-28( a)-32( review)-52( of)-48( the)-22( cases)-35( in)-45( the)-22( courts)-42( shows)-48( that)]TJ EMC /P <>BDC 0 -1.235 TD [(disputes)-41( pertaining)-21( to)-48( the)-22( most)-9( complex)-42( terms)-29( and)-38( conditions)-27( of)-48( the)-22( agreement,)-1( such)-6( as)-3( the)]TJ EMC /P <>BDC 0 -1.235 TD [(mechanisms)-35( for)-9( the)-22( arrival)-43( and)-38( departure)-14( of)-48( shareholders)-43( and)-38( transfers)-51( of)-48( securities)-12( \(right)-16( of)-48( first)]TJ EMC /P <>BDC T* [(refusal,)-15( purchase)-5( and)-38( sale)-48( \(shotgun\))-11( clause,)-8( etc.\))-55( as)-3( well)-43( as)-3( interpretation)-46( of)-48( non)-38(-)-20(competition,)-21( non)-38(-)]TJ EMC /P <>BDC 0 -1.235 TD [(solicitation)-38( and)-38( intellectual)-41( property)-38( provisions,)-44( are)-26( among)-2( the)-22( subjects)-38( most)-9( frequently)-21( debated)-33( in)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( courts.)]TJ EMC /P <>BDC 0 -2.471 TD [(Valuation)-7( mechanisms)-35( for)-9( assessing)-25( the)-22( price)-9( of)-48( the)-22( shares)-58( in)-45( different)-34( situations)-11( should)-54( also)-48( be)]TJ EMC /P <>BDC 0 -1.235 TD [(clearly)-52( established)-60( in)-46( the)-22( shareholders\222)-57( agreement.)-1( Such)-15( mechanisms)-35( should)-54( oversee)-31( and)-38( govern)]TJ EMC /P <>BDC T* [(any)-35( discussions)-8( on)-6( the)-22( value)-22( to)-48( be)-6( attributed)-7( to)-48( the)-22( shares)-58( of)-48( the)-22( corporation)-57( in)-45( the)-22( context)-11( of)-48( a)-32( sale)]TJ EMC /P <>BDC 0 -1.235 TD [(or)-52( transfer,)-38( including)-54( in)-45( complicated)-18( situations)-11( where)-42( there)-15( are)-26( ongoing)-30( disputes)-41( among)-2( the)-22( parties.)]TJ EMC /P <>BDC 0 -2.471 TD [(Lastly,)-51( it)-29( is)-43( fundamental)-26( to)-48( provide)-15( for)-9( effective)-41( conflict)-6( resolution)-18( mechanisms)-35( tailored)-15( to)-48( the)-22( needs)]TJ EMC /P <>BDC 0 -1.235 TD [(of)-48( the)-22( parties)-58( \()-20( confidentiality)-60( of)-48( the)-22( process,)-44( cultural)-12( and)-38( linguistic)-48( factors,)-15( obligation)-14( to)-48( pursue)-2( the)]TJ EMC /P <>BDC T* [(operations)-37( of)-48( the)-22( business)-54( as)-3( a)-32( going)-25( concern)-31( in)-45( spite)-6( of)-48( the)-22( dispute,)-27( etc.\))-55( that)-38( allow)-16( for)-9( action)-38( to)-48( be)]TJ EMC /P <>BDC T* [(taken)-25( quickly)-3( to)-48( preserve)-51( the)-22( value)-22( of)-48( the)-22( business.)-11( This)-52( will)-24( enable)-57( the)-22( parties)-58( to)-48( avoid)-22( the)-22( forced)]TJ EMC /P <>BDC 0 -1.235 TD [(liquidation)-27( of)-48( the)-22( business,)-11( with)-45( its disastrous)-31( consequences)-22( for)-9( the)-22( employees,)-5( suppliers)-58( and)]TJ EMC /P <>BDC 0 Tw 0 -1.235 TD (clients.)Tj EMC /P <>BDC /TT1 1 Tf 0.016 Tw 0 -2.471 TD [(TENTH)-20( ANNIVERSARY)-16( OF)-23( BILL)-13( 72:)-26( LAND)-46( PROTECTION)-32( AND)-10( REHABILITATION)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 10.5517 0 0 10.5517 60.8276 314.0691 Tm [(Sophie)-5( Pr\351gent)]TJ ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 60.8276 313.4484 cm 0 0 m 73.241 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 10.5517 0 0 10.5517 60.8276 288.0001 Tm [(The)-42( planning)-43( of)-48( a)-32( construction)-21( project)-58( or)-52( start)-55(-)-20(up)-6( of)-48( an)-6( industrial)-58( activity)-3( requires)-35( prior)-59( verification)-45( of)]TJ EMC /P <>BDC 0 -1.235 TD [(a)-32( number)-22( of)-48( matters.)-35( Despite)-22( the)-22( introduction,)-24( ten)-22( years)-26( ago)-38( this)-32( year,)-12( of)-48( rules)-9( in)-45( the)-22( )]TJ EMC /P <>BDC /TT2 1 Tf 0 Tw (Environment)Tj EMC /P <>BDC 0.016 Tw 0 -1.235 TD [(Quality)-6( Act)]TJ EMC /P <>BDC /TT0 1 Tf 4.882 0 Td [( \(EQA\))-45( governing)-21( the)-22( protection)-21( and)-38( rehabilitation)-37( of)-48( contaminated)-56( lands,)-38( the)-22( physical)]TJ EMC /P <>BDC -4.882 -1.235 Td [(condition)-57( of)-48( the)-22( project)-58( site)-32( is)-43( often)-11( still)-27( a)-32( neglected)-17( issue.)]TJ EMC /P <>BDC 0 -2.471 TD [(While)-29( the)-22( question)-43( of)-48( soil)-29( contamination)-10( can)-35( raise)-9( issues)-48( of)-48( civil)-40( relations,)-2( such)-6( as,)-19( for)-9( example,)-2( civil)]TJ EMC /P <>BDC 0 -1.235 TD [(liability)-59( or)-52( the)-22( warranty)-48( of)-48( quality)-51( \(against)-31( latent)-24( defects\),)-47( in)-45( this)-32( article,)-55( we)-16( will)-24( focus)-22( exclusively)-48( on)]TJ EMC /P <>BDC T* [(the)-22( obligations)-43( that)-38( can)-35( arise)-9( from the)-22( EQA.)]TJ EMC /P <>BDC 0 -2.471 TD [(The)-42( purpose)-34( of)-48( the)-22( EQA)-6( is)-43( environmental)-14( protection.)-37( This)-52( protection)-21( is)-43( embodied)-21( in)-45( measures)-22( for)]TJ EMC /P <>BDC 0 -1.235 TD [(prior)-59( protection,)-37( emergency)-54( responses)-34( and)-38( rehabilitation)-37( in)-45( the)-22( EQA.)-22( The)-42( EQA)-6( also)-48( imposes)-42( certain)]TJ EMC /P <>BDC 0 -1.235 TD [(duties)-38( to)-48( act)-19( on)-6( the)-22( users)-26( of)-48( immovables.)]TJ EMC /P <>BDC /TT1 1 Tf 0 -2.471 TD [(POWER)-45( TO)-23( ISSUE)-58( ORDERS)]TJ EMC /P <>BDC /TT0 1 Tf 0 -1.235 TD [(The)-42( Minister)-29( of)-48( Sustainable)-10( Development,)-7( Environment,)-50( Wildlife)-13( and)-38( Parks)-32( \()-20( MSDEWP\))-49( has)-35( broad)]TJ EMC /P <>BDC T* [(powers,)-28( including,)-11( in)-46( particular,)-22( the)-22( power)-42( to)-48( order)-19( the)-22( filing)-3( of)-48( a)-32( rehabilitation)-37( plan)-51( if)-29( he)-6( has)-35( reason)]TJ EMC /P <>BDC 0 -1.235 TD [(to)-48( believe,)-24( or)-52( ascertains,)-47( that)-38( contaminants)-53( are)-26( present)-18( on)-6( land)-51( in)-45( a)-32( concentration)-56( exceeding)-30( the)]TJ EMC ET endstream endobj 9 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 267 0 R/XObject 268 0 R>>/Rotate 0/StructParents 26/Type/Page/Tabs/S>> endobj 10 0 obj [22 0 R 23 0 R 20 0 R 19 0 R 21 0 R] endobj 11 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 754.7588 Tm [(limit)-46( values)-51( prescribed)-38( by)-3( regulation,)]TJ EMC ET /P <>BDC q 36 72 576 695 re W n BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 234 758.483 Tm (1)Tj ET Q /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 234 757.8623 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /TT0 1 Tf 10.5517 0 0 10.5517 238.9655 754.7588 Tm [( or)-52( that)-38( they)-51( are)-26( likely)-13( to)-48( affect)-25( the)-22( environment)-27( in)-46( general.)]TJ EMC ET /P <>BDC q 36 72 576 695 re W n BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 516.4138 758.483 Tm (2)Tj ET Q q 1 0 0 1 516.4138 757.8623 cm 0 0 m 4.965 0 l S Q EMC BT /P <>BDC /TT0 1 Tf 10.5517 0 0 10.5517 60.8276 728.6898 Tm [(Since)-28( 2003,)-27( this)-32( power)-42( has)-35( applied)-11( to)-48( all)-59( persons)-31( who)-48( have)-8( had)-38( custody)-24( of)-48( the)-22( land,)-8( in)-45( any)-35( capacity)]TJ EMC /P <>BDC 0 -1.235 TD [(whatsoever.)-21( Such)-15( an)-6( order)-19( can)-35( therefore)-57( be)-6( imposed)-44( on)-6( tenants)-14( and)-38( is)-43( not)-22( limited)-52( only)-48( to)-48( the)-22( owner)]TJ EMC /P <>BDC T* [(or)-52( \223polluter\224)-55( of)-48( the)-22( land.)]TJ EMC /P <>BDC 0 -2.471 TD [(Thus,)-28( it)-29( is)-43( important)-8( for)-9( any)-35( purchaser)-25( to)-48( be)-6( familiar)-13( with)-45( the)-22( history)-55( of)-48( the)-22( land)-51( so)-3( that)-38( it)-29( can)-35( assess)]TJ EMC /P <>BDC 0 -1.235 TD [(whether)-31( there)-15( is)-43( a)-32( risk)-33( that)-38( this)-32( type)-51( of)-48( situation)-41( could)-22( arise.)]TJ EMC /P <>BDC 0 -2.471 TD [(Where)-55( such)-6( an)-6( order)-19( has)-35( been)-11( issued,)-8( some)-26( means)-58( are)-25( available)-54( for)-9( a)-32( person)-2( to)-48( exempt)-15( himself)]TJ EMC /P <>BDC 0 -1.235 TD [(from it,)-45( in)-45( particular,)-22( where)-42( \(i\))-53( he)-6( was)-46( unaware)-47( of)-48( or)-52( had)-38( no)-6( reason)-2( to)-48( suspect)-25( the)-22( condition)-57( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(land)-51( having)-54( regard)-51( to)-48( the)-22( circumstances,)-38( practices)-58( and)-38( the)-22( duty)-51( of)-48( care,)-12( or)-52( \(ii\))-8( he)-6( was)-45( aware)-42( of)-48( the)]TJ EMC /P <>BDC T* [(condition)-57( of)-48( the)-22( premises,)-19( but)-22( shows)-48( that)-38( he)-6( acted)-25( at)-48( all)-59( times)-23( with)-45( care)-55( and)-38( diligence)-54( in)-46( conformity)]TJ EMC /P <>BDC 0 -1.235 TD [(with)-45( the)-22( law)-29( and,)-54( finally,)-48( \(iii\))-21( he)-6( shows)-48( that)-38( the)-22( condition)-57( of)-48( the)-22( premises)-3( is)-43( a)-32( result)-26( of)-48( circumstances)]TJ EMC /P <>BDC 0 -1.235 TD [(exterior)-19( to)-48( the)-22( land)-51( and)-38( attributable)-53( to)-48( a)-32( third)-55( party.)]TJ EMC /P <>BDC /TT1 1 Tf 0 -2.471 TD [(CESSATION)-48( OF)-23( INDUSTRIAL)-4( OR)-29( COMMERCIAL)-53( ACTIVITY)]TJ EMC /P <>BDC /TT0 1 Tf 0 -1.235 TD [(Where)-55( a)-32( person)-2( permanently)-27( ceases)-8( carrying)-32( on)-6( a)-32( commercial)-7( or)-52( industrial)-58( activity)-3( referred)-28( to)-48( in)]TJ EMC /P <>BDC 0 -1.471 TD [(schedule)-57( III)-48( of)-48( the)-22( )]TJ EMC /P <>BDC /TT2 1 Tf [(Land)-11( Protection)-27( and)-38( Rehabilitation)-60( Regulation)]TJ EMC ET /P <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 366.8276 521.3795 Tm (3)Tj ET q 1 0 0 1 366.8276 520.7588 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 371.7931 517.6554 Tm [( \(LPRR\),)-36( the)-22( operator)-41( must)]TJ EMC /P <>BDC -29.471 -1.471 Td [(conduct)-27( a)-32( characterization)-60( study)-22( of)-48( the)-22( land.)]TJ EMC ET /P <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 270.6207 505.8623 Tm (4)Tj ET q 1 0 0 1 270.6207 505.2417 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 275.5862 502.1381 Tm [( This)-52( obligation)-14( applies)-8( where)-42( the)-22( activity)-3( permanently)]TJ EMC /P <>BDC -20.353 -1.235 Td [(ceases)-8( and)-38( it)-29( triggers)-19( the)-22( further)-51( obligation)-14( to)-48( carry)-13( out)-22( the)-22( rehabilitation)-37( of)-48( the)-22( land)-51( if)-29( the)]TJ EMC /P <>BDC 0 -1.235 TD [(contaminants)-53( present)-18( in)-45( the)-22( soil)-29( exceed)-11( the)-22( regulatory)-25( concentration)-56( limit.)-4( This)-52( work)-7( must)-9( be)]TJ EMC /P <>BDC 0 -1.235 TD [(performed)-31( in)-45( accordance)-7( with)-45( a)-32( rehabilitation)-37( plan)-51( which)-32( is)-43( submitted)-18( to)-48( the)-22( MSDEWP)-29( and)-38( approved)]TJ EMC /P <>BDC T* [(by)-3( him.)]TJ EMC /P <>BDC 0 -2.471 TD [(While)-29( this)-32( obligation)-14( to)-48( carry)-13( out)-22( the)-22( rehabilitation)-37( of)-48( the)-22( land)-51( only)-48( applies)-8( to)-48( the)-22( operator)-41( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(activity,)-19( it)-29( creates)-15( a)-32( restriction)-19( on)-6( the)-22( use)-35( of)-48( the)-22( land)-51( which)-32( must)-9( definitely)-54( be)-6( taken)-25( into)-35( account)-27( by)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( purchaser)-25( in)-45( the)-22( context)-11( of)-48( a)-32( transaction.)-7( Indeed,)-17( the)-22( failure)-42( by)-3( the)-22( operator)-41( to)-48( perform)-26( the)]TJ EMC /P <>BDC 0 -1.235 TD [(rehabilitation)-37( will)-24( have)-8( significant)-25( consequences)-23( for)-9( the)-22( purchaser,)-41( especially)-22( if)-29( it)-29( wishes)-3( to)-48( change)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( use)-35( of)-48( the)-22( land.)]TJ EMC /P <>BDC /TT1 1 Tf 0 -2.471 TD [(CHANGE)-20( IN USE)]TJ EMC /P <>BDC /TT0 1 Tf 0 -1.235 TD [(Where)-55( a)-32( person)-2( wishes)-3( to)-48( change)-14( the)-22( use)-35( of)-48( land)-51( which)-32( served)-58( as)-3( the)-22( site)-32( of)-48( a)-32( commercial)-7( or)]TJ EMC /P <>BDC 0 -1.235 TD [(industrial)-58( activity)-3( listed)-19( in)-46( schedule)-57( III)-48( of)-48( the)-22( LPRR,)-55( he)-6( must)-9( conduct)-27( a)-32( characterization)-60( study,)-38( unless)]TJ EMC /P <>BDC 0 -1.471 TD [(he)-6( already)-15( has)-35( such)-6( a)-32( study)-22( in)-46( hand,)-27( and)-38( it)-29( is)-43( still)-27( current.)]TJ EMC ET /P <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 334.5517 307.8623 Tm (5)Tj ET q 1 0 0 1 334.5517 307.2417 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 278.0692 Tm [(Obviously,)-38( in)-45( the)-22( context)-11( of)-48( an)-6( acquisition,)-57( if)-29( this)-32( obligation)-14( exists,)-48( it)-29( is)-43( advisable)-11( for)-9( the)-22( purchaser)-25( to)]TJ EMC /P <>BDC 0 -1.235 TD [(ensure)-2( it)-29( is)-43( satisfied)-38( by)-3( the)-22( vendor,)-18( or,)-9( at)-48( the)-22( very)-52( least,)-22( that)-38( the)-22( condition)-57( of)-48( the)-22( premises)-3( be)-6( very)]TJ EMC /P <>BDC 0 -1.235 TD [(clearly)-52( disclosed)-8( to)-48( avoid)-22( any)-35( unpleasant)-49( consequences)-22( down)-22( the)-22( road.)]TJ EMC /P <>BDC 0 -2.471 TD [(If)-32( the)-22( characterization)-60( study)-22( reveals)-12( that)-38( contaminants)-53( are)-26( present)-18( in)-45( amounts)-47( exceeding)-30( the)]TJ EMC /P <>BDC 0 -1.235 TD [(regulatory)-25( limits,)-33( a)-32( rehabilitation)-37( plan)-51( will)-24( have)-8( to)-48( be)-6( submitted)-18( to)-48( the)-22( MSDEWP)-29( for)-9( approval,)-5( after)]TJ EMC /P <>BDC T* [(which)-32( the)-22( rehabilitation)-37( will)-24( have)-8( to)-48( be)-6( done)-11( before)-47( the)-22( new)-48( use)-35( of)-48( the)-22( land)-51( can)-35( commence.)-8( This)]TJ EMC /P <>BDC 0 -1.235 TD [(work)-7( will)-24( obviously)-8( create)-44( delays)-51( for)-9( the)-22( purchaser)-25( since)-19( the)-22( municipality)-12( will)-24( not)-22( issue)-19( the)-22( necessary)]TJ EMC /P <>BDC 0 -1.235 TD [(permits)-16( to)-48( proceed)-34( with)-45( the)-22( subdivision)-54( or)-52( construction)-21( until)-48( the)-22( land)-51( has)-35( been)-11( decontaminated.)]TJ EMC /P <>BDC 0 -2.471 TD [(In)-48( the)-22( event)-25( that)-38( the)-22( land)-51( has)-35( already)-15( been)-11( decontaminated)-3( in)-45( accordance)-7( with)-45( the)-22( applicable)]TJ EMC /P <>BDC 0 -1.235 TD [(procedures,)-14( it)-29( is)-43( important)-8( for)-9( the)-22( purchaser)-25( to)-48( carefully)-42( review)-52( the)-22( rehabilitation)-37( plan)-51( submitted)-18( to)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( MSDEWP)-29( and)-38( the)-22( various)-12( entries)-58( made)-28( in)-46( the)-22( land)-51( register)-19( to)-48( determine)-25( whether)-31( there)-15( are)-26( any)]TJ EMC /P <>BDC 0 -1.235 TD [(restrictions)-48( on)-6( the)-22( use)-35( of)-48( the)-22( land,)-8( or)-52( whether)-31( any)-35( excess)-6( contaminants)-53( may)-52( have)-8( been)-11( left)-19( in)-45( the)]TJ EMC /P <>BDC T* [(ground)-5( with)-45( the)-22( consent)-27( of)-48( the)-22( MSDEWP.)]TJ EMC ET endstream endobj 12 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 291 0 R/XObject 292 0 R>>/Rotate 0/StructParents 36/Type/Page/Tabs/S>> endobj 13 0 obj [24 0 R 25 0 R] endobj 14 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -503.379 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2416 Tm [(REGISTRATION)-32( REQUIREMENTS)]TJ ET EMC Q BT /P <>BDC 0 scn /TT1 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2071 Tm [(The)-42( EQA)-6( contains)-41( a)-32( series)-39( of)-48( measures)-22( requiring)-51( the)-22( publication)-43( of)-48( notices)-8( in)-45( the)-22( land)-51( register)-19( with)]TJ EMC /P <>BDC 0 -1.471 TD [(respect)-15( to)-48( contaminated)-56( lands,)]TJ EMC ET /P <>BDC BT /CS1 cs 0 0 1 scn /TT1 1 Tf 0 Tw 8.6897 0 0 8.6897 206.6897 732.414 Tm (6)Tj ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 206.6897 731.7932 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT1 1 Tf 0.016 Tw 10.5517 0 0 10.5517 211.6552 728.6899 Tm [( specifically,)-6( notices)-8( of)-48( contamination,)-26( notices)-8( of)-48( decontamination,)]TJ EMC /P <>BDC -14.294 -1.235 Td [(and)-38( notices)-8( of)-48( use)-35( restriction.)-35( In)-48( addition,)-44( in)-45( some)-26( circumstances,)-38( certain)-58( notices)-8( must)-9( also)-48( be)-6( given)]TJ EMC /P <>BDC 0 -1.235 TD [(to)-48( the)-22( local)-3( municipality,)-28( to)-48( the)-22( Minister)-29( of)-48( SDEWP,)-55( and)-38( even)-8( to)-48( neighbours.)]TJ EMC /P <>BDC 0 -2.471 TD [(Clearly,)-23( the)-22( 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