Contents
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Short Title
1Short title#
This Act may be cited as the Northern Canada Power Commission (Share Issuance and Sale Authorization) Act.
Interpretation
2Definitions#
In this Act,
Corporation means the Northern Canada Power Commission, a corporation without share capital established by the Northern Canada Power Commission Act and continued by section 3; (Société)
territorial lands means lands in the Northwest Territories that are vested in Her Majesty in right of Canada or of which the Government of Canada has power to dispose, whether or not the lands have been withdrawn from disposal under the Territorial Lands Act pursuant to paragraph 19(a) of that Act. (terres territoriales)
note
Capital Structure
3Corporation with share capital#
(1)The Corporation is continued as a corporation with share capital.
(2)The share capital of the Corporation comprises such number of shares of such classes as are specified in the Agreement.
4Conversion of debt to shares#
(1)Of the debt of the Corporation to Her Majesty in the amount of ninety-six million, one hundred and twenty-eight thousand, eight hundred and thirty-eight dollars and forty-three cents, the Corporation shall convert that portion amounting to forty-three million, one hundred and twenty-eight thousand, eight hundred and thirty-eight dollars and forty-three cents into shares of equivalent value in the manner provided by the Agreement.
(2)The Corporation shall issue the shares referred to in subsection (1) to the Minister, who shall hold them in trust for Her Majesty.
5Issuance of promissory note#
The Corporation shall, on terms and conditions specified in the Agreement, convert fifty-three million dollars of the debt referred to in subsection 4(1) into a promissory note payable to the Receiver General.
Crown Property and Liabilities
6Transfer of assets#
(1)The property, rights and interests of Her Majesty held in the name of the Corporation and used in relation to its operations in the Northwest Territories are transferred to the Corporation.
(2)Any outstanding liabilities and obligations of Her Majesty incurred by the Corporation in relation to its operations in the Northwest Territories are transferred to the Corporation.
(3)Notwithstanding sections 4, 7, 9 and 10 and paragraph 19(f) of the Territorial Lands Act, the Minister may, on terms and conditions specified in the Agreement, sell or lease, or grant a licence or easement in respect of, any territorial lands that are under the control, management and administration of the Minister.
Sale to Territorial Government
8Directives by Minister#
The Minister may direct the Corporation forthwith to execute the Agreement and any document related thereto, to promptly pass, approve, amend or ratify any by-laws, resolutions, authorities or similar instruments and to do such other things as are necessary for or incidental to the implementation of this Act or the Agreement.
Accounts of Canada
9Write-off#
(1)Notwithstanding subsection 18(1) of the Financial Administration Act, the amount by which the value of the shares issued pursuant to section 4 and the promissory note referred to in section 5, as recorded in the accounts of Canada, exceeds the proceeds of their sale and assignment, respectively, pursuant to section 7, is hereby written off as a budgetary expenditure and deleted from the accounts of Canada.
(2)The amount written off by subsection (1) in a fiscal year shall be reported in the form determined by the Treasury Board, in accordance with subsection 18(6) of the Financial Administration Act, in the Public Accounts for that year.
(3)This section does not require the Corporation to make any adjustments in its accounts to the value of the shares referred to in section 4 and the promissory note referred to in section 5.
General
10Corporation continued in N.W.T.#
The Corporation is continued as a corporation governed by the laws of the Northwest Territories as if it had been incorporated under those laws.
11Employment continuous#
For greater certainty, the employment of employees of the Corporation employed before and after this section comes into force shall be deemed to be continuous.
12Exemption from fees#
The Minister may, with the approval of the Governor in Council, make an order exempting the Corporation from the requirement to pay fees for the right to use waters or deposit waste under a licence under the Northwest Territories Waters Act or Part 1 of the Nunavut Waters and Nunavut Surface Rights Tribunal Act.note
Repealed and Consequential
Repeal
Access to Information Act
Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977
Financial Administration Act
Municipal Grants Act, 1980
Privacy Act
Public Sector Compensation Restraint Act
Public Service Staff Relations Act
Public Service Superannuation Act
Coming into Force
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.