Cape Breton Development Corporation Divestiture Authorization and Dissolution Act

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 Cape Breton Development Corporation Divestiture Authorization and Dissolution Act.

Disposal of Assets and Dissolution

2Authorization#

(1)The Cape Breton Development Corporation (“the Corporation”), established by the Cape Breton Development Corporation Act, is authorized

(a)to sell or otherwise dispose of all or substantially all of its assets; and

(b)to do everything necessary for or incidental to closing out its affairs.

(2)Subsections 99(2) to (5) of the Financial Administration Act do not apply to the authorization in subsection (1).

^note

3Commencement of legal proceedings#

(1)Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation in closing out its affairs may be brought against Her Majesty in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation.

*(2)Any action, suit or other legal proceeding to which the Corporation is party that is pending in any court on the coming into force of this section may be continued by or against Her Majesty in like manner and to the same extent as it could have been continued by or against the Corporation.

4Dissolution#

The Corporation is dissolved on a day to be fixed by order of the Governor in Council.

5Declaration of general advantage#

The works and undertakings operated or carried on by the Corporation on or after June 15, 1967 are declared to be works for the general advantage of Canada.