Law:Crown Corporations Dissolution or Transfer Authorization Act

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S.c. 1991, c. 38

Assented to 1991-11-26

An Act to provide for the dissolution or transfer of certain Crown corporations and to amend certain Acts in consequence thereof

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:


Contents

Short Title

Short title

1. This Act may be cited as the Crown Corporations Dissolution or Transfer Authorization Act.


Canada Harbour Place Corporation

Authorization of disposal

2. (1) The Minister of Transport is hereby authorized to sell or otherwise dispose of, on such terms and conditions as are approved by the Governor in Council, any or all shares of Canada Harbour Place Corporation held by the Minister.

Vesting in Corporation

(a) all property, rights and interests of Her Majesty in right of Canada held by Canada Harbour Place Corporation immediately before the coming into force of this subsection, and

(b) all obligations and liabilities of Her Majesty in right of Canada incurred by Canada Harbour Place Corporation and existing immediately before the coming into force of this subsection

are hereby vested in the Corporation.

Authorization of disposal of assets

(3) Canada Harbour Place Corporation is hereby authorized to sell or otherwise dispose of all or substantially all of the assets of the Corporation, including shares of any other corporation held by the Corporation, on such terms and conditions as are approved by the Governor in Council.

Directors cease to hold office

3. The directors of Canada Harbour Place Corporation cease to hold office at the close of the first meeting of shareholders of the Corporation held after the date on which any or all shares of the Corporation are disposed of pursuant to subsection 2(1).

The following provision is not in force.Agency status revoked

4. The Government Corporations Operation Act ceases to apply to Canada Harbour Place Corporation and the Corporation ceases to be an agent of Her Majesty in right of Canada.

5. and 6. (Amendments)


Canada Museums Construction Corporation Inc.

Transfer of share

7. (1) The share of Canada Museums Construction Corporation Inc. held by the Minister of Public Works in trust for Her Majesty in right of Canada is hereby transferred to Canada Lands Company Limited, which is hereby authorized to acquire the share.

Provision not applicable

(2) Subsection 91(1) of the Financial Administration Act does not apply in respect of the transfer of a share by subsection (1).

The following provision is not in force.Continued on schedule

8. Notwithstanding subsection 31(2.1) of the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act and section 9 of this Act, Canada Museums Construction Corporation Inc. shall continue to be named in Schedule I to that Act until deleted therefrom pursuant to that Act.

9. (Amendment)


Canadian Livestock Feed Board

Corporation dissolved

10. (1) The Canadian Livestock Feed Board is hereby dissolved.

References

(2) Every reference to the Canadian Livestock Feed Board in any deed, contract or other document executed by the Board in its own name shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.

Closing out affairs

(3) The Minister designated for the purposes of the Livestock Feed Assistance Act may do all things and perform all acts necessary for or incidental to closing out the affairs of the Canadian Livestock Feed Board.

Commencement of legal proceedings

11. (1) Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Canadian Livestock Feed Board, or by the Minister referred to in subsection 10(3) in closing out the affairs of the Board, may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Board.

Continuation of legal proceedings

12. to 32. (Amendments)


Canadian Patents And Development Limited

Procurement of dissolution

33. (1) The Minister of Industry, Science and Technology is hereby authorized to procure the dissolution of Canadian Patents and Development Limited.

The following provision is not in force.References

(2) Every reference to Canadian Patents and Development Limited in any deed, contract or other document executed by the Corporation in its own name shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.

Closing out affairs

(3) Subject to section 34, the Minister of Industry, Science and Technology may do all things and perform all acts necessary for or incidental to closing out the affairs of Canadian Patents and Development Limited.

Transfer of administration of property

34. (1) The Governor in Council may transfer, or direct to be transferred, the control, management and administration of any property, rights or interests of Her Majesty in right of Canada held by Canadian Patents and Development Limited from the Corporation to any Minister, department or agency of the Government of Canada.

Transfer of obligations and liabilities

(2) The Governor in Council may transfer, or direct to be transferred, any obligations or liability incurred by Canadian Patents and Development Limited from the Corporation to any Minister, department or agency of the Government of Canada.

35. to 39. (Amendments)


Harbourfront Corporation

Procurement of dissolution

40. (1) The Minister of Public Works is hereby authorized to procure, on behalf of Her Majesty in right of Canada, the dissolution of Harbourfront Corporation.

Closing out affairs

(2) The Minister of Public Works may do all things and perform all acts necessary for or incidental to closing out the affairs of Harbourfront Corporation.

Direction to dispose of assets

41. (1) Before Harbourfront Corporation is dissolved pursuant to section 40, the Minister of Public Works may direct the Corporation to sell or otherwise dispose of any or all of its assets, including shares of any other corporation held by the Corporation, on such terms and conditions as are approved by the Governor in Council.

Provisions not applicable

(2) Subsections 189(3) to (9) of the Canada Business Corporations Act do not apply in respect of any sale or other disposal of assets directed pursuant to subsection (1).

Direction to pay proceeds

(3) The Minister of Public Works may direct Harbourfront Corporation to pay all or any part of the proceeds of any disposition of its assets pursuant to a direction under subsection (1) or otherwise to such person and on such terms and conditions as are approved by the Governor in Council.

Authorization of disposal of assets

(4) On receiving a direction given under subsection (1) or (3), Harbourfront Corporation is hereby authorized to sell or dispose of its assets in accordance with the direction.

Compliance with direction

(5) Harbourfront Corporation shall comply with any direction given under this section.

Idem

(6) Compliance by Harbourfront Corporation with a direction given under this section is deemed to be in the best interests of the Corporation and the directors of the Corporation are not accountable for any consequences arising from that compliance if they act in accordance with section 115 of the Financial Administration Act.

1991, c. 38, s. 41; 1994, c. 24, s. 34(F).

Obligations transferred

42. All obligations and liabilities of Harbourfront Corporation are deemed to be obligations and liabilities of Her Majesty in right of Canada.

43. and 44. (Amendments)


Mingan Associates, Ltd.

Procurement of dissolution

45. (1) The Minister of Indian Affairs and Northern Development is hereby authorized to procure the dissolution of Mingan Associates, Ltd.

Closing out affairs

(2) The Minister of Indian Affairs and Northern Development may do all things and perform all acts necessary for or incidental to closing out the affairs of Mingan Associates, Ltd.

46. (Amendment)


Coming Into Force

Coming into force


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