Law:Canadair Limited Divestiture Authorization Act

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S.c. 1986, c. 57

Assented to 1986-12-19

An Act to authorize the divestiture of Canadair Limited and to provide for other matters in connection therewith

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 Canadair Limited Divestiture Authorization Act.


Authorizations

Sale of Canadair shares

2. Canada Development Investment Corporation and Cartierville Financial Corporation Inc., its wholly-owned subsidiary, are hereby authorized to sell, on such terms and conditions as are approved by the Governor in Council, any or all shares of Canadair Limited held by them to Bombardier-Canadair Inc. for monetary consideration and Class A and Class B shares of Bombardier-Canadair Inc.

Disposal of Bombardier-Canadair Inc. shares

3. Canada Development Investment Corporation and Cartierville Financial Corporation Inc. are hereby authorized to sell or otherwise dispose of, on such terms and conditions as are approved by the Governor in Council, any or all of the Class A and Class B shares of Bombardier-Canadair Inc. acquired by them in connection with the sale of shares authorized by section 2.

Acquisition of Bombardier-Canadair Inc. shares

4. (1) The Minister of Regional Industrial Expansion is hereby authorized to acquire 500,000 Class B shares of Bombardier-Canadair Inc. from Canada Development Investment Corporation and Cartierville Financial Corporation Inc. on such terms and conditions as are approved by the Governor in Council.

Shares held in trust for Her Majesty

(2) Shares acquired pursuant to subsection (1) shall be held by the Minister in trust for Her Majesty in right of Canada.

Provisions not applicable to sale of shares

5. Subsections 183(2) to (8) of the Canada Business Corporations Act and subsections 108(2) to (5) of the Financial Administration Act do not apply in respect of any sale or other disposal of shares authorized by section 2 or 3.


Financial Provisions

Adjustment to accounts of Canada

6. The Minister of State (Privatization), after consultation with the President of the Treasury Board, shall cause such adjustments to be made in the accounts of Canada as are required as a result of any sale or other disposal of shares authorized by section 2 or 3.

Indemnification

7. The Minister of State (Privatization) and the Minister of Regional Industrial Expansion may, on behalf of Her Majesty in right of Canada and on such terms and conditions as are approved by the Governor in Council, enter into an agreement to become jointly and severally liable with Canada Development Investment Corporation and Cartierville Financial Corporation Inc. with respect to any obligation assumed as a result of any sale of shares authorized by section 2.


Consequential

8. (Amendment to another Act)


Coming Into Force

Coming into force


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