An Act to enable the Northern Canada Power Commission to issue shares, to authorize the sale of those shares to the Government of the Northwest Territories, to repeal the Northern Canada Power Commission Act and to provide for related mattersNorthern Canada Power Commission (Share Issuance and Sale Authorization) ActNorthern Canada Power Commission (Share Issuance and Sale Authorization)19884
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N-24.2121988Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:Short TitleShort titleThis Act may be cited as the Northern Canada Power Commission (Share Issuance and Sale Authorization) Act.InterpretationDefinitionsIn this Act,Agreement means an agreement entered into between the Minister and the Government of the Northwest Territories pursuant to section 7; (accord)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)Minister means the Minister of Northern Affairs; (ministre)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in right of Canada or of which the Government of Canada has power to dispose, whether or not the lands have been withdrawn from disposal under the Territorial Lands Act pursuant to paragraph 19(a) of that Act.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)1988, c. 12, s. 22019, c. 29, s. 374Capital StructureCorporation with share capitalThe Corporation is continued as a corporation with share capital.Division of sharesThe share capital of the Corporation comprises such number of shares of such classes as are specified in the Agreement.Conversion of debt to sharesOf 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.Issuance of sharesThe Corporation shall issue the shares referred to in subsection (1) to the Minister, who shall hold them in trust for Her Majesty.Issuance of promissory noteThe 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 LiabilitiesTransfer of assetsThe 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.Transfer of liabilitiesAny 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.Authority to dispose of landNotwithstanding 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 GovernmentSale of sharesThe Minister may, with the approval of the Governor in Council, enter into an agreement for the sale of the shares referred to in section 4 and the assignment of the promissory note referred to in section 5 to the Government of the Northwest Territories.Directives by MinisterThe 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 CanadaWrite-offNotwithstanding 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.Report in Public AccountsThe 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.Accounts of CorporationThis 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.GeneralCorporation 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.Employment continuousFor greater certainty, the employment of employees of the Corporation employed before and after this section comes into force shall be deemed to be continuous.Exemption from feesThe 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.1988, c. 12, s. 12; 1992, c. 39, s. 49; 2002, c. 10, s. 179Repealed and ConsequentialRepeal[Repeal]Access to Information Act[Amendment]Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977[Amendment][Amendment]Financial Administration Act[Amendment]Municipal Grants Act, 1980[Amendment]Privacy Act[Amendment]Public Sector Compensation Restraint Act[Amendment]Public Service Staff Relations Act[Amendment]Public Service Superannuation Act[Amendments]Coming into ForceComing into forceThis Act or any provision thereof shall come into force on a day or days to be fixed by order of the Governor in Council.[Note: Act in force May 5, 1988, see SI/88-84].RELATED PROVISIONS
— 1992, c. 39, ss. 49(2)An order made under section 12 of the Northern Canada Power Commission (share issuance and sale authorization) Act before the coming into force of this Act continues in force as if it had been made under that section as amended by this Act.