CN Commercialization Act (S.C. 1995, c. 24)

Marginal note:Adjustment of accounts of Canada

13 The Minister, 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 transaction authorized or required by this Act.

General

Marginal note:Names

14 Notwithstanding subsection 10(1) of the Canada Business Corporations Act, CN may continue to use and be legally designated by the names “Canadian National Railway Company” in English and “Compagnie des chemins de fer nationaux du Canada” in French on and after the continuation day.

Marginal note:Application of Official Languages Act

15 The Official Languages Act continues to apply to CN as if it continued to be a federal institution within the meaning of that Act.

Marginal note:Works for the general advantage of Canada

• 16 (1) The railway and other transportation works in Canada of CN, of every subsidiary of CN and of every corporation formed by any consolidation or amalgamation of any two or more of those corporations are hereby declared to be works for the general advantage of Canada.

• Marginal note:Exception

  (2) Subsection (1) does not apply to the purchase, sale, lease or operation of motor vehicles of all kinds for the carriage of traffic in conjunction with or substitution for the rail services managed or controlled by CN.

Transitional, Consequential, Repeal and Coming into Force

Transitional

Marginal note:Continuation in office

• 17 (1) Subject to subsection (2), the members of the Board of Directors of CN who held office immediately before the continuation day continue to hold office according to the terms of their appointment.

• Marginal note:Directors cease to hold office

  (2) The members of the Board of Directors of CN cease to hold office at the close of the first annual meeting of shareholders of CN held after the day on which shares of CN are first issued to any person, other than the Minister, which meeting shall be held not later than six months following the end of CN’s financial year in which that day falls.

• Marginal note:No compensation

  (3) No person has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or any servant or agent of Her Majesty for ceasing to hold office by virtue of this Act.

Consequential Amendments

18 [Amendments]

Repeal

• 19 (1) [Repeal]

• Marginal note:Director to give notice

  (2) The Director is not required to comply with subsection 187(6) of the Canada Business Corporations Act in respect of CN, but the Director shall, on issuing the certificate of continuance of CN, cause a notice to be published in the Canada Gazette setting out the date on which the certificate was issued and on which the Canadian National Railways Act was repealed.

20 [Repeals]

Coming into Force

Marginal note:Coming into force

Footnote ^*21 Section 18 comes into force on a day to be fixed by order of the Governor in Council.

• Return to footnote ^*[Note: Section 18 in force November 28, 1995, see SI/95-123.]