Northern Canada Power Commission (Share Issuance and Sale Authorization) Act (S.C. 1988, c. 12)

Short Title

Marginal note:Short title

1 This Act may be cited as the Northern Canada Power Commission (Share Issuance and Sale Authorization) Act.

Interpretation

Marginal note:Definitions

2 In this Act,

Agreement

Agreement means an agreement entered into between the Minister and the Government of the Northwest Territories pursuant to section 7; (accord)

Corporation

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

Minister means the Minister of Northern Affairs; (ministre)

territorial lands

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in right of Canada or of which the Government of Canada has power to dispose, whether or not the lands have been withdrawn from disposal under the Territorial Lands Act pursuant to paragraph 19(a) of that Act.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)

Capital Structure

Marginal note:Corporation with share capital

• 3 (1) The Corporation is continued as a corporation with share capital.

• Marginal note:Division of shares

  (2) The share capital of the Corporation comprises such number of shares of such classes as are specified in the Agreement.

Marginal note:Conversion of debt to shares

• 4 (1) Of 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.

• Marginal note:Issuance of shares

  (2) The Corporation shall issue the shares referred to in subsection (1) to the Minister, who shall hold them in trust for Her Majesty.

Marginal note:Issuance of promissory note

5 The 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 Liabilities

Marginal note:Transfer of assets

• 6 (1) The 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.

• Marginal note:Transfer of liabilities

  (2) Any 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.

• Marginal note:Authority to dispose of land

  (3) Notwithstanding 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 Government

Marginal note:Sale of shares

7 The 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.

Marginal note:Directives by Minister

8 The 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 Canada

Marginal note:Write-off

• 9 (1) Notwithstanding 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.

• Marginal note:Report in Public Accounts

  (2) The 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.

• Marginal note:Accounts of Corporation

  (3) This 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.

General

Marginal note:Corporation continued in N.W.T.

10 The Corporation is continued as a corporation governed by the laws of the Northwest Territories as if it had been incorporated under those laws.

Marginal note:Employment continuous

11 For greater certainty, the employment of employees of the Corporation employed before and after this section comes into force shall be deemed to be continuous.

Marginal note:Exemption from fees

12 The 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.

Repealed and Consequential

Repeal

13 [Repeal]

Access to Information Act

14 [Amendment]

Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977

15 [Amendment]

16 [Amendment]

Financial Administration Act

17 [Amendment]

Municipal Grants Act, 1980

18 [Amendment]

Privacy Act

19 [Amendment]

Public Sector Compensation Restraint Act

20 [Amendment]

Public Service Staff Relations Act

21 [Amendment]

Public Service Superannuation Act

22 [Amendments]

Coming into Force

Marginal note:Coming into force

Footnote ^*23 This Act or any provision thereof shall come into force on a day or days to be fixed by order of the Governor in Council.

• Return to footnote ^*[Note: Act in force May 5, 1988, see SI/88-84].