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Petro-Canada — Inter-City Gas Corporation Transactions Authorization Order (SOR/89-469)

Regulations are current to 2024-11-26

Petro-Canada — Inter-City Gas Corporation Transactions Authorization Order

SOR/89-469

FINANCIAL ADMINISTRATION ACT

Registration 1989-09-25

Order Authorizing Petro-Canada Limited and its Wholly-Owned Subsidiaries to Undertake Certain Transactions in Relation to the Completion of the Acquisition of the Assets and Undertaking Comprising the Propane Business of Inter-City Gas Corporation

P.C. 1989-1913 1989-09-25

Whereas Petro-Canada proposes to acquire the assets and undertaking comprising the propane business of Inter-City Gas Corporation;

Whereas the transactions necessary for the completion of the acquisition do not fall within the scope of the Petro-Canada Transactions Authorization Order, 1989Footnote *;

And Whereas the Governor in Council, pursuant to subsection 91(6) of the Financial Administration Act, is satisfied that Petro-Canada and its wholly-owned subsidiaries are otherwise empowered to undertake the transactions authorized by this Order.

Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister of Energy, Mines and Resources, pursuant to subsections 91(1) and (3) of the Financial Administration Act, is pleased hereby to make the annexed Order authorizing Petro-Canada and its wholly-owned subsidiaries to undertake certain transactions in relation to the completion of the acquisition of the assets and undertaking comprising the propane business of Inter-City Gas Corporation.

Short Title

1 This Order may be cited as the Petro-Canada Limited — Inter-City Gas Corporation Transactions Authorization Order.

  • 1991, c. 10, s. 19

Authorized Transactions

2 Petro-Canada Limited and its wholly-owned subsidiaries are hereby authorized to undertake the following transactions in relation to the completion of the acquisition of the assets and undertaking comprising the propane business of Inter-City Gas Corporation:

  • (a) the incorporation of corporations any shares of which, on incorporation, would be held by, on behalf of or in trust for Petro-Canada Limited or any of its wholly-owned subsidiaries;

  • (b) the acquisition of shares of corporations that, on acquisition, would be held by, on behalf of or in trust for Petro-Canada Limited or any of its wholly-owned subsidiaries;

  • (c) the acquisition of all or substantially all of the assets of corporations; and

  • (d) the dissolution or amalgamation of wholly-owned subsidiaries of Petro-Canada Limited.

  • 1991, c. 10, s. 19

3 Every wholly-owned subsidiary of Petro-Canada Limited is hereby authorized, in relation to the completion of the acquisition and undertaking comprising the propane business of Inter-City Gas Corporation,

  • (a) to sell or otherwise dispose of any of the shares of the subsidiary; and

  • (b) to sell or otherwise dispose of all or substantially all of the assets of the subsidiary.

  • 1991, c. 10, s. 19

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