Crown Corporations Dissolution or Transfer Authorization Act

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Sections48

• 1Short title

  This Act may be cited as the Crown Corporations Dissolution or Transfer Authorization Act.

• 2Authorization of disposal
• 2(1)

  The Minister of Transport is hereby authorized to sell or otherwise dispose of, on such terms and conditions as are approved by the Governor in Council, any or all shares of Canada Harbour Place Corporation held by the Minister.

• 2*(2)Vesting in Corporation

  For the purposes of effecting a disposal authorized by subsection (1), are hereby vested in the Corporation. [Note: Subsection 2(2) in force March 17, 1993, see SI/93-46.]

• 2*(2)(a)

  all property, rights and interests of Her Majesty in right of Canada held by Canada Harbour Place Corporation immediately before the coming into force of this subsection, and

• 2*(2)(b)

  all obligations and liabilities of Her Majesty in right of Canada incurred by Canada Harbour Place Corporation and existing immediately before the coming into force of this subsection

• 2(3)Authorization of disposal of assets

  Canada Harbour Place Corporation is hereby authorized to sell or otherwise dispose of all or substantially all of the assets of the Corporation, including shares of any other corporation held by the Corporation, on such terms and conditions as are approved by the Governor in Council.

• 3Directors cease to hold office

  The directors of Canada Harbour Place Corporation cease to hold office at the close of the first meeting of shareholders of the Corporation held after the date on which any or all shares of the Corporation are disposed of pursuant to subsection 2(1).

• 4Repealed

  [Repealed before coming into force, 2008, c. 20, s. 3]

• 5 and 6

  [Amendments]

• 7Transfer of share
• 7(1)

  The share of Canada Museums Construction Corporation Inc. held by the Minister of Public Works in trust for Her Majesty in right of Canada is hereby transferred to Canada Lands Company Limited, which is hereby authorized to acquire the share.

• 7(2)Provision not applicable

  Subsection 91(1) of the Financial Administration Act does not apply in respect of the transfer of a share by subsection (1).

• 8Repealed

  [Repealed before coming into force, 2008, c. 20, s. 3]

• 9

  [Amendment]

• 10Corporation dissolved
• 10(1)

  The Canadian Livestock Feed Board is hereby dissolved.

• 10(2)References

  Every reference to the Canadian Livestock Feed Board in any deed, contract or other document executed by the Board in its own name shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.

• 10(3)Closing out affairs

  The Minister designated for the purposes of the Livestock Feed Assistance Act may do all things and perform all acts necessary for or incidental to closing out the affairs of the Canadian Livestock Feed Board.

• 11Commencement of legal proceedings
• 11(1)

  Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Canadian Livestock Feed Board, or by the Minister referred to in subsection 10(3) in closing out the affairs of the Board, may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Board.

• 11*(2)Continuation of legal proceedings

  Any action, suit or other legal proceeding to which the Canadian Livestock Feed Board is party pending in any court on the coming into force of this section may be continued by or against Her Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Board. [Note: Section 11 in force November 26, 1991, see SI/91-161.]

• 12 to 32

  [Amendments]

• 33Procurement of dissolution
• 33(1)

  The Minister of Industry, Science and Technology is hereby authorized to procure the dissolution of Canadian Patents and Development Limited.

• 33(2)Repealed

  [Repealed before coming into force, 2008, c. 20, s. 3]

• 33(3)Closing out affairs

  Subject to section 34, the Minister of Industry, Science and Technology may do all things and perform all acts necessary for or incidental to closing out the affairs of Canadian Patents and Development Limited.

• 34Transfer of administration of property
• 34(1)

  The Governor in Council may transfer, or direct to be transferred, the control, management and administration of any property, rights or interests of Her Majesty in right of Canada held by Canadian Patents and Development Limited from the Corporation to any Minister, department or agency of the Government of Canada.

• 34(2)Transfer of obligations and liabilities

  The Governor in Council may transfer, or direct to be transferred, any obligations or liability incurred by Canadian Patents and Development Limited from the Corporation to any Minister, department or agency of the Government of Canada.

• 35 to 39

  [Amendments]

• 40Procurement of dissolution
• 40(1)

  The Minister of Public Works is hereby authorized to procure, on behalf of Her Majesty in right of Canada, the dissolution of Harbourfront Corporation.

• 40(2)Closing out affairs

  The Minister of Public Works may do all things and perform all acts necessary for or incidental to closing out the affairs of Harbourfront Corporation.

• 41Direction to dispose of assets
• 41(1)

  Before Harbourfront Corporation is dissolved pursuant to section 40, the Minister of Public Works may direct the Corporation to sell or otherwise dispose of any or all of its assets, including shares of any other corporation held by the Corporation, on such terms and conditions as are approved by the Governor in Council.

• 41(2)Provisions not applicable

  Subsections 189(3) to (9) of the Canada Business Corporations Act do not apply in respect of any sale or other disposal of assets directed pursuant to subsection (1).

• 41(3)Direction to pay proceeds

  The Minister of Public Works may direct Harbourfront Corporation to pay all or any part of the proceeds of any disposition of its assets pursuant to a direction under subsection (1) or otherwise to such person and on such terms and conditions as are approved by the Governor in Council.

• 41(4)Authorization of disposal of assets

  On receiving a direction given under subsection (1) or (3), Harbourfront Corporation is hereby authorized to sell or dispose of its assets in accordance with the direction.

• 41(5)Compliance with direction

  Harbourfront Corporation shall comply with any direction given under this section.

• 41(6)Idem

  Compliance by Harbourfront Corporation with a direction given under this section is deemed to be in the best interests of the Corporation and the directors of the Corporation are not accountable for any consequences arising from that compliance if they act in accordance with section 115 of the Financial Administration Act.

• 42Obligations transferred

  All obligations and liabilities of Harbourfront Corporation are deemed to be obligations and liabilities of Her Majesty in right of Canada.

• 43 and 44

  [Amendments]

• 45Procurement of dissolution
• 45(1)

  The Minister of Indian Affairs and Northern Development is hereby authorized to procure the dissolution of Mingan Associates, Ltd.

• 45(2)Closing out affairs

  The Minister of Indian Affairs and Northern Development may do all things and perform all acts necessary for or incidental to closing out the affairs of Mingan Associates, Ltd.

• 46

  [Amendment]

• *47Coming into force

  Subsections 2(2) and (3), sections 4 to 6 and 8 and 9, subsections 10(1) and (2), sections 11 to 32, subsection 33(2) and sections 35 to 39, 42 to 44 and 46 shall come into force on a day or days to be fixed by order of the Governor in Council. [Note: Subsections 10(1) and (2) and sections 11 to 32 in force November 26, 1991, see SI/91-161; section 46 in force April 30, 1992, see SI/92-77; section 9 in force February 4, 1993, see SI/93-18; subsections 2(2) and (3) and sections 5 and 6 in force March 17, 1993, see SI/93-46; sections 35 to 39 in force August 1, 1993, see SI/93-153; section 42 in force March 31, 2006, see SI/2006-58; sections 4 and 8, subsection 33(2) and sections 43 and 44 repealed before coming into force, see 2008, c. 20, s. 3.]