Canadair Limited Divestiture Authorization Act

Bills that amended this Act0

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Sections11

• 1Short title

  This Act may be cited as the Canadair Limited Divestiture Authorization Act.

• 2Sale of Canadair shares

  Canada Development Investment Corporation and Cartierville Financial Corporation Inc., its wholly-owned subsidiary, are hereby authorized to sell, on such terms and conditions as are approved by the Governor in Council, any or all shares of Canadair Limited held by them to Bombardier-Canadair Inc. for monetary consideration and Class A and Class B shares of Bombardier-Canadair Inc.

• 3Disposal of Bombardier-Canadair Inc. shares

  Canada Development Investment Corporation and Cartierville Financial Corporation Inc. are hereby authorized to sell or otherwise dispose of, on such terms and conditions as are approved by the Governor in Council, any or all of the Class A and Class B shares of Bombardier-Canadair Inc. acquired by them in connection with the sale of shares authorized by section 2.

• 4Acquisition of Bombardier-Canadair Inc. shares
• 4(1)

  The Minister of Regional Industrial Expansion is hereby authorized to acquire 500,000 Class B shares of Bombardier-Canadair Inc. from Canada Development Investment Corporation and Cartierville Financial Corporation Inc. on such terms and conditions as are approved by the Governor in Council.

• 4(2)Shares held in trust for Her Majesty

  Shares acquired pursuant to subsection (1) shall be held by the Minister in trust for Her Majesty in right of Canada.

• 5Provisions not applicable to sale of shares

  Subsections 183(2) to (8) of the Canada Business Corporations Act and subsections 108(2) to (5) of the Financial Administration Act do not apply in respect of any sale or other disposal of shares authorized by section 2 or 3.

• 6Adjustment to accounts of Canada

  The Minister of State (Privatization), 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 sale or other disposal of shares authorized by section 2 or 3.

• 7Indemnification

  The Minister of State (Privatization) and the Minister of Regional Industrial Expansion may, on behalf of Her Majesty in right of Canada and on such terms and conditions as are approved by the Governor in Council, enter into an agreement to become jointly and severally liable with Canada Development Investment Corporation and Cartierville Financial Corporation Inc. with respect to any obligation assumed as a result of any sale of shares authorized by section 2.

• 8

  [Amendment]

• *9Coming into force

  Section 8 shall come into force on a day to be fixed by proclamation. [Note: Section 8 in force January 1, 1987, see SI/87-27.]