Northern Canada Power Commission (Share Issuance and Sale Authorization) Act

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Sections39

• 1Short title

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

• 2Definitions

  In this Act,

• 2[p2]

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

• 2[p3]

  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)

• 2[p4]

  Minister means the Minister of Northern Affairs; (ministre)

• 2[p5]

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in right of Canada or of which the Government of Canada has power to dispose, whether or not the lands have been withdrawn from disposal under the Territorial Lands Act pursuant to paragraph 19(a) of that Act.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

• 3Corporation with share capital
• 3(1)

  The Corporation is continued as a corporation with share capital.

• 3(2)Division of shares

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

• 4Conversion 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.

• 4(2)Issuance of shares

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

• 5Issuance of promissory note

  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.

• 6Transfer 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.

• 6(2)Transfer of liabilities

  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.

• 6(3)Authority to dispose of land

  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.

• 7Sale of shares

  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.

• 8Directives by Minister

  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.

• 9Write-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.

• 9(2)Report in Public Accounts

  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.

• 9(3)Accounts of Corporation

  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.

• 10Corporation continued in N.W.T.

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

• 11Employment continuous

  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.

• 12Exemption from fees

  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.

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• *23Coming into force

  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. [Note: Act in force May 5, 1988, see SI/88-84].

• 49
• (2)

  An order made under section 12 of the Northern Canada Power Commission (share issuance and sale authorization) Act before the coming into force of this Act continues in force as if it had been made under that section as amended by this Act.