Atlantic Fisheries Restructuring Act

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Sections26

• 1Short title

  This Act may be cited as the Atlantic Fisheries Restructuring Act.

• 2Definitions

  In this Act,

• 2[p2]

  Atlantic Fisheries means all the activities relating to the harvesting, processing and marketing of fish in the Provinces of Quebec, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador and in the fishing zones of Canada, as defined pursuant to subsection 4(1) of the Territorial Sea and Fishing Zones Act, on the Atlantic coast of Canada; (secteur des pêches)

• 2[p3]

  control, in respect of a body corporate, means

• 2[p3](a)

  control in any manner that results in control in fact, whether directly through the ownership of shares, stocks, equities or securities or indirectly through a trust, a contract, the ownership of shares, stocks, equities or securities of another body corporate or otherwise, or

• 2[p3](b)

  the ability to appoint, elect or cause the appointment or election of a majority of the directors of the body corporate, whether or not that ability is exercised; (contrôle)

• 2[p6]

  fishery enterprise means any person that is engaged directly or indirectly in, or controls or is controlled by a person that is engaged directly or indirectly in, the Atlantic Fisheries; (entreprise)

• 2[p7]

  Minister means the Minister of Fisheries and Oceans; (ministre)

• 2[p8]

  person includes an individual, a body corporate, a partnership, an association, a trust, a cooperative and any trustee or legal representative thereof; (personne)

• 2[p9]

  restructuring, in respect of a fishery enterprise, includes the reorganization, refinancing, modernization, rationalization and expansion of the enterprise, and any similar activity directed toward improving the economic performance of the enterprise. (restructuration)

• 3Purpose

  The purpose of this Act is to facilitate the development of viable Atlantic Fisheries that are competitive and privately-owned through the restructuring of fishery enterprises.

• 4Powers
• 4(1)

  To carry out the purpose of this Act, the Minister may, on behalf of Her Majesty,

• 4(1)(a)

  acquire, hold or dispose of or otherwise deal with shares, debentures or other securities of, or any security interest in, any fishery enterprise;

• 4(1)(b)

  pledge, hypothecate or charge any share, debenture or other security, or other security interest, acquired or held under paragraph (a); and

• 4(1)(c)

  enter into any agreement or arrangement necessary or incidental to any activity referred to in paragraph (a) or (b).

• 4(2)Disposal of interest

  The Minister shall dispose of such portion of any interest in a fishery enterprise acquired under paragraph (1)(a) as is practicable after the enterprise becomes, in the opinion of the Minister, economically viable on a continuing basis.

• 4(3)Public interest

  Any agreement or arrangement to which Her Majesty becomes a party, or any other action taken, pursuant to this section shall be deemed to be in the interest of the public.

• 5Contributions and loans

  To carry out the purpose of this Act, the Minister may, on such terms and conditions as the Minister specifies, make a contribution or loan to a fishery enterprise.

• 6Guarantees
• 6(1)

  To carry out the purpose of this Act, the Minister may, with the approval of the Governor in Council on the recommendation of the Minister of Finance, on such terms and conditions as the Minister specifies, guarantee the repayment of any portion of the principal and interest owing on any loan made to a fishery enterprise.

• 6(2)Limitation on loans guaranteed

  The aggregate amount of guarantees given under this section that are outstanding at any one time shall not exceed one hundred million dollars.

• 7Minister authorized to exercise specified powers

  The Governor in Council may by order authorize any minister of the Crown, other than the Minister of Fisheries and Oceans, to exercise in respect of such fishery enterprise as is specified in the order such powers referred to in this Act as are specified in the order.

• 8Annual report
• 8(1)

  The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after the first day of June next following the end of each fiscal year, a report with respect to the administration of this Act in that fiscal year.

• 8(2)Content of annual report

  In preparing the annual report required by this section, the Minister shall take into account any recommendations made by any committee of the House of Commons established or designated to consider matters related to fisheries.