Jobs and Economic Growth Act (S.C. 2010, c. 12)

Act current to 2017-12-11 and last amended on 2015-09-13. Previous Versions

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Bank of Canada Act

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Canada Cooperatives Act

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Coming into Force

Marginal note:Order in council

Footnote * The provisions of this Part come into force on a day or days to be fixed by order of the Governor in Council.

PART 18Atomic Energy of Canada Limited

Reorganization and Divestiture

Marginal note:Definitions
  •  (1) The following definitions apply in this Part.

    AECL

    EACL

    AECL means Atomic Energy of Canada Limited. (EACL)

    assets

    actifs

    assets includes

    • (a) in relation to an entity, the securities of another entity held by, on behalf of or in trust for the entity; and

    • (b) intangible property. (actifs)

    Minister

    ministre

    Minister means the Minister of Natural Resources. (ministre)

    security

    titre

    security means

    • (a) in relation to a corporation, a share of any class or series of shares or a debt obligation of the corporation, and includes any conversion or exchange privilege, option or other right to acquire a share or debt obligation of the corporation; and

    • (b) in relation to any other entity, any ownership interest in or debt obligation of the entity and includes any conversion or exchange privilege, option or other right to acquire an ownership interest or debt obligation of the entity. (titre)

  • Marginal note:Interpretation

    (2) In this Part corporation, share and wholly-owned subsidiary have the same meaning as in subsection 83(1) of the Financial Administration Act.

  • Marginal note:Interpretation

    (3) Unless a contrary intention appears, words and expressions used in this Part have the same meaning as in the Canada Business Corporations Act.

  • Marginal note:Inconsistency

    (4) In the event of any inconsistency between this Part and the Canada Business Corporations Act or anything issued, made or established under that Act, this Part prevails to the extent of the inconsistency.

  • Marginal note:Operation of Competition Act

    (5) Nothing in, or done under the authority of, this Part affects the operation of the Competition Act in respect of the acquisition of any interest in an entity.

Marginal note:Purpose

 The purpose of this Part is to authorize a number of measures for the reorganization and divestiture of all or any part of AECL’s business.

Marginal note:Authority to sell shares, etc.
  •  (1) The Minister may, with the approval of the Governor in Council and on any terms that the Governor in Council considers appropriate,

    • (a) despite section 11 of the Nuclear Energy Act, sell or otherwise dispose of some or all of the securities of AECL;

    • (b) procure an addition to, or other material change in, the objects or purposes for which AECL is incorporated or the restrictions on the businesses or activities that it may carry on, as set out in its articles;

    • (c) procure the amalgamation of AECL; or

    • (d) procure the dissolution of AECL.

  • Marginal note:Additional powers

    (2) The Minister may do anything or cause anything to be done that is necessary for, or incidental to, a measure approved under subsection (1).

Marginal note:Authority with respect to entities
  •  (1) The Minister may, with the approval of the Governor in Council and on any terms that the Governor in Council considers appropriate,

    • (a) procure the incorporation of a corporation, securities of which, on incorporation, would be held by, on behalf of or in trust for, Her Majesty in right of Canada and sell or otherwise dispose of some or all of the securities of the corporation;

    • (b) procure the formation of any other entity, securities of which, on formation, would be held by, on behalf of or in trust for, Her Majesty in right of Canada and sell or otherwise dispose of some or all of the securities of the entity;

    • (c) acquire securities of a corporation that, on acquisition, would be held by, on behalf of or in trust for, Her Majesty in right of Canada and sell or otherwise dispose of some or all of the securities of the corporation; and

    • (d) acquire securities of any other entity that, on acquisition, would be held by, on behalf of or in trust for, Her Majesty in right of Canada and sell or otherwise dispose of some or all of the securities of the entity.

  • Marginal note:Additional powers

    (2) The Minister may do anything or cause anything to be done that is necessary for, or incidental to, a measure approved under subsection (1).

  • Marginal note:Part X of the Financial Administration Act

    (3) The Governor in Council may, by order, declare that any of the provisions of Part X of the Financial Administration Act do not apply to a corporation referred to in subsection (1)(a).

 
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