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

Act current to 2018-07-05 and last amended on 2015-09-13. Previous Versions

Marginal note:Authority
  •  (1) AECL, a corporation referred to in paragraph 2140(1)(a), any other entity referred to in paragraph 2140(1)(b) or any one of their wholly-owned subsidiaries or wholly-owned entities may, with the approval of the Governor in Council and on any terms that the Governor in Council considers appropriate,

    • (a) sell or otherwise dispose of some or all of its assets;

    • (b) sell or otherwise dispose of some or all of its liabilities;

    • (c) issue securities and sell or otherwise dispose of some or all of those securities;

    • (d) reorganize its capital structure;

    • (e) acquire assets of a corporation or any other entity;

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

    • (g) procure the incorporation of a corporation, securities of which, on incorporation, would be held by, on behalf of or in trust for, the entity that procures the incorporation;

    • (h) procure the formation of any other entity, securities of which, on formation, would be held by, on behalf of or in trust for, the entity that procures the formation;

    • (i) acquire securities of a corporation or any other entity that, on acquisition, would be held by, on behalf of or in trust for, the entity that acquires the securities;

    • (j) sell or otherwise dispose of some or all of the securities of a corporation or any other entity that are held by, on behalf of or in trust for, the entity that sells or otherwise disposes of the securities;

    • (k) procure its amalgamation or the amalgamation of any of its wholly-owned subsidiaries;

    • (l) procure its dissolution or the dissolution of any of its wholly-owned subsidiaries; or

    • (m) do anything that is necessary for, or incidental to, a measure approved under paragraphs (a) to (l).

  • Marginal note:Additional powers

    (2) The Governor in Council may, on the recommendation of the Minister and on any terms that the Governor in Council considers appropriate, direct AECL, a corporation referred to in paragraph 2140(1)(a) or any other entity referred to in paragraph 2140(1)(b) to take, or cause any of its wholly-owned subsidiaries or wholly-owned entities to take, a measure referred to in subsection (1).

  • Marginal note:Limitation

    (3) The Governor in Council may not issue a directive to AECL, a corporation referred to in paragraph 2140(1)(a) or any other entity referred to in paragraph 2140(1)(b)

    • (a) after any of its securities are sold or otherwise disposed of; or

    • (b) with respect to any of its wholly-owned subsidiaries or wholly-owned entities, after the wholly-owned subsidiaries or wholly-owned entities’ securities are sold or otherwise disposed of.

  • Marginal note:Compliance with directive

    (4) The directors of AECL or of the corporation, or persons acting in a similar capacity with respect to the entity, must comply with a directive issued by the Governor in Council. That compliance is in the best interests of AECL, the corporation or the entity, as the case may be, to whom the directive is issued.

  • Marginal note:Notification of implementation

    (5) As soon as is feasible after implementing a directive and completing any actions that are required to be taken in connection with that implementation, AECL, the corporation or the entity must notify the Minister that it has done so.

Marginal note:Non-application of Statutory Instruments Act

 The Statutory Instruments Act does not apply to a directive.

Marginal note:Tabling in Parliament
  •  (1) The Minister is to cause a copy of a directive to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day on which the directive is issued.

  • Marginal note:Exception — detrimental information

    (2) However, if the Minister is of the opinion that publishing information contained in the directive would be detrimental to Canada’s interests or the commercial interests of AECL or the corporation or other entity to whom the directive is issued, as the case may be, the Minister is to cause a copy of the directive to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day on which he or she is notified that the directive has been implemented.

  • Marginal note:Consultation

    (3) The Minister must consult the board of directors of AECL or the corporation, or the person or group of persons acting in a similar capacity for the entity, before forming an opinion whether publishing information contained in the directive would be detrimental.

Marginal note:Application of proceeds of disposition

 AECL or a corporation or other entity referred to in subsection 2141(1) must pay the proceeds from the sale or other disposition of any assets, securities or liabilities under that subsection to the Receiver General.

Marginal note:Financial Administration Act

 Sections 89, 90 and 91 and subsection 99(2) of the Financial Administration Act do not apply to any measure referred to in sections 2139 to 2141.

Marginal note:Appropriation

 On the requisition of the Minister and with the concurrence of the Minister of Finance, there may be paid out of the Consolidated Revenue Fund any amount that is required to carry out a measure referred to in sections 2139 to 2141.

Canadian Nuclear Laboratories Ltd.

Marginal note:Not an agent

 Canadian Nuclear Laboratories Ltd., a corporation incorporated under the Canada Business Corporations Act on May 30, 2014, is not an agent of Her Majesty in right of Canada.

  • 2010, c. 12, s. 2147;
  • 2014, c. 39, s. 378.
Marginal note:Deeming on sale or disposition
  •  (1) A sale or other disposition by AECL of the securities of Canadian Nuclear Laboratories Ltd. under paragraph 2141(1)(j) is deemed to be a transfer or divestiture of the administration of a service to which subsection 40.1(1) of the Public Service Superannuation Act applies. On the day on which the sale or disposition occurs,

    • (a) every employee of Canadian Nuclear Laboratories Ltd. is deemed to be a contributor to whom that subsection 40.1(1) applies; and

    • (b) Canadian Nuclear Laboratories Ltd. is deemed to be the person, referred to in that subsection 40.1(1), to whom the service is transferred or divested who becomes the employer of the employees.

  • Marginal note:Transitional period

    (2) Canadian Nuclear Laboratories Ltd. forms part of the public service for the purposes of the Public Service Superannuation Act, as if the Treasury Board had so directed under paragraph 40.1(2)(a) of that Act, for a period of three years beginning on the day on which the sale or other disposition referred to in subsection (1) takes place.

  • Marginal note:Monthly payments

    (3) As a condition of remaining part of the public service, Canadian Nuclear Laboratories Ltd. must make monthly payments into the Superannuation Account or the Public Service Pension Fund of the amounts determined in accordance with section 9 of the Public Service Superannuation Regulations.

  • Marginal note:Not required to contribute

    (4) An individual who becomes, or again becomes, an employee of Canadian Nuclear Laboratories Ltd. after the day on which the sale or other disposition referred to in subsection (1) takes place is not required to contribute under section 5 of the Public Service Superannuation Act during the period referred to in subsection (2).

  • Marginal note:For greater certainty

    (5) For greater certainty, regulations may be made under paragraph 42.1(1)(u) of the Public Service Superannuation Act with respect to the employees who are deemed to be contributors under paragraph (1)(a).

  • 2010, c. 12, s. 2148;
  • 2014, c. 39, s. 379.

Public Service Superannuation Act

 [Amendment]

PART 19Participant Funding Programs

National Energy Board Act

 [Amendment]

 
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