B-9.82 Budget Implementation Act, 1998

The Governor in Council may, on any terms and conditions that the Governor in Council considers appropriate, by order, authorize

For the purpose of paragraph (1)(b), “assets” of a wholly-owned subsidiary of the Corporation include shares of any other corporation held by the wholly-owned subsidiary or by any person on its behalf, or held in trust for it.

The Governor in Council may, by order, transfer or direct to be transferred the administration, management and control of any property, rights or interests held by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.

The Governor in Council may, by order, transfer or direct to be the transferred any obligation or liability incurred by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.

The Minister of Finance is hereby authorized to procure the dissolution of the Corporation.

On the dissolution of the Corporation, every reference to the Canada Development Investment Corporation in any deed, contract or other document executed by that Corporation shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.

The Minister of Finance may do all things and perform all acts necessary for or incidental to closing out the affairs of the Corporation.

Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation, or by the Minister of Finance in closing out the affairs of that corporation, may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation.

Any action, suit or other legal proceeding to which the Corporation is party pending in any court on the coming into force of this section may be continued by or against Her Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Corporation.

A person to whom a notice of surplus status is given between July 15, 1995 and March 31, 1998 who subsequently elects to receive an annual benefit under section 4 of the Retirement Compensation Arrangements Regulations, No. 2 and who ceases to be employed in the Public Service between June 23, 1998 and September 30, 1998 is not entitled to a separation benefit under the Work Force Adjustment Directive.

For the purpose of subsection (1), notice of surplus status, Public Service and Work Force Adjustment Directive have the same meaning as in subsection 2(1) of the Retirement Compensation Arrangements Regulations, No. 2.