Hyperlawhypertext legal database Cape Breton Development Corporation Divestiture Authorization and Dissolution Act current to 2019-06-21

C-25.2 Cape Breton Development Corporation Divestiture Authorization and Dissolution Act

Current to 2019-06-21 · last amended 2011-12-01

Contents
Provision

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

s. 1 — Short title

This Act may be cited as the Cape Breton Development Corporation Divestiture Authorization and Dissolution Act.

Disposal of Assets and Dissolution

s. 2 — Authorization
s. 2(1)

The Cape Breton Development Corporation (“the Corporation”), established by the Cape Breton Development Corporation Act, is authorized

s. 2(1)(a)

to sell or otherwise dispose of all or substantially all of its assets; and

s. 2(1)(b)

to do everything necessary for or incidental to closing out its affairs.

s. 2(2) — Provisions not applicable

Subsections 99(2) to (5) of the Financial Administration Act do not apply to the authorization in subsection (1).

s. 3 — Commencement of legal proceedings
s. 3(1)

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

s. 3*(2) — Continuation of legal proceedings

Any action, suit or other legal proceeding to which the Corporation is party that is pending in any court on the coming into force of this section may be continued by or against Her Majesty in like manner and to the same extent as it could have been continued by or against the Corporation.[Note: Section 3 in force on assent June 29, 2000.]

s. 4 — Dissolution

The Corporation is dissolved on a day to be fixed by order of the Governor in Council.

s. 5 — Declaration of general advantage

The works and undertakings operated or carried on by the Corporation on or after June 15, 1967 are declared to be works for the general advantage of Canada.

Amendments to the Cape Breton Development Corporation Act

s. 6 to 17

[Amendments]

Consequential Amendments

s. 18 to 22

[Amendments]

Coming into Force

*23 — Coming into force

Subsections 7(2) and 8(2) and sections 18 to 22 come into force on a day or days to be fixed by order of the Governor in Council.[Note: Subsections 7(2) and 8(2) in force June 3, 2002, see SI/2002-92; sections 18 to 22 in force December 1, 2011, see SI/2011-106.]