Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Short Title
This Act may be cited as the Marine Atlantic Inc. Acquisition Authorization Act.
Interpretation
In this Act,
Minister means the Minister of Transport; (ministre)
National Company means the Canadian National Railway Company, a company continued by the Canadian National Railways Act. (Société nationale)
Change of Name
The name of CN Marine Inc., a corporation incorporated under the Canada Business Corporations Act, is hereby changed to Marine Atlantic Inc. and the articles of the corporation are amended accordingly.
A reference in any contract, document, instrument, regulation, proclamation or order in council to CN Marine Inc. shall be deemed, unless the context otherwise requires, to be a reference to Marine Atlantic Inc.
Transfer of Shares
The Minister is hereby authorized to acquire all the common shares of Marine Atlantic Inc. held by the National Company.
Shares acquired by the Minister pursuant to subsection (1) shall be held by the Minister in trust for Her Majesty in right of Canada.
The National Company is hereby authorized to transfer, and on the direction of the Minister shall transfer, to the Minister all the common shares of Marine Atlantic Inc. held by the National Company.
Subsection 101(1) of the Financial Administration Act does not apply in respect of a transfer of shares pursuant to subsection (1).
In consideration of the transfer of shares, property and works to the Minister pursuant to this Act,
the Minister is hereby authorized to transfer to the National Company 523,902 common shares of the National Company, being all the common shares of the National Company held by the Minister; and
the Minister of Finance is hereby authorized to transfer to the National Company 131,214 of the common shares of the National Company held by the Minister of Finance.
The National Company is hereby empowered to acquire the shares transferred to it pursuant to subsection (1) and shall forthwith cancel the shares on the day on which it acquires them.
Transfer of Property
On the direction of the Minister, the National Company shall transfer to Her Majesty in right of Canada the property and works listed in Part II of Schedule B to Order in Council P.C. 1979-1449 of May 9, 1979.
The management, administration and control of the property and works transferred to Her Majesty pursuant to subsection (1) is hereby vested in the Minister.
The Minister, on such terms and conditions as the Governor in Council may prescribe, may sell, lease or otherwise dispose of to Marine Atlantic Inc., or by agreement in writing permit Marine Atlantic Inc. to use,
any real or personal property or interest therein, or
any power, right or privilege over or with respect to any real or personal property or interest therein
that is vested in or owned, controlled or occupied by Her Majesty in right of Canada and over which the Minister has the management, administration or control.
Amendment of Articles
The Minister and Marine Atlantic Inc. are hereby authorized to take, and shall within three months after the coming into force of this section take, such steps as are necessary to amend the articles of Marine Atlantic Inc. to restrict the business that it may carry on to the acquisition, establishment, management and operation of a marine transportation service, a marine maintenance, repair and refit service, a marine construction business and any service or business related thereto.
Related Amendments
[Amendment]
[Amendment]
Commencement
Sections 8 to 11 shall come into force on a day to be fixed by proclamation, which day shall not be before the day on which shares of Marine Atlantic Inc. are acquired by the Minister pursuant to subsection 4(1).[Note: Act, other than sections 8 to 11, in force on assent June 27, 1986; sections 8 to 11 in force December 31, 1986, see SI/87-25.]