An Act to provide for the continuance of Air Canada under the Canada Business Corporations Act and for the issuance and sale of shares thereof to the public
Marginal note:Short title
INTERPRETATION AND APPLICATION
2. (1) In this Act,
« Société »
“Corporation” means Air Canada, a corporation continued by the Air Canada Act;
« ministre »
“Minister” means the President of the Queen’s Privy Council or such other member of the Queen’s Privy Council for Canada as may be designated by the Governor in Council as the Minister for the purposes of this Act.
Marginal note:Same meaning
(2) Unless a contrary intention appears, words and expressions used in this Act have the same meaning as in the Canada Business Corporations Act.
Marginal note:Operation of Canada Business Corporations Act
(3) In the event of any inconsistency between this Act and the Canada Business Corporations Act, or anything issued, made or established under that Act, this Act prevails to the extent of the inconsistency.
Marginal note:Operation of Competition Act
(4) Nothing in, or done under the authority of, this Act affects the operation of the Competition Act in respect of the acquisition of any interest in the Corporation.
- R.S., 1985, c. 35 (4th Supp.), s. 2;
- 1994, c. 24, s. 34(F);
- 1996, c. 10, s. 206.
Marginal note:Binding on the Crown
3. This Act is binding on Her Majesty in right of Canada or a province.
TRANSFER OF SHARES TO MINISTER
Marginal note:Transfer of Air Canada shares
4. (1) Notwithstanding subsection 13(3) of the Air Canada Act, the shares of the Corporation held by the Minister of Transport in trust for Her Majesty in right of Canada are hereby transferred to the Minister, who is hereby authorized to acquire the shares.
Marginal note:Registration and holding of shares
(2) The shares transferred to the Minister pursuant to subsection (1) shall be registered in the books of the Corporation in the name of the Minister and shall be held by the Minister in trust for Her Majesty in right of Canada.
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