CN Commercialization Act (S.C. 1995, c. 24)

Act current to 2013-05-26

CN Commercialization Act

S.C. 1995, c. 24

Assented to 1995-07-13

An Act to provide for the continuance of the Canadian National Railway Company under the Canada Business Corporations Act and for the issuance and sale of shares of the Company to the public

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

SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the CN Commercialization Act.

INTERPRETATION AND APPLICATION

Marginal note:Definitions

  • 2. (1) In this Act,

    “CN”

    « CN »

    “CN” means the Canadian National Railway Company, a company continued by section 3 of the Canadian National Railways Act;

    “continuation day”

    « date de prorogation »

    “continuation day” means the day on which CN becomes a corporation to which the Canada Business Corporations Act applies;

    “Minister”

    « ministre »

    “Minister” means the Minister of Transport.

  • 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. (1) 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

    (2) 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 CN.

  • (3) [Repealed, 1996, c. 10, s. 210.1]

  • 1995, c. 24, s. 3;
  • 1996, c. 10, s. 210.1.

HER MAJESTY

Marginal note:Binding on Her Majesty

4. This Act is binding on Her Majesty in right of Canada or a province.

PRELIMINARY TRANSACTIONS

Marginal note:Transfer of CN shares

  • 5. (1) The shares of CN held by the Minister of Finance under subsection 4(2) of the Canadian National Railways Act are hereby transferred to the Minister, who, for the purposes of section 90 of the Financial Administration Act, is hereby authorized to acquire the shares.

  • Marginal note:Registration and holding of shares

    (2) The shares transferred to the Minister by subsection (1) shall be registered in the books of CN in the name of the Minister and shall be held by the Minister in trust for Her Majesty in right of Canada.