Canada Post Corporation Act (R.S.C., 1985, c. C-10)

Marginal note:Agent of Her Majesty

23. The Corporation is, for the purposes of this Act, an agent of Her Majesty in right of Canada.

Marginal note:Contracts

24. The Corporation may enter into contracts with Her Majesty as though it were not an agent of Her Majesty.

Marginal note:Winding-up

25. No Act relating to the winding-up of a corporation applies in respect of the Corporation and in no case shall the affairs of the Corporation be wound up unless Parliament so provides.

Marginal note:Public Servants Inventions Act

26. Notwithstanding section 9 of the Public Servants Inventions Act, the administration and control of any invention made by an officer or employee of the Corporation and vested in Her Majesty by that Act and any patent issued with respect thereto are vested in the Corporation, and any money received by the Corporation in the course of the administration and control of the invention or patent may be retained by the Corporation and used for its own purposes.

Marginal note:Canada Business Corporations Act

• 27. (1) The definitions “beneficial ownership”, “debt obligation”, “redeemable share”, “security”, “security interest” and “special resolution” in subsection 2(1) and sections 23 to 26, 34, 36 to 38 (except subsection 38(6)), 42, 43, 50, 172 and 257 of the Canada Business Corporations Act apply, with such modifications as the circumstances require, in respect of the Corporation as if the references therein to articles were references to the by-laws of the Corporation.

• Marginal note:Assets of Corporation

  (2) For the purposes of applying subsections 34(2), 36(2) and 38(3) and section 42 of the Canada Business Corporations Act in respect of the Corporation, the assets held by the Corporation as an agent of Her Majesty in right of Canada shall be deemed to be assets of the Corporation.

Marginal note:Authorized capital

• 27.1 (1) The Corporation has an authorized capital consisting of an unlimited number of shares of such classes as the Board may, with the approval of the Governor in Council on the recommendation of the Minister, the Minister of Finance and the Treasury Board, prescribe by by-law.

• Marginal note:Classes of shares

  (2) Each class of shares of the Corporation has such rights, privileges, restrictions and conditions, and each shareholder and the Corporation have such rights and are subject to such restrictions in respect of the shares, as the Board may, with the approval of the Governor in Council on the recommendation of the Minister, the Minister of Finance and the Treasury Board, prescribe by by-law.

• Marginal note:By-laws

  (3) Without limiting the generality of subsection (2), the by-laws may

  • (a) prescribe voting rights, rights of shareholders to require redemption, rights of the Corporation to redeem, restrictions or prohibitions on transfer, procedures for the enforcement of the restrictions or prohibitions, and rights on liquidation;

  • (b) attach rights, privileges, restrictions or conditions only to shares held by employees of the Corporation or only to shares held in trust for Her Majesty in right of Canada; and

  • (c) be inconsistent with any provision referred to in section 27.

• Marginal note:Restriction

  (4) No shares of the Corporation may be held or beneficially owned by any person, other than

  • (a) Her Majesty in right of Canada or a trustee for Her Majesty in right of Canada; or

  • (b) an employee of the Corporation or a trustee for an employee of the Corporation.

• Marginal note:Idem

  (5) Not more than ten per cent of the issued and outstanding shares of the Corporation may be held or beneficially owned by the employees of the Corporation.