Marginal note:Restriction on amendment

10. Petro-Canada and its shareholders and directors shall not

• (a) make any articles or by-laws inconsistent with this Act or the provisions included in its articles of amendment pursuant to subsection 9(1); or

• (b) apply for continuance of Petro-Canada in another jurisdiction.

Marginal note:Discharge

11. The Minister of Finance, on behalf of Her Majesty in right of Canada, may

• (a) enter into an agreement or other arrangement with Petro-Canada Limited, Petro-Canada or any other person respecting the service or discharge of any debt or obligation incurred by Petro-Canada Limited; and

• (b) pay out of the Consolidated Revenue Fund such amounts as are necessary to service or discharge any such debt or obligation.

Marginal note:Adjustment of accounts of Canada

12. The Minister, after consultation with the President of the Treasury Board, shall cause such adjustments to be made in the accounts of Canada as are required as a result of any transaction authorized or required by this Act.

Marginal note:Transfer of shares

• 13. (1) Petro-Canada Limited is hereby authorized to transfer, and on the direction of the Governor in Council shall transfer, all the shares of Petro-Canada International Assistance Corporation held by Petro-Canada Limited to such member of the Queen’s Privy Council for Canada as the Governor in Council may designate as the Minister for the purposes of this section.

• Marginal note:Dealing with shares

  (2) The Minister designated pursuant to subsection (1) is hereby authorized to

  • (a) acquire, hold, dispose of and otherwise deal with shares and debt obligations of, and security interests in, Petro-Canada International Assistance Corporation; and

  • (b) enter into any agreement or arrangement necessary for or incidental to any activity referred to in paragraph (a).

• Marginal note:Registration of shares

  (3) The shares transferred pursuant to subsection (1) shall be registered in the name of the designated Minister in the books of Petro-Canada International Assistance Corporation and shall be held by that Minister in trust for Her Majesty in right of Canada.

• Marginal note:Provision not applicable

  (4) Section 91 of the Financial Administration Act does not apply in respect of the transfer of shares pursuant to subsection (1).

• Marginal note:Procurement of dissolution

  (5) The Minister designated pursuant to subsection (1) is hereby authorized to procure, with the approval of the Governor in Council, the dissolution of Petro-Canada International Assistance Corporation and, for that purpose, may do and perform all acts and things necessary for or incidental to that dissolution.