Canada Marine Act (S.C. 1998, c. 10)

Marginal note:Public to get financial statements

• 37. (1) A port authority shall make available for inspection by the public, at its registered office during normal business hours at least thirty days before the annual meeting, its audited annual financial statements and those of its wholly-owned subsidiaries for the preceding fiscal year.

• Marginal note:Contents

  (2) The financial statements shall be prepared in accordance with generally accepted accounting principles and consist of at least the following:

  • (a) a balance sheet;

  • (b) a statement of retained earnings;

  • (c) a statement of income and expenses; and

  • (d) a statement of changes in financial position.

• Marginal note:Remuneration

  (3) The annual financial statements shall set out the total remuneration paid in money or in kind to each of the following persons in that year by the port authority or its wholly-owned subsidiary, including any fee, allowance or other benefit:

  • (a) the directors;

  • (b) the chief executive officer; and

  • (c) the officers and employees whose remuneration exceeds a prescribed threshold.

• Marginal note:Statements to be given to Minister

  (4) A port authority shall submit to the Minister its audited annual financial statements, and those of its wholly-owned subsidiaries, at least thirty days before the port authority’s annual meeting.

• Marginal note:Other information to be given to Minister

  (5) A port authority shall provide the Minister with such accounts, budgets, returns, statements, documents, records, books, reports or other information as the Minister may require, including information about any contingent liabilities of the port authority or of its wholly-owned subsidiaries.

Marginal note:Books and systems

• 38. (1) A port authority shall ensure that, in respect of itself and its wholly-owned subsidiaries,

  • (a) books of account and accounting records are kept; and

  • (b) financial and management control and information systems and management practices are maintained.

• Marginal note:Keeping of books

  (2) The books, records, systems and practices shall be kept and maintained in a manner that will provide reasonable assurance that

  • (a) the assets of the port authority are safeguarded and controlled;

  • (b) the transactions of the port authority are in accordance with this Part and the letters patent and by-laws of the port authority; and

  • (c) the financial, human and physical resources of the port authority are managed economically and efficiently and the operations of the port authority are carried out effectively.