Canada Marine Act (S.C. 1998, c. 10)

Marginal note:Consolidated Revenue Fund

81. An amount payable by the Minister under an agreement entered into under subsection 80(5) is payable out of the Consolidated Revenue Fund.

Marginal note:Rights and obligations preserved

82. The rights and obligations of a person who enters into an agreement under subsection 80(5) are, where the agreement so provides and the Minister has published a notice in the Canada Gazette to that effect, as follows:

• (a) the name of the person shall be substituted for that of the Authority in every contract, collective agreement, lease, licence, permit or other document entered into or granted by the Authority, other than those set out specifically or by class in the agreement and notice; and

• (b) the personal property or movable, and any rights related to it, that the Authority administers, or the title to which it holds, on behalf of Her Majesty in right of Canada, whether or not in its own name, other than those set out specifically or by class in the agreement and notice, become the property and rights of the person.

Marginal note:Meeting open to public

• 83. (1) A not-for-profit corporation shall each year hold a meeting that is open to the public in each city mentioned in the agreement, in premises large enough to accommodate the anticipated attendance, to inform the public about its activities in respect of the operation of the Seaway.

• Marginal note:Notice of meeting

  (2) The not-for-profit corporation shall, at least thirty days before a meeting, have notice of the meeting published in a major newspaper published or distributed in each city mentioned in the agreement, setting out the time and location of the meeting and specifying that the financial statements relating to the operation of the Seaway are available to the public at its principal place of business.

• Marginal note:Availability to public

  (3) The not-for-profit corporation shall ensure, at each meeting,

  • (a) that there are available a sufficient number of copies of the most recent audited annual financial statements relating to the operation of the Seaway for the persons present at the meeting; and

  • (b) that its chief executive officer and directors are available to answer questions about the operation of the Seaway posed by the persons present at the meeting.

Marginal note:Public to get financial statements

• 84. (1) A not-for-profit corporation shall make available for inspection by the public, at its principal place of business during normal business hours at least thirty days before the meeting, its audited annual financial statements that deal with its activities in respect of the operation of the Seaway 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) an income statement; and

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

• Marginal note:Remuneration

  (3) The total remuneration that each director or officer receives in a year from the corporation, including any fee, allowance or other benefit, shall be set out in the annual financial statements for that year.

• Marginal note:Regulations

  (4) The Governor in Council may make regulations in respect of the preparation, form and content of the documents referred to in paragraphs (2)(a) to (d) and the information referred to in subsection (3).