Costs of Liquidation and Final Accounting
67 (1) Subject to any restriction applicable to the port authority, a liquidator shall pay the costs of liquidation out of the property of the port authority and shall pay or make adequate provision for all the claims against the port authority.
(2) Within one year after being appointed and after paying or making adequate provision for all the claims against the port authority, the liquidator shall apply to the court for
(3) The liquidator shall give notice of intention to make an application under subsection (2) to the Minister, to any inspector appointed by the court and to any person who provided a security or fidelity bond for the liquidation, and the liquidator shall publish the notice in a major newspaper published in the place where the port authority has its registered office or as otherwise directed by the court.
(4) If the liquidator fails to make the application, the Minister may apply to the court for an order requiring the liquidator to show cause why a final accounting and distribution should not be made.
(5) If the court approves the final accounts rendered by the liquidator, the court shall make
Continuation of Actions
(a) a civil, criminal, administrative, investigative or other proceeding by or against the port authority before its dissolution may be continued as if the port authority had not been dissolved;
(b) a civil, criminal, administrative, investigative or other proceeding may be brought against the port authority within two years after its dissolution as if the port authority had not been dissolved; and
(c) any property that would have been available to satisfy a judgment or order if the port authority had not been dissolved remains available for that purpose.
(2) Service of a document on a port authority after its dissolution may be effected by serving it on the Minister.
(3) Despite the dissolution of a port authority, a person to whom any of the port authority’s property is distributed is liable to any other person claiming under subsection (1) to the extent of the amount received by that person on the distribution, and an action to enforce that liability may be brought within two years after the date of the dissolution of the port authority.
(2) The payment constitutes satisfaction of the debt or claim of the creditor.
(3) If at any time a person establishes entitlement to any moneys paid to Her Majesty in right of Canada under these Regulations, the Receiver General shall pay an equivalent amount to the person out of the Consolidated Revenue Fund.
PART 7Offences and Penalties
70 A person who knowingly makes or assists in making a financial statement referred to in section 36 of the Act or paragraph 53(3)(a) or 65(h) of these Regulations is guilty of an offence if the financial statement
(a) contains an untrue statement of a material fact; or
(b) omits to state a material fact that is required or necessary in order to prevent a statement contained in the financial statement from being misleading in the light of the circumstances in which it was made.
71 A person referred to in section 70 is liable to a fine of not more than $5,000 in the case of an individual, and of not more than $50,000 in the case of a corporation.
Coming into Force
72 These Regulations come into force on March 1, 1999.
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