CONTINUATION OF THE CORPORATION

Marginal note:Continuation

• 3. (1) The corporation is continued as a corporation without share capital, to be called the Canada Foundation for Sustainable Development Technology, consisting of the Foundation’s members and directors.

• Marginal note:Powers, duties and functions

  (2) If under any Act of Parliament, any instrument made under an Act of Parliament or any contract, licence or other document, a power, duty or function is vested in or exercisable by the corporation, the power, duty or function is vested in or exercisable by the Foundation.

• Marginal note:References

  (3) Every reference to the corporation in any deed, contract, agreement or other document executed by the corporation shall, unless the context otherwise requires, be read as a reference to the Foundation.

• Marginal note:Rights and obligations

  (4) All rights and property of the corporation and all obligations of the corporation are transferred to the Foundation.

• Marginal note:Commencement of legal proceedings

  (5) Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the corporation may be brought against the Foundation in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the corporation.

• Marginal note:Continuation of legal proceedings

  (6) Any action, suit or other legal proceeding to which the corporation is party pending in any court immediately before the day on which this section comes into force may be continued by or against the Foundation in like manner and to the same extent as it could have been continued by or against the corporation.

• Marginal note:By-laws

  (7) Every by-law of the corporation is, to the extent that it is not inconsistent with this Act, a by-law of the Foundation.

• Marginal note:Officers and employees

  (8) Nothing in this Act affects the status of any person who, immediately before the day on which this section comes into force, was an officer or employee of the corporation except that, as of that day, the person is an officer or employee, as the case may be, of the Foundation.

Marginal note:Continuation of board of directors of corporation

• 9. (1) The board of directors of the corporation ceases to exist and there shall be a board of directors of the Foundation that shall supervise the management of the business and affairs of the Foundation and, subject to the by-laws of the Foundation, exercise all its powers.

Marginal note:Members of the corporation

• 13. (1) The persons who are members of the corporation cease to be members of the corporation.

• Marginal note:Appointing of members

  (1.1) There shall be 15 members of the Foundation.

• Marginal note:First members

  (2) The Governor in Council shall without delay appoint seven persons as members of the Foundation, on the recommendation of the Minister, as proposed by the Minister of Natural Resources and the Minister of the Environment, after consultation with the Minister of Industry.