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Air Canada Public Participation Act (R.S.C., 1985, c. 35 (4th Supp.))

Act current to 2023-01-25 and last amended on 2018-06-27. Previous Versions

Transitional, Consequential, Repeal and Coming into Force Provisions

Transitional

Marginal note:Continuation in office

  •  (1) Subject to subsection (2), the members of the Board of Directors of the Corporation who were appointed pursuant to the Air Canada Act and held office immediately prior to the day on which the Corporation becomes a corporation to which the Canada Business Corporations Act applies continue to hold office according to the terms of their appointment.

  • Marginal note:Directors cease to hold office

    (2) The members of the Board of Directors of the Corporation cease to hold office at the close of the first annual meeting of shareholders of the Corporation held after the issuance date, which meeting shall be held not later than six months following the end of the Corporation’s financial year in which that date falls.

  • Marginal note:No right to compensation

    (3) No person has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or any servant or agent thereof for ceasing to hold office pursuant to, or for the abolition of that office by, this Act.

  • Definition of issuance date

    (4) In this section and section 12, issuance date means the date on which shares of the Corporation are first issued after the coming into force of those sections to any person, other than the Minister.

  • R.S., 1985, c. 35 (4th Supp.), s. 11
  • 1994, c. 24, s. 34(F)

Marginal note:Qualification of shares

  •  (1) For the purpose of qualifying the shares of the Corporation

    • (a) as an authorized investment under paragraph 86(n) of the Canadian and British Insurance Companies Act, paragraph 61(1)(j) of the Loan Companies Act or paragraph 78(1)(j) of the Trust Companies Act,

    • (b) as a permitted investment under paragraph 1(n) of Schedule III to the Pension Benefits Standards Regulations, 1985, and

    • (c) as assets that may be vested in trust in Canada under paragraph 1(n) of Schedule II to the Canadian and British Insurance Companies Act or paragraph 1(n) of the schedule to the Foreign Insurance Companies Act,

    the Corporation is deemed to have satisfied the requirements of those paragraphs with respect to each of the five years immediately preceding the issuance date.

  • Marginal note:Qualification of debt obligations

    (2) For the purpose of qualifying the bonds, debentures or other evidences of indebtedness of the Corporation

    • (a) as an authorized investment under subparagraph 86(k)(i) of the Canadian and British Insurance Companies Act, paragraph 61(1)(g) of the Loan Companies Act or paragraph 78(1)(g) of the Trust Companies Act,

    • (b) as a permitted investment under paragraph 1(m) of Schedule III to the Pension Benefits Standards Regulations, 1985, and

    • (c) as assets that may be vested in trust in Canada under subparagraph 1(k)(i) of Schedule II to the Canadian and British Insurance Companies Act or subparagraph 1(k)(i) of the schedule to the Foreign Insurance Companies Act,

    the Corporation is deemed to have satisfied the requirements of the paragraphs referred to in subsection (1) with respect to each of the five years immediately preceding the issuance date.

Consequential Amendments

 [Amendments]

Repeal

Marginal note:Repeal of R.S., c. A-10

  •  (1) The Air Canada Act is repealed on the day on which the Corporation becomes a corporation to which the Canada Business Corporations Act applies.

  • Marginal note:Director to give notice

    (2) The Director is not required to comply with subsection 187(6) of the Canada Business Corporations Act in respect of the Corporation, but the Director shall, on issuing the certificate of continuance of the Corporation, cause a notice to be published in the Canada Gazette setting out the date on which the certificate was issued and on which the Air Canada Act was repealed.

  • R.S., 1985, c. 35 (4th Supp.), s. 14
  • 1994, c. 24, s. 34(F)

Coming into Force

Marginal note:Coming into force

Footnote * Section 13 shall come into force on a day to be fixed by order of the Governor in Council.

 
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