PART IICooperative Energy Development Corporation (continued)
Marginal note:Amendments to articles relating to constraints on shares
16 Whether or not any of the issued shares of the Development Corporation are or were part of a distribution to the public and remain outstanding and are held by more than one person, the Development Corporation may, by special resolution, amend its articles to constrain the issue, transfer or ownership of its shares of any class or series as permitted under
(a) section 168 of the Canada Business Corporations Act; or
(b) section 15.
Marginal note:First directors
17 (1) The first directors of the Development Corporation shall be such persons as may be appointed by the directors of the Corporation.
(2) Each director appointed pursuant to subsection (1) holds office until the first meeting of shareholders of the Development Corporation.
Marginal note:Application of Canada Business Corporations Act
18 Except to the extent that they are inconsistent with or excluded by this Act, the provisions of the Canada Business Corporations Act and any regulations made thereunder apply to the Development Corporation, with such modifications as the circumstances require, as if it were a corporation incorporated under that Act.
Marginal note:Act continues to apply on amalgamation, etc.
19 For greater certainty, where a certificate of amendment, restated certificate of incorporation, certificate of amalgamation or certificate of revival, in relation to the Development Corporation, is issued by the Director pursuant to the Canada Business Corporations Act, this Part,
(a) in the case of a certificate of amalgamation, applies to the amalgamated corporation as if it were the Development Corporation; and
(b) in the case of any certificate referred to in this section, other than a certificate of amalgamation, continues to apply to the Development Corporation.
Marginal note:Canada Corporations Act not applicable
Marginal note:Not agent of Her Majesty
21 The Development Corporation is not an agent of Her Majesty, or a Crown Corporation within the meaning of the Financial Administration Act, and its officers and employees are not part of the federal public administration.
- 1980-81-82-83, c. 108, s. 21
- 2003, c. 22, s. 153
Marginal note:Corporation and Development Corporation qualified as members of cooperative associations
22 Notwithstanding the Cooperative Credit Associations Act, the Corporation and the Development Corporation are qualified to become members of an association to which the Cooperative Credit Associations Act applies.
Marginal note:Application to Crown
23 This Act is binding on Her Majesty in right of Canada and any agent thereof.
Marginal note:Acquisition of shares by Her Majesty
24 The Minister, on behalf of Her Majesty in right of Canada, may subscribe for, acquire and hold shares and Equity Debentures of the Corporation in accordance with the Agreement and may, for that purpose, make payments out of the Consolidated Revenue Fund in an amount not exceeding in the aggregate one hundred million dollars.
25 The Governor in Council may make regulations prescribing anything that is by this Act to be prescribed by the regulations.
Marginal note:Amendments to Agreement referred to Committee of House of Commons
26 Any amendment to the Agreement shall be deemed to be referred, for review and report, to the first sitting of the Committee of the House of Commons that normally considers oil and gas matters, following the day on which the amendment is made.
Marginal note:Coming into force
Return to footnote *[Note: Act in force July 9, 1982, see SI/82-148.]
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