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Nordion and Theratronics Divestiture Authorization Act (S.C. 1990, c. 4)

Act current to 2019-11-19 and last amended on 2014-06-19. Previous Versions

Nordion (continued)

Marginal note:Restriction on amendment

  •  (1) Nordion and its shareholders and directors shall not

    • (a) apply for continuance of Nordion in another jurisdiction; or

    • (b) make any articles or by-laws that are inconsistent with the provisions included in its articles of amendment pursuant to subsection 6(1).

  • Marginal note:Exception

    (2) Subsection (1) does not apply if a person holds voting shares referred to in paragraph 6(3)(c) or subsection 6(3.1).

  • 1990, c. 4, s. 7
  • 2014, c. 20, s. 208

Theratronics

Marginal note:Provisions applicable to Theratronics

 Sections 5 to 7, with the exception of paragraph 6(3)(c) and subsections 6(3.1) and 7(2), apply to Theratronics as if

  • (a) the references therein to “Nordion” were references to “Theratronics”; and

  • (b) the reference in subsection 6(1) to “twenty-five per cent” were a reference to “forty-nine per cent”.

  • 1990, c. 4, s. 8
  • 2014, c. 20, s. 209

Transitional and Consequential

Marginal note:Pension rights

  •  (1) In the manner and to the extent provided by the regulations made under subsection (3), the Public Service Superannuation Act and the regulations made under that Act apply to a person who meets all of the following criteria:

    • (a) the person was employed by Nordion or Theratronics and was a contributor under that Act immediately preceding the date on which shares of Nordion or Theratronics, as the case may be, are first sold or otherwise disposed of pursuant to subsection 4(1);

    • (b) the President of the Treasury Board has not made a payment to Nordion or Theratronics pursuant to section 40 of that Act in respect of that person;

    • (c) the person has not received or opted to receive any annuity or other benefit under section 12 or 13 of that Act in respect of the pensionable service to that person’s credit under that Act immediately preceding the date referred to in paragraph (a); and

    • (d) the person elects, within the later of one year after the coming into force of this section and one year after the date on which shares of Nordion or Theratronics, as the case may be, are first sold or otherwise disposed of pursuant to subsection 4(1), and in such form and manner as the President of the Treasury Board directs, to have that Act and the regulations made under that Act apply to that person in the manner and to the extent provided by the regulations made under subsection (3).

  • Marginal note:Election irrevocable

    (2) An election referred to in paragraph (1)(d) is irrevocable.

  • Marginal note:Regulations

    (3) The Governor in Council may, in relation to persons referred to in paragraph (1)(d), make regulations

    • (a) respecting the manner in which and extent to which provisions of the Public Service Superannuation Act and the regulations made under that Act apply;

    • (b) adapting provisions of that Act and those regulations for the purposes of this section; and

    • (c) generally for carrying out the purposes and provisions of this section.

  • Marginal note:Retroactive application of regulations

    (4) Regulations made under subsection (3) may, if they so provide, be retroactive and have effect with respect to any period before they are made.

  • 1990, c. 4, s. 9
  • 1992, c. 46, s. 90

Marginal note:Application of Public Service Superannuation Act

 Notwithstanding subsection 42(4) of the Public Service Superannuation Act, the Governor in Council may, by order, delete the name of Nordion or Theratronics from Part I of Schedule I to that Act.

Marginal note:Shares qualified

 For the purpose of qualifying the shares of Nordion

  • (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(s) 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,

Nordion is deemed to have satisfied the requirements of those paragraphs with respect to each of the five years immediately preceding the date on which shares of Nordion are first sold or otherwise disposed of pursuant to subsection 4(1).

Coming into Force

Marginal note:Coming into force

Footnote * Section 9 shall come into force on a day to be fixed by order of the Governor in Council.

  • Return to footnote *[Note: Section 9 is deemed to have come into force on April 20, 1993, see 2011, c. 24, s. 171.]

 
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