PART 1Canada Port Authorities (continued)
Financial Management (continued)
Marginal note:Books and systems
Marginal note:Keeping of books
(2) The books, records, systems and practices shall be kept and maintained in a manner that will provide reasonable assurance that
(a) the assets of the port authority are safeguarded and controlled;
(b) the transactions of the port authority are in accordance with this Part and the letters patent and by-laws of the port authority; and
(c) the financial, human and physical resources of the port authority are managed economically and efficiently and the operations of the port authority are carried out effectively.
Marginal note:Business plan
39 A port authority shall, within three months after the end of each fiscal year, submit to the Minister, in respect of itself and each of its wholly-owned subsidiaries, a five-year business plan containing any information that the Minister may require, including any material changes in respect of information provided in the previous business plan.
- 1998, c. 10, s. 39
- 2008, c. 21, s. 21
Marginal note:Manner of presenting information
40 The financial statements and business plan of a port authority shall be prepared in a form that clearly sets out information about each of the activities of the port authority and its wholly-owned subsidiaries, with the information about port activities referred to in paragraph 28(2)(a) set out separately from the information about other activities referred to in paragraph 28(2)(b).
Marginal note:Special examinations
41 (1) A port authority shall have a special examination carried out to determine whether the books, records, systems and practices referred to in subsection 38(1) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of subsection 38(2).
Marginal note:Time for examination
(2) A special examination shall be carried out at least once every five years and at any additional times that the Minister may require.
(3) Before beginning a special examination, the examiner shall survey the systems and practices of the port authority and submit a plan for the examination, including a statement of the criteria to be applied, to the audit committee of the port authority, or if there is no audit committee, to the board of directors, and, in the case where the Minister has required the special examination to be carried out, to the Minister.
(4) Where the examiner and the audit committee or board of directors disagree about the plan, the Minister may make a final determination with respect to it.
Marginal note:Reliance on internal audit
(5) The examiner shall, to the extent the examiner considers it feasible, rely on an internal audit carried out by the port authority.
(2) The examiner’s report shall include
(a) a statement as to whether in the examiner’s opinion, with respect to the criteria established under subsection 41(3), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and
(b) a statement of the extent to which the examiner relied on internal audits.
Marginal note:Notice of report
(3) A port authority shall, as soon as is practicable after it receives the summary report, have notice of the summary report published in a major newspaper published or distributed in the place where the port is situated.
Marginal note:Report available to public
(4) A port authority shall make the summary report available for inspection by the public at its registered office during normal business hours.
Marginal note:Examiner — auditor
Marginal note:Examiner — other qualified auditor
(2) Where, in the opinion of the Minister, a person other than the auditor of a port authority should carry out a special examination, the Minister may, after consulting with the board of directors appoint another auditor to do it and may, after again consulting with the board, remove that auditor at any time.
Marginal note:Federal Real Property and Federal Immovables Act
44 (1) For the purposes of the Federal Real Property and Federal Immovables Act, the Minister has the administration of the federal real property and federal immovables of a port in respect of which letters patent have been issued to the port authority, other than property the administration of which is under any other member of the Queen’s Privy Council for Canada.
(2) The Minister may, by letters patent or supplementary letters patent, give to a port authority the management of any federal real property or federal immovable that is administered by
(3) If the Minister gives the management of any federal real property or federal immovable to a port authority, the Federal Real Property and Federal Immovables Act does not apply to that property, other than sections 3, 5, 12 to 14 and 16 to the extent that those sections are not inconsistent with this Act.
Marginal note:Surplus Crown Assets Act
Marginal note:Notice to Minister
(5) If a port authority is of the opinion that any real property or immovable is no longer required for port purposes, it shall so inform the Minister.
Marginal note:Holding of real property and immovables
(6) A port authority may manage, occupy or hold only the real property and immovables set out in its letters patent.
- 1998, c. 10, s. 44
- 2001, c. 4, s. 140
- 2008, c. 21, s. 22
Marginal note:Powers and obligations when management given
(a) need not pay compensation for the use of that property;
(b) may retain and use the revenue received in respect of that property for the purpose of operating the port;
(c) shall undertake and defend any legal proceedings, subject to any instructions that may be provided by the Attorney General of Canada, with respect to that property; and
(d) shall discharge all obligations and liabilities with respect to that property.
Marginal note:Legal proceedings
(2) A civil, criminal or administrative action or proceeding shall be taken by or against a port authority and not by or against the Crown with respect to
Marginal note:Leases and licences
(3) A port authority may, for the purpose of operating the port, lease or license any federal real property or federal immovable that it manages, subject to the limits in the port authority’s letters patent on its authority to contract as agent for Her Majesty in right of Canada. The term of the lease or licence may not be more than the maximum term that the letters patent set out for such a lease or licence.
(3.1) The port authority may exercise the powers under subsection (3) to the same extent as Her Majesty could exercise those powers and may, instead of Her Majesty, execute and deliver the documents required for that purpose.
Marginal note:Temporary use
(3.2) A port authority may lease or license any federal real property or federal immovable it manages for temporary use under paragraph 28(2)(a).
Marginal note:Application of provincial law
(4) A lease or licence of any federal real property or federal immovable may be effected by any instrument by which, under the laws in force in the province in which that property is situated, real property or immovables may be leased or a licence may be granted by a private person.
- 1998, c. 10, s. 45
- 2001, c. 4, s. 141
- 2008, c. 21, s. 23
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