Third Session, Thirty-Ninth Legislature

This version is based on the printed bill that was distributed in the Legislature after First Reading.   It is not the official version.   If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications or view the online bilingual version (PDF).

Bill 221

THE CROWN CORPORATIONS PUBLIC REVIEW AND ACCOUNTABILITY AMENDMENT ACT

(Assented to                                         )

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. C336 amended

1

The Crown Corporations Public Review and Accountability Act is amended by this Act.

2(1)

Clause 16(1)(a) is amended by adding ", and place the interests of the corporation above any political direction from the government that is clearly contrary to the best interests of the corporation" at the end.

2(2)

The following is added after subsection 16(1):

Directors liable for politically influenced actions not in best interests of corporation

16(1.1)

Despite any other provision in this or any other Act, directors of a corporation who fail to comply with clause (1)(a) by voting in support of a board decision that is clearly not in the best interests of the corporation as the result of following political direction from the government are personally liable to the corporation for any extra costs, lost profits or losses the corporation experiences as a result of that failure.

Joint and several liability

16(1.2)

Directors of a corporation who fail to comply with clause (1)(a) are jointly and severally liable to the corporation.

3

Subsection 22(2) is amended by striking out "The directors and the officers" and substituting "Subject to subsection 16(1.1), the directors, officers".

Consequential amendment, C.C.S.M. c. C40

4

Section 25 of The Manitoba Centennial Centre Corporation Act is amended by striking out "No action" and substituting "Subject to subsection 16(1.1) of The Crown Corporations Public Review and Accountability Act, no action".

Consequential amendment, C.C.S.M. c. H190

5

Section 13 of The Manitoba Hydro Act is amended by striking out "Neither the chairman" and substituting "Subject to subsection 16(1.1) of The Crown Corporations Public Review and Accountability Act, neither the chairman".

Consequential amendment, C.C.S.M. c. P215

6

Subsection 19(2) of The Manitoba Public Insurance Corporation Act is amended by striking out "No action" and substituting "Subject to subsection 16(1.1) of The Crown Corporations Public Review and Accountability Act, no action".

Coming into force

7

This Act comes into force on the day it receives royal assent.