S.M. 1987-88, c. 55

An Act respecting the Accountability of Crown Croporations and to amend other Acts in consequence

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Table of Contents

1 Definitions.
2 Application of Part.
(2) Application of sections 12 and 13.
(3) Further bodies may be subject to this Part.
3 Part prevails.
4 Duties of Board.
(2) Boards responsible to minister.
(3) Boards responsible to minister.
(4) Conflict of interest guidelines.
5 Power of Board.
(2) Committees of Boards.
6 Duty of directors and officers.
(2) Reliance on statements.
7 Disclosure of interest in contract.
(2) Time for disclosure by director.
(3) Time for disclosure by officer.
(4) Time for disclosure by officer or director.
(5) Voting.
(6) Participation at meetings.
(7) Continuing disclosure.
(8) Avoidance standards.
(9) Application to Court of Queen's Bench.
8 Audit Committee.
(2) Duties of Audit Committee.
(3) Notice of meeting of audit committee.
(4) Who may call meeting of audit committee.
9 Annual reports.
(2) Tabling of reports in the Assembly.
(3) Annual reports permanently referred to standing committee.
10 Liability of directors.
(2) Liability of directors, officers, etc.
11 Employee directors.
12 The Service Committee.
(2) Duties of Service Committee.
13 Joint council to be established.
(2) Chairperson of The Joint Council.
(3) Others may attend meetings of Joint Council.
(4) Meetings.
(5) Purpose of joint council.
(6) Duties of members.
14 Definitions.
15 Application.
(2) Crown corporation may be added.
(3) Certain activities of corporations, etc. subject to Part.
(4) Association that may not be designated.
16 Corporation established.
(2) Board of directors.
(3) Authority for M. L. A. to be member.
17 Agent of Her Majesty.
(2) Use of own name in contracts and suits.
(3) Property of the Crown.
18 Head office.
19 Chairperson of the board of directors.
(2) Vice-chairperson of the board of directors.
(3) Chief executive officer.
(4) Staff.
20 Objects of Corporation.
21 Powers of Corporation.
(2) Further powers of Corporation.
(3) Third parties protected.
(4) Deemed expense for purpose of The Public Utilities Act.
(5) Acquisition of shares of Crown corporations.
(6) Issue of new shares to Corporation.
(7) Deemed power to accept loans etc.
(8) Duty to comply with directions.
22 Authorized capital.
(2) Issue of shares.
(3) Issues of shares to Minister of Finance.
23 Acquisition of real property.
(2) Acquisition of personal property.
24 Borrowing powers.
(2) Issue of securities.
(3) Resolution authorizing issue is conclusive evidence.
(4) Sale of certain securities.
(5) Minister of Finance to negotiate.
(6) Reissue of securities.
(7) Minister of Finance to determine form.
(8) Mechanical reproduction of seal and signature.
(9) Effect of mechanical reproduction.
(10) Short term loans.
(11) Maximum amounts of short term loans.
(12) Loans in foreign currencies.
25 Loans on credit of Government.
(2) Terms of borrowing.
(3) Advances to Corporation.
26 Guarantee.
(2) Terms, etc. of guarantee.
(3) Liability on signing.
(4) Signature on guarantees.
27 Excess moneys.
(2) Investment.
28 Establishment of sinking fund.
(2) Payment to Minister of Finance.
(3) Investment by Minister of Finance.
(4) Re-investment.
29 Fiscal year.
30 Banking.
31 Accounting records.
32 Audit.
(2) Special audits and reports.
33 Annual report.
34 Tabling of report in the Assembly.
35 The Corporations Act.
36 The Civil Service Act.
(2) Civil Service Superannuation Act applies.
24 Funds of government and commission not to be mixed.
(3) Funds of government and corporation not to be mixed.
(2) Restriction on use of moneys by government.
40 Reference in Continuing Consolidation.
41 Coming into force.