Assented to 1991-12-17
An Act to provide for the continuance of Telesat Canada under the Canada Business Corporations Act and for the disposal of the shares therein of Her Majesty in right of Canada
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Marginal note:Short title
Commission[Repealed, 1993, c. 38, s. 122]
control means control in any manner that results in control in fact, whether directly through the ownership of securities or indirectly through a trust, agreement or arrangement, the ownership of any body corporate or otherwise; (contrôle)
- divestiture date
divestiture date means the date on which shares of Telesat are first sold or otherwise disposed of by the Minister pursuant to subsection 5(1); (date d’aliénation)
Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act or, if no member is so designated, the Minister of State (Finance and Privatization); (ministre)
person includes any individual, partnership, body corporate, unincorporated organization, government or agency thereof, trustee, executor, administrator or other legal representative; (personne)
Telesat means Telesat Canada, a corporation continued by the Telesat Canada Act and includes any successor by way of amalgamation. (Télésat)
Marginal note:Same meaning
Marginal note:Operation of Canada Business Corporations Act and Telesat Canada Act
(3) In the event of any inconsistency between this Act and either the Canada Business Corporations Act or the Telesat Canada Act, or anything issued, made or established under either of those Acts, this Act prevails to the extent of the inconsistency.
Marginal note:Operation of Competition Act
- 1991, c. 52, s. 2
- 1993, c. 38, s. 122
- 1994, c. 24, s. 34(F)
Marginal note:Binding on Her Majesty
3 This Act is binding on Her Majesty in right of Canada or a province.
Transfer of Shares to Minister
Marginal note:Transfer of Minister of Finance shares
Marginal note:Transfer of CNR shares
(2) The common shares of Telesat held by the Canadian National Railway Company are hereby transferred to the Minister.
Marginal note:Authority to acquire
(3) The Minister is hereby authorized to acquire the shares transferred by subsections (1) and (2).
Marginal note:Registration of shares
(4) The shares transferred to the Minister by subsections (1) and (2) shall be registered in the books of Telesat in the name of the Minister and shall be held by the Minister in trust for Her Majesty in right of Canada.
Marginal note:Provisions not applicable
(5) Section 20 and subsections 26(1) and (2) and 27(2) of the Telesat Canada Act do not apply in respect of shares transferred by subsections (1) and (2).
Disposal of Shares by Minister
Marginal note:Power to sell or dispose of shares
Marginal note:Payments to CNR
(2) Where the Minister sells any shares pursuant to subsection (1), the Minister is hereby authorized to pay out of the Consolidated Revenue Fund to the Canadian National Railway Company an amount equal to that proportion of the net proceeds of the sale of the shares that the number of shares transferred to the Minister by subsection 4(2) is of the total number of shares transferred to the Minister by section 4.
Marginal note:Credit to Debt Servicing and Reduction Account
(3) If, during the third session of the thirty-fourth Parliament, Bill C-21, entitled An Act relating to the accounting of certain payments for the servicing and reduction of the debt of Canada, is assented to, then, the amount, if any, by which the net proceeds of the sale of any shares pursuant to subsection (1), other than net proceeds paid pursuant to subsection (2), exceeds the value of the shares as shown in the accounts of Canada immediately before the sale shall be credited to the Debt Servicing and Reduction Account established by that Act.
Marginal note:Submission to Minister
6 (1) Forthwith after this section comes into force, Telesat shall submit an application for a certificate of continuance of Telesat under section 187 of the Canada Business Corporations Act to the Minister for approval.
Marginal note:Submission to Director
(2) Forthwith after the Minister approves an application submitted pursuant to subsection (1), Telesat shall submit the approved application to the Director.
(3) An application submitted to the Director pursuant to this section is, subject to this Act, deemed for all purposes to have been made under subsection 187(1) of the Canada Business Corporations Act.
- 1991, c. 52, s. 6
- 1994, c. 24, s. 34(F)
7 [Repealed, 1993, c. 38, s. 123]
Marginal note:Bankruptcy laws
(2) No Act relating to the solvency or winding-up of a corporation applies to Telesat and in no case shall the affairs of Telesat be wound up unless authorized by an Act of Parliament.
- 1991, c. 52, s. 8
- 1993, c. 38, s. 124
Corporate Affairs and Status
Marginal note:Activities of Telesat
(a) establish satellite telecommunication systems that provide, on a commercial basis, telecommunication services between locations in Canada and, subject to the appropriate intergovernmental arrangements, to and between other locations;
(b) supply, on a commercial basis, satellite telecommunication systems and elements thereof in Canada; and
(c) provide, on a commercial basis, services associated with the development, implementation and operation of satellite telecommunication systems and elements thereof in Canada.
Marginal note:No restriction imposed
(2) Nothing in this section shall be construed as limiting the capacity, rights, powers and privileges of Telesat or as imposing a restriction on the businesses that it may carry on.
10 Notwithstanding subsection 10(1) of the Canada Business Corporations Act, Telesat may continue to use, and be legally designated by, the name “Telesat Canada” on and after the day on which it becomes a corporation to which that Act applies.
- 1991, c. 52, s. 10
- 1994, c. 24, s. 34(F)
11 to 14 [Repealed, 1993, c. 38, s. 125]
- Date modified: