Telesat Canada Reorganization and Divestiture Act (S.C. 1991, c. 52)

Act current to 2019-06-20 and last amended on 2012-01-01. Previous Versions

Repeal

Marginal note:Repeal of R.S., c. T-6

  • Footnote * (1) The Telesat Canada Act is repealed on the day on which Telesat becomes a corporation to which the Canada Business Corporations Act applies.

  • Marginal note:Director to give notice

    (2) The Director is not required to comply with subsection 187(6) of the Canada Business Corporations Act in respect of Telesat, but the Director shall, on issuing the certificate of continuance of Telesat, cause a notice to be published in the Canada Gazette setting out the date on which the certificate was issued and on which the Telesat Canada Act was repealed.

  • 1991, c. 52, s. 15
  • 1994, c. 24, s. 34(F)

Transitional

Marginal note:First annual meeting after divestiture

 The first annual meeting of shareholders of Telesat after the divestiture date shall be held not later than six months after that date.

 [Repealed before coming into force, 2008, c. 20, s. 3]

Marginal note:Continuation in office

  •  (1) The directors of Telesat who held office immediately before the day on which Telesat becomes a corporation to which the Canada Business Corporations Act applies continue to hold office according to the terms of their appointment or election.

  • Marginal note:Termination of office

    (2) Notwithstanding section 17 and subsection (1), a director of Telesat ceases to hold office at the close of the first annual meeting of shareholders of Telesat held after the divestiture date, unless elected at that meeting as a director.

  • 1991, c. 52, s. 18
  • 1994, c. 24, s. 34(F)

Marginal note:No right to compensation

 No person has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or any servant or agent thereof for ceasing to hold office pursuant to section 17 or 18.

Marginal note:Shares qualified

  •  (1) For the purpose of qualifying the shares of Telesat

    • (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,

    Telesat is deemed to have satisfied the requirements of the provisions referred to in paragraphs (a) to (c) with respect to the period of five years immediately preceding the divestiture date.

  • Marginal note:Debt obligations qualified

    (2) For the purpose of qualifying the bonds, debentures or other evidences of indebtedness of Telesat

    • (a) as an authorized investment under subparagraph 86(k)(i) of the Canadian and British Insurance Companies Act, paragraph 61(1)(g) of the Loan Companies Act or paragraph 78(1)(g) of the Trust Companies Act,

    • (b) as a permitted investment under paragraph 1(m) of Schedule III to the Pension Benefits Standards Regulations, 1985, and

    • (c) as assets that may be vested in trust in Canada under subparagraph 1(k)(i) of Schedule II to the Canadian and British Insurance Companies Act or subparagraph 1(k)(i) of the schedule to the Foreign Insurance Companies Act,

    Telesat is deemed

    • (d) to have satisfied the requirements of the provisions referred to in paragraphs (a) to (c) with respect to each of the five years immediately preceding the divestiture date, and

    • (e) to have had amounts of paid-in capital, contributed surplus, retained earnings and total indebtedness at any relevant time before the divestiture date sufficient to have satisfied the requirements of the provisions referred to in paragraphs (a) to (c).

  • Marginal note:Idem

    (3) For the purpose of qualifying

    • (a) the bonds, debentures or other evidences of indebtedness of or guaranteed by Telesat as an authorized investment under subparagraph 86(k)(ii) of the Canadian and British Insurance Companies Act, paragraph 61(1)(h) of the Loan Companies Act or paragraph 78(1)(h) of the Trust Companies Act,

    • (b) the bonds, debentures or other evidences of indebtedness of or guaranteed by Telesat as a permitted investment under subparagraph 1(n)(i) of Schedule III to the Pension Benefits Standards Regulations, 1985, and

    • (c) the bonds, debentures or other evidences of indebtedness of Telesat as assets that may be vested in trust in Canada under subparagraph 1(k)(ii) of Schedule II to the Canadian and British Insurance Companies Act or subparagraph 1(k)(ii) of the schedule to the Foreign Insurance Companies Act,

    Telesat is deemed to have had earnings for any relevant period before the divestiture date sufficient to have satisfied the requirements of the provisions referred to in paragraphs (a) to (c) with respect to the period of five years immediately preceding the divestiture date and each of those five years.

Amendment

 [Amendment]

Coming into Force

Marginal note:Coming into force

  • Footnote * (1) Subsection 4(2) and sections 6, 7, 8 and 17 shall come into force on a day or days to be fixed by order of the Governor in Council.

  • Marginal note:Idem

    (2) Section 9 shall come into force on the day on which the Telesat Canada Act is repealed.

    • Return to footnote *[Note: Subsection 4(2) in force March 6, 1992, see SI/92-47; sections 6, 7 and 8 in force March 26, 1992, see SI/92-69; section 9 in force March 27, 1992, see Canada Gazette Part I, Volume 126, page 1539; section 17 repealed before coming into force, see 2008, c. 20, s. 3.]

 
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