The Act validates certain company securities transactions and gives former preferred shareholders and perpetual-security holders rights to exchange or receive bonds and cash. It also requires the registrar to update the land register without a fee in a specified registration case.
Hydro Power Measures Act 214 1996 1 Definitions 1 In this Part: authority means British Columbia Hydro and Power Authority referred to in the British Columbia Hydro and Power Authority Act, 1962 ; company means the former British Columbia Electric Company Limited. Perpetual and 25 year securities 2 1 The issuance by the company of perpetual securities to the persons who were the holders of shares other than common shares in the capital stock of the company, called "preferred shares", is validated and confirmed as having been carried out with full legal authority and within the powers of the company, and the shares formerly held by those holders were and are deemed to have been redeemed and cancelled accordingly on August 1, 1961. 2 The creation and exchange by the company of bonds having a term of 25 years from August 1, 1961 for the perpetual securities referred to in subsection (1) is validated and confirmed as having been carried out with full legal authority and within the powers of the company, and the holder of a perpetual security referred to in subsection (1) is entitled to exchange the security for a bond of the company having a term of 25 years from August 1, 1961, with appropriate interest adjustment. 3 Since August 1, 1961 there have been no preferred shares in the capital stock of the company, and each person who was the holder of a preferred share in the capital stock of the company immediately before that date had and has the right to a obtain from the company a bond or bonds issued by the company in the person's name i in a principal sum equal to the par value of the preferred shares formerly held by the person, ii bearing interest from August 1, 1961 at a rate equal to the dividend rate formerly applicable to those preferred shares, and iii callable on the same terms and conditions, including the payment of premium, if any, as those on which those preferred shares were redeemable, and b receive in cash from the company the amount to which the person would have been entitled if there had been declared a dividend, payable on August 1, 1961, for the period elapsed since the last dividend or instalment of dividend was payable, at the rate applicable to the shares. Charges on property 3 Despite a trust deed or other document under which bonds, debentures or other securities of the company are secured or issued, a no property, assets, rights, privileges or undertaking in British Columbia acquired by the company on or after August 1, 1961 or acquired by the company or any successor in future was, is or is to be brought under or made subject to the charges, specific or floating, created by or contained in the trust deed or other document, except to the extent that the directors of the company or any successor may otherwise determine, and b nothing in this Act and nothing done, omitted to be done, or authorized under this Act or under the Hydro and Power Authority Act , constitutes a breach of covenant or an event of default under the trust deed or other document. Guarantees 4 Every guarantee given or purported to have been given by the Lieutenant Governor in Council for a note, bond, security, debenture, debenture stock or loan of the company or the authority is and has been since the date of the guarantee valid and fully authorized, and the government is liable accordingly. 2 Definitions 5 In this Part: amalgamation means the amalgamation effected by the agreement dated August 20, 1965 made between the authority, the British Columbia Power Commission and the British Columbia Electric Company Limited; authority means the British Columbia Hydro and Power Authority established by the British Columbia Hydro and Power Authority Act, 1964 . Guarantees 6 Every guarantee given or purported to have been given by the Lieutenant Governor in Council for bonds, debentures or other securities previously issued by any of the parties to the amalgamation continues in full force and effect from the amalgamation, and the government is liable accordingly. Acquisitions and issues 7 1 All properties, assets, undertakings, contracts, powers, rights, privileges, immunities, licences, concessions and franchises made, acquired or issued or purported to have been made, acquired or issued, and all debts, liabilities and obligations incurred or purported to have been incurred, in the name of British Columbia Hydro and Power Authority but not made, acquired or incurred by or issued to the authority are deemed to have been made, acquired, issued or incurred by, to, for, or on behalf of the British Columbia Power Commission or the British Columbia Electric Company Limited, or both, as the case may require, and the authority is now possessed of all such properties, assets, undertakings, contracts, powers, rights, privileges, immunities, licences, concessions and franchises, to the extent that they have not been disposed of, and is, subject to Part 1 of this Act, subject to all the debts, liabilities and obligations to the extent that they have not been discharged. 2 Any land or interest in land that is registered under the land title legislation in any land title office in the name of British Columbia Hydro and Power Authority is deemed to be the registered land or interest in land of the authority, and the registrar must accordingly make all necessary amendments to the register without payment of a fee. Orders may be general 8 An approval or authorization, including, without limitation, an approval under section 12 (1) of the Hydro and Power Authority Act , granted to the authority by the Lieutenant Governor in Council, before, on or after April 1, 1966, may be in general terms.