Cape Breton Development Corporation Divestiture Authorization and Dissolution Act
The Corporation is authorized to sell or dispose of most or all of its assets and do what is necessary to close out its affairs; the Governor in Council fixes the dissolution day.
An Act to authorize the divestiture of the assets of, and to dissolve, the Cape Breton Development Corporation, to amend the Cape Breton Development Corporation Act and to make consequential amendments to other Acts Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Short title This Act may be cited as the Cape Breton Development Corporation Divestiture Authorization and Dissolution Act. Authorization The Cape Breton Development Corporation (“the Corporation”), established by the Cape Breton Development Corporation Act, is authorized to sell or otherwise dispose of all or substantially all of its assets; and to do everything necessary for or incidental to closing out its affairs. Provisions not applicable Subsections 99(2) to (5) of the Financial Administration Act do not apply to the authorization in subsection (1). Commencement of legal proceedings Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation in closing out its affairs may be brought against Her Majesty in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation. Continuation of legal proceedings Any action, suit or other legal proceeding to which the Corporation is party that is pending in any court on the coming into force of this section may be continued by or against Her Majesty in like manner and to the same extent as it could have been continued by or against the Corporation. [Note: Section 3 in force on assent June 29, 2000.] Dissolution The Corporation is dissolved on a day to be fixed by order of the Governor in Council. Declaration of general advantage The works and undertakings operated or carried on by the Corporation on or after June 15, 1967 are declared to be works for the general advantage of Canada. [Amendments] Coming into force Subsections 7(2) and 8(2) and sections 18 to 22 come into force on a day or days to be fixed by order of the Governor in Council. [Note: Subsections 7(2) and 8(2) in force June 3, 2002, see SI/2002-92; sections 18 to 22 in force December 1, 2011, see SI/2011-106.]