This order authorizes Petro-Canada Limited and its wholly-owned subsidiaries to carry out specified transactions during 1990, subject to schedule conditions and a 0.5% asset-based limit.
Order Authorizing Petro-Canada Limited and its Wholly-Owned Subsidiaries to Undertake Certain Transactions During 1990 Whereas Petro-Canada has set out the details of certain proposed transactions in a corporate plan submitted pursuant to section 122 of the Financial Administration Act; And Whereas the Governor in Council, pursuant to subsection 91(6) of that Act, is satisfied that Petro-Canada and its wholly-owned subsidiaries are otherwise empowered to undertake the transactions authorized by this Order; Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister of Energy, Mines and Resources and the Treasury Board, pursuant to section 91 of the Financial Administration Act, is pleased hereby to make the annexed Order authorizing Petro-Canada and its wholly-owned subsidiaries to undertake certain transactions during 1990. This Order may be cited as the Petro-Canada Limited Transactions Authorization Order, 1990. Petro-Canada Limited and its wholly-owned subsidiaries are hereby authorized, subject to the terms and conditions specified in the schedule, to undertake during 1990 the transactions described in that schedule. The incorporation of corporations any of the shares of which are, on incorporation, held by, on behalf of or in trust for Petro-Canada Limited or any of its wholly-owned subsidiaries where the corporations are incorporated for the purpose of carrying out the objects of Petro-Canada Limited or such wholly-owned subsidiary; and the investment by Petro-Canada Limited or any of its wholly-owned subsidiaries in each such corporation does not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year. The acquisition of shares of corporations that on acquisition are held by, on behalf of or in trust for Petro-Canada Limited or any of its wholly-owned subsidiaries where the shares are acquired for the purpose of carrying out the objects of Petro-Canada Limited or such wholly-owned subsidiary; and the investment by Petro-Canada Limited or any of its wholly-owned subsidiaries in each such acquisition does not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year. The acquisition of all or substantially all of the assets of corporations where the assets are acquired for the purpose of carrying out the objects of Petro-Canada Limited or its acquiring wholly-owned subsidiary; and the purchase price with respect to the assets of each such corporation does not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year. The sale or other disposition of any of the shares of wholly-owned subsidiaries of Petro-Canada Limited where the proceeds of each such sale or disposition do not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year. The dissolution or amalgamation of wholly-owned subsidiaries of Petro-Canada Limited where the net worth (total assets less total liabilities) of each subsidiary dissolved or each subsidiary, other than Petro-Canada Inc., amalgamated does not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year. The sale or other disposition by wholly-owned subsidiaries of Petro-Canada Limited of any of their shares or of all or substantially all of their assets where the proceeds of each such sale or disposition do not exceed 0.5 per cent of Petro-Canada Limited’s consolidated gross assets as of the end of its 1989 financial year.