Atlantic Fisheries Restructuring Act

An Act to authorize investment in and the provision of financial assistance to the Atlantic Fisheries for the purpose of restructuring fishery enterprises Preamble WHEREAS a task force was established by the Government of Canada to study the Atlantic Fisheries with a view to recommending means of establishing and maintaining viable fishery enterprises on the Atlantic coast of Canada taking into account the economic and social development of the provinces concerned; AND WHEREAS the Government of Canada adopted the recommendations of the task force with respect to objectives of Atlantic Fisheries policy to the effect, in order of priority, first, that the Atlantic fishing industry be economically viable on an on-going basis, second, that employment in that industry be maximized subject to the constraint that those employed receive a reasonable income and third, to the extent that this objective is consistent with the first two objectives and with Canada’s international treaty obligations, that fish on the Atlantic coast of Canada be harvested and processed by Canadians; AND WHEREAS the Government of Canada, recognizing that the Atlantic fish stocks are a vital national resource but that the present condition of the fishing industry does not permit the fullest and most efficient utilization of that resource, is of the opinion that it is urgently required and in the public interest that fishery enterprises be restructured; AND WHEREAS representatives of the Government of Canada have held discussions with others with respect to the means by which such restructuring may be effected; NOW, THEREFORE, 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 Atlantic Fisheries Restructuring Act. Definitions In this Act, Atlantic Fisheries means all the activities relating to the harvesting, processing and marketing of fish in the Provinces of Quebec, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador and in the fishing zones of Canada, as defined pursuant to subsection 4(1) of the Territorial Sea and Fishing Zones Act, on the Atlantic coast of Canada; (secteur des pêches) control, in respect of a body corporate, means control in any manner that results in control in fact, whether directly through the ownership of shares, stocks, equities or securities or indirectly through a trust, a contract, the ownership of shares, stocks, equities or securities of another body corporate or otherwise, or the ability to appoint, elect or cause the appointment or election of a majority of the directors of the body corporate, whether or not that ability is exercised; (contrôle) fishery enterprise means any person that is engaged directly or indirectly in, or controls or is controlled by a person that is engaged directly or indirectly in, the Atlantic Fisheries; (entreprise) Minister means the Minister of Fisheries and Oceans; (ministre) person includes an individual, a body corporate, a partnership, an association, a trust, a cooperative and any trustee or legal representative thereof; (personne) restructuring, in respect of a fishery enterprise, includes the reorganization, refinancing, modernization, rationalization and expansion of the enterprise, and any similar activity directed toward improving the economic performance of the enterprise. (restructuration) Purpose The purpose of this Act is to facilitate the development of viable Atlantic Fisheries that are competitive and privately-owned through the restructuring of fishery enterprises. Powers To carry out the purpose of this Act, the Minister may, on behalf of Her Majesty, acquire, hold or dispose of or otherwise deal with shares, debentures or other securities of, or any security interest in, any fishery enterprise; pledge, hypothecate or charge any share, debenture or other security, or other security interest, acquired or held under paragraph (a); and enter into any agreement or arrangement necessary or incidental to any activity referred to in paragraph (a) or (b). Disposal of interest The Minister shall dispose of such portion of any interest in a fishery enterprise acquired under paragraph (1)(a) as is practicable after the enterprise becomes, in the opinion of the Minister, economically viable on a continuing basis. Public interest Any agreement or arrangement to which Her Majesty becomes a party, or any other action taken, pursuant to this section shall be deemed to be in the interest of the public. Contributions and loans To carry out the purpose of this Act, the Minister may, on such terms and conditions as the Minister specifies, make a contribution or loan to a fishery enterprise. Guarantees To carry out the purpose of this Act, the Minister may, with the approval of the Governor in Council on the recommendation of the Minister of Finance, on such terms and conditions as the Minister specifies, guarantee the repayment of any portion of the principal and interest owing on any loan made to a fishery enterprise. Limitation on loans guaranteed The aggregate amount of guarantees given under this section that are outstanding at any one time shall not exceed one hundred million dollars. Minister authorized to exercise specified powers The Governor in Council may by order authorize any minister of the Crown, other than the Minister of Fisheries and Oceans, to exercise in respect of such fishery enterprise as is specified in the order such powers referred to in this Act as are specified in the order. Annual report The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after the first day of June next following the end of each fiscal year, a report with respect to the administration of this Act in that fiscal year. Content of annual report In preparing the annual report required by this section, the Minister shall take into account any recommendations made by any committee of the House of Commons established or designated to consider matters related to fisheries.