Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
167 Transitional
Minister may grant to a company in respect of which a certificate
of amalgamation has been issued under this Division permission
(a) to engage in a business activity that a provincial company is
not otherwise permitted by this Act to engage in and that
one or more of the amalgamating companies was engaging
in at the time the application for the certificate was made,
(b) to continue to have issued and outstanding debt obligations
the issue of which is not authorized by this Act if the debt
obligations were outstanding at the time the application for
the certificate was made,
(c) to hold assets that a provincial company is not otherwise
permitted by this Act to hold if the assets were held by one
or more of the amalgamating companies at the time the
application for the certificate was made,
(d) to acquire and hold assets that a provincial company is not
otherwise permitted by this Act to acquire or hold if one or
RSA 2000
more of the amalgamating companies was obliged, at the
time the application for the certificate was made, to acquire
those assets, and
(e) to maintain outside Canada any records or registers required
by this Act to be maintained in Canada and maintain and
process, outside Canada, information and data relating to the
preparation and maintenance of such records or registers.
(2) The permission granted under subsection (1) must be expressed
to be granted for a specific period not exceeding
(a) with respect to any matter described in subsection (1)(a), 30
days after the date of issue of the certificate or, where the
activity is conducted pursuant to an agreement existing on
the date of issue of the certificate, the expiration of the
agreement,
(b) with respect to any matter described in subsection (1)(b), 10
years, and
(c) with respect to any matter described in subsection (1)(c), (d)
or (e), 2 years.
(3) Subject to subsection (4), the Minister may renew a permission
granted under subsection (1) with respect to any matter described in
subsection (1)(b), (c) or (d) for such further period or periods as the
Minister considers necessary.
(4) The Minister must not grant to a provincial company any
permission
(a) with respect to matters described in subsection (1)(b) that
purports to be effective more than 10 years after the
amalgamation became effective unless the Minister is
satisfied on the basis of evidence on oath provided by an
officer of the company that the company will not be able at
law at the end of the 10 years to redeem the outstanding debt
obligations to which the permission relates, and
(b) with respect to matters described in subsection (1)(c) and
(d), that purports to be effective more than 10 years after the
amalgamation became effective.
1999 cI-5.1 s167