Bill C-3
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SUMMARY |
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This enactment relates to the mandatory provisions in the articles of
Cameco Corporation (formerly Eldorado Nuclear Limited) and
Petro-Canada.
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The enactment provides that the articles of Cameco Corporation will
have to contain a 15 % individual non-resident share ownership limit
for voting shares as well as a cap on aggregate non-resident share
ownership voting rights of 25 %.
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The enactment also provides that the articles of Petro-Canada will
have to be amended to allow for a 20 % individual share ownership
limit, while the aggregate non-resident share ownership limits will be
eliminated. In addition, the prohibition on the sale, transfer or disposal
of all or substantially all of Petro-Canada's upstream and downstream
assets will be replaced with a similar prohibition on the sale, transfer or
disposal of all or substantially all of its assets, without distinguishing
between the upstream and downstream sectors of activity.
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