Bill C-255
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2nd Session, 37th Parliament, 51 Elizabeth II, 2002
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House of Commons of Canada
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BILL C-255 |
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An Act respecting the commercialization of
VIA Rail Canada Inc.
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| Short title
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1. This Act may be cited as the VIA Rail
Commercialization Act.
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| Definitions
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2. (1) The definitions in this section apply
in this Act.
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| ``Minister'' « ministre »
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``Minister'' means the Minister of Transport.
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| ``VIA Rail'' « VIA Rail »
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``VIA Rail'' means the corporation
incorporated under the Canada Business
Corporations Act under the name VIA Rail
Canada Inc.
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| Words and
expressions
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(2) Unless a contrary intention appears,
words and expressions used in this Act have
the same meaning as in the Canada Business
Corporations Act.
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| Purpose
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3. The purpose of this Act is to provide for
the privatization of VIA Rail by the sale of its
shares.
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| Binding on
Her Majesty
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4. This Act is binding on Her Majesty in
right of Canada.
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SHARES |
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| Authority
under
Financial
Administra- tion Act
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5. (1) The shares of VIA Rail issued
immediately prior to the coming into force of
this section are hereby transferred to the
Minister who, for the purposes of section 90 of
the Financial Administration Act, is hereby
authorized to acquire the shares.
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| Shares held in
trust
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(2) The shares mentioned in subsection (1)
shall be registered in the books of VIA Rail in
the name of the Minister in trust for Her
Majesty in right of Canada, and the Minister
shall hold and sell them in accordance with
this Act.
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| Issue and
disposal of
shares by VIA
Rail
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6. For the purpose of complying with
section 90 of the Financial Administration
Act, while VIA Rail is a Crown corporation
within the meaning of section 83 of that Act,
VIA Rail is hereby authorized to issue and sell
or otherwise dispose of shares of VIA Rail on
and after the day on which this section comes
into force, with the approval of the Minister
and the Minister of Finance.
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| Dealing with
shares by
Minister
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7. (1) For the purposes of section 90 of the
Financial Administration Act, the Minister is
hereby authorized to acquire, hold, dispose of
and otherwise deal with shares of VIA Rail on
and after the day on which this section comes
into force and on such terms and conditions as
the Minister, with the approval of the Minister
of Finance, considers appropriate.
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| Registration
and holding
of shares
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(2) Shares acquired by the Minister
pursuant to subsection (1) shall be registered
in the name of the Minister in the books of VIA
Rail, in trust for Her Majesty in right of
Canada, and the Minister shall hold and sell
them in accordance with this Act.
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FINANCIAL ARRANGEMENTS |
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| Discharge
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8. The Minister, with the approval of the
Minister of Finance, may
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| Adjustment of
accounts of
Canada
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9. The Minister, after consultation with the
President of the Treasury Board, shall cause
such adjustments to be made in the accounts
of Canada as are required as a result of any
transaction authorized or required by this Act.
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CONSEQUENTIAL AMENDMENTS |
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| R.S., c. F-8
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Federal-Provincial Fiscal Arrangements Act |
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10. Schedule I of the Federal-Provincial
Fiscal Arrangements Act is amended by
striking out the following:
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VIA Rail Canada Inc. |
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| R.S., c. F-11
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Financial Administration Act |
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11. Part I of Schedule III of the Financial
Administration Act is amended by striking
out the following:
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VIA Rail Canada Inc. |
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| R.S., c. M-13;
2000, c. 8, s. 2
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Payments in Lieu of Taxes Act |
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12. Schedule III of the Payments in Lieu
of Taxes Act is amended by striking out the
following:
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VIA Rail Canada Inc. |
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COMING INTO FORCE |
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| Coming into
force
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13. This Act or any provision thereof shall
come into force on a day or days to be fixed
by order of the Governor in Council.
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