Acts and Regulations

2013, c.7 - Electricity Act

Section 36
Disposition versions

Full text
Activities requiring approval of the Lieutenant-Governor in Council
36(1)The Corporation shall not, without the approval of the Lieutenant-Governor in Council, do any of the following:
(a) borrow sums of money;
(b) issue notes, bonds, debentures or other securities;
(c) incorporate a subsidiary;
(d) designate, by resolution of the Corporation’s board of directors, a project company under subsection 37(1), or enter into an agreement with a project company under subsection 37(4);
(e) enter into partnerships or other similar arrangements for the sharing of profits with any other person;
(f) acquire or hold shares or other ownership interests in another entity;
(g) enter into, terminate or amend a shareholders’ agreement in respect of a subsidiary of the Corporation;
(h) elect the board of directors of a subsidiary of the Corporation;
(i) make, alter or revoke any by-laws of the Corporation; or
(j) guarantee the obligations of any other person.
36(2)Despite paragraph (1)(f), the Corporation may acquire and hold for cash management purposes shares or other ownership interests issued by another entity as long as the Corporation does not hold more than ten percent of the issued and outstanding voting shares or interests of that other entity.
36(3)Paragraph (1)(f) does not apply to the holding by the Corporation of shares in the Marketing Corporation.
36(4)Paragraph (1)(h) does not apply to the election of the board of directors of the Marketing Corporation.
36(5)Paragraph (1)(j) does not apply to the guaranteeing of any obligation of the Marketing Corporation.
36(6)Except in the ordinary course of business of the Corporation, the Corporation shall not, as part of a transaction or series of related transactions, purchase, lease or otherwise acquire, or sell, exchange, lease or otherwise dispose of, an asset or assets with a value greater than $50 million without the approval of the Lieutenant-Governor in Council.
36(7)A subsidiary of the Corporation shall not, without obtaining the approval of the Lieutenant-Governor in Council, carry on any activity that, if carried on by the Corporation directly, would require the approval of the Lieutenant-Governor in Council.
Activities requiring approval of the Lieutenant-Governor in Council
36(1)The Corporation shall not, without the approval of the Lieutenant-Governor in Council, do any of the following:
(a) borrow sums of money;
(b) issue notes, bonds, debentures or other securities;
(c) incorporate a subsidiary;
(d) designate, by resolution of the Corporation’s board of directors, a project company under subsection 37(1), or enter into an agreement with a project company under subsection 37(4);
(e) enter into partnerships or other similar arrangements for the sharing of profits with any other person;
(f) acquire or hold shares or other ownership interests in another entity;
(g) enter into, terminate or amend a shareholders’ agreement in respect of a subsidiary of the Corporation;
(h) elect the board of directors of a subsidiary of the Corporation;
(i) make, alter or revoke any by-laws of the Corporation; or
(j) guarantee the obligations of any other person.
36(2)Despite paragraph (1)(f), the Corporation may acquire and hold for cash management purposes shares or other ownership interests issued by another entity as long as the Corporation does not hold more than ten percent of the issued and outstanding voting shares or interests of that other entity.
36(3)Paragraph (1)(f) does not apply to the holding by the Corporation of shares in the Marketing Corporation.
36(4)Paragraph (1)(h) does not apply to the election of the board of directors of the Marketing Corporation.
36(5)Paragraph (1)(j) does not apply to the guaranteeing of any obligation of the Marketing Corporation.
36(6)Except in the ordinary course of business of the Corporation, the Corporation shall not, as part of a transaction or series of related transactions, purchase, lease or otherwise acquire, or sell, exchange, lease or otherwise dispose of, an asset or assets with a value greater than $50 million without the approval of the Lieutenant-Governor in Council.
36(7)A subsidiary of the Corporation shall not, without obtaining the approval of the Lieutenant-Governor in Council, carry on any activity that, if carried on by the Corporation directly, would require the approval of the Lieutenant-Governor in Council.