Acts and Regulations

2013, c.7 - Electricity Act

Full text
Effect of amalgamation
Repealed: 2021, c.42, s.6
2021, c.42, s.6
4Repealed: 2021, c.42, s.7
2021, c.42, s.7
Effect of amalgamation
4On the commencement of subsection 3(1),
(a) the shares of the amalgamating corporations with share capital, other than the Class A common share of the New Brunswick Power Holding Corporation, are cancelled without any repayment of capital in respect of those shares,
(b) the Class A common share of the New Brunswick Power Holding Corporation held by the Crown, as represented by the Minister, is changed into one common share in the capital of the Corporation,
(c) the property of each amalgamating corporation continues to be the property of the Corporation,
(d) the Corporation continues to be liable for the obligations of each amalgamating corporation,
(e) subject to paragraph (f), an existing cause of action, claim or liability to prosecution by or against an amalgamating corporation is unaffected,
(f) a civil, criminal or administrative action or proceeding pending by or against an amalgamating corporation may continue to be prosecuted by or against the Corporation,
(g) a conviction against, or ruling, order or judgment in favour of or against an amalgamating corporation may be enforced by or against the Corporation, and
(h) in any document it is sufficient to cite this Act as effecting the amalgamation of the amalgamating corporations.
Effect of amalgamation
4On the commencement of subsection 3(1),
(a) the shares of the amalgamating corporations with share capital, other than the Class A common share of the New Brunswick Power Holding Corporation, are cancelled without any repayment of capital in respect of those shares,
(b) the Class A common share of the New Brunswick Power Holding Corporation held by the Crown, as represented by the Minister, is changed into one common share in the capital of the Corporation,
(c) the property of each amalgamating corporation continues to be the property of the Corporation,
(d) the Corporation continues to be liable for the obligations of each amalgamating corporation,
(e) subject to paragraph (f), an existing cause of action, claim or liability to prosecution by or against an amalgamating corporation is unaffected,
(f) a civil, criminal or administrative action or proceeding pending by or against an amalgamating corporation may continue to be prosecuted by or against the Corporation,
(g) a conviction against, or ruling, order or judgment in favour of or against an amalgamating corporation may be enforced by or against the Corporation, and
(h) in any document it is sufficient to cite this Act as effecting the amalgamation of the amalgamating corporations.