Acts and Regulations

2013, c.7 - Electricity Act

Section 53
Disposition versions

Full text
Transfer and vesting
53(1)Subject to subsections (2) and (3), on the commencement of this section,
(a) the property of the Marketing Corporation is transferred to and becomes vested in the Corporation, and
(b) the claims, rights, liabilities, obligations and privileges of the Marketing Corporation are transferred to and become vested in the Corporation.
53(2)Paragraph (1)(a) does not apply to any property or any class of property prescribed by order of the Lieutenant-Governor in Council made within 30 days after the commencement of this section.
53(3)Paragraph (1)(b) does not apply to any claims, rights, liabilities, obligations and privileges or class of them prescribed by order of the Lieutenant-Governor in Council made within 30 days after the commencement of this section.
53(4)An order made under subsection (2) or (3) shall be retroactive to the date of the commencement of this section.
53(5)The Regulations Act does not apply to an order made under subsection (2) or (3).
53(6)The Minister shall, within 90 days after an order is made under subsection (2) or (3), publish the order in The Royal Gazette.
53(7)Failure to comply with subsection (6) does not affect the validity of an order made under subsection (2) or (3).
Transfer and vesting
53(1)Subject to subsections (2) and (3), on the commencement of this section,
(a) the property of the Marketing Corporation is transferred to and becomes vested in the Corporation, and
(b) the claims, rights, liabilities, obligations and privileges of the Marketing Corporation are transferred to and become vested in the Corporation.
53(2)Paragraph (1)(a) does not apply to any property or any class of property prescribed by order of the Lieutenant-Governor in Council made within 30 days after the commencement of this section.
53(3)Paragraph (1)(b) does not apply to any claims, rights, liabilities, obligations and privileges or class of them prescribed by order of the Lieutenant-Governor in Council made within 30 days after the commencement of this section.
53(4)An order made under subsection (2) or (3) shall be retroactive to the date of the commencement of this section.
53(5)The Regulations Act does not apply to an order made under subsection (2) or (3).
53(6)The Minister shall, within 90 days after an order is made under subsection (2) or (3), publish the order in The Royal Gazette.
53(7)Failure to comply with subsection (6) does not affect the validity of an order made under subsection (2) or (3).