Acts and Regulations

2016, c.105 - New Brunswick Liquor Corporation Act

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Subsidiaries of the Corporation
2018, c.5, s.4
4.1(1)A subsidiary of the Corporation is an agent of the Crown in right of the Province for the purposes for which the subsidiary is established as a body corporate.
4.1(2)A subsidiary is a separate employer within the meaning of the Public Service Labour Relations Act in the same manner as the Corporation.
4.1(3)A subsidiary 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.
4.1(4)Subject to this Act, a subsidiary may make by-laws for the control and management of its business and affairs.
4.1(5)A by-law made by a subsidiary is ineffective until it has been approved by the Corporation and the Lieutenant-Governor in Council.
4.1(6)The authorized capital of a subsidiary shall consist of an unlimited number of common shares without nominal or par value.
4.1(7)The Corporation shall not, without obtaining the approval of the Lieutenant-Governor in Council, hold or transfer the shares of a subsidiary of the Corporation.
4.1(8)A subsidiary of the Corporation shall present financial statements to the Corporation for the purposes of audit, and any further information respecting the financial position of the subsidiary and the results of its operations required by the articles, the by-laws or any unanimous shareholder agreement.
2018, c.5, s.4