Jobs and Economic Growth Act — J-0.7 2141
Authority 2141 (1) AECL, a corporation referred to in paragraph 2140 (1)(a), any other entity referred to in paragraph 2140 (1)(b) or any one of their wholly-owned subsidiaries or wholly-owned entities may, with the approval of the Governor in Council and on any terms that the Governor in Council considers appropriate, (a) sell or otherwise dispose of some or all of its assets; (b) sell or otherwise dispose of some or all of its liabilities; (c) issue securities and sell or otherwise dispose of some or all of those securities; (d) reorganize its capital structure; (e) acquire assets of a corporation or any other entity; (f) procure an addition to, or other material change in, the objects or purposes for which it is incorporated or formed or the restrictions on the businesses or activities that it may carry on, as set out in its articles or constituting documents; (g) procure the incorporation of a corporation, securities of which, on incorporation, would be held by, on behalf of or in trust for, the entity that procures the incorporation; (h) procure the formation of any other entity, securities of which, on formation, would be held by, on behalf of or in trust for, the entity that procures the formation; (i) acquire securities of a corporation or any other entity that, on acquisition, would be held by, on behalf of or in trust for, the entity that acquires the securities; (j) sell or otherwise dispose of some or all of the securities of a corporation or any other entity that are held by, on behalf of or in trust for, the entity that sells or otherwise disposes of the securities; (k) procure its amalgamation or the amalgamation of any of its wholly-owned subsidiaries; (l) procure its dissolution or the dissolution of any of its wholly-owned subsidiaries; or (m) do anything that is necessary for, or incidental to, a measure approved under paragraphs (a) to (l). Additional powers (2) The Governor in Council may, on the recommendation of the Minister and on any terms that the Governor in Council considers appropriate, direct AECL, a corporation referred to in paragraph 2140 (1)(a) or any other entity referred to in paragraph 2140 (1)(b) to take, or cause any of its wholly-owned subsidiaries or wholly-owned entities to take, a measure referred to in subsection (1). Limitation (3) The Governor in Council may not issue a directive to AECL, a corporation referred to in paragraph 2140 (1)(a) or any other entity referred to in paragraph 2140 (1)(b) (a) after any of its securities are sold or otherwise disposed of; or (b) with respect to any of its wholly-owned subsidiaries or wholly-owned entities, after the wholly-owned subsidiaries or wholly-owned entities’ securities are sold or otherwise disposed of. Compliance with directive (4) The directors of AECL or of the corporation, or persons acting in a similar capacity with respect to the entity, must comply with a directive issued by the Governor in Council. That compliance is in the best interests of AECL, the corporation or the entity, as the case may be, to whom the directive is issued. Notification of implementation (5) As soon as is feasible after implementing a directive and completing any actions that are required to be taken in connection with that implementation, AECL, the corporation or the entity must notify the Minister that it has done so.