44 (1) The Cape Breton Development Corporation Act and sections 27 to 43 of this Part shall be construed as if the Industrial Development Division of the Cape Breton Development Corporation were a separate corporation, in this section referred to as the “continued corporation”, continued as the Enterprise Cape Breton Corporation, in this section referred to as the “new corporation”, established by section 27 of this Part.
Directors and officers
(2) For the purposes of this section, the members of the Board of Directors of the continued corporation shall be deemed to have resigned immediately before the corporation was continued, and the President of the Cape Breton Development Corporation shall be deemed not to have been an officer or director of the continued corporation.
By-laws
(3) The by-laws of the Cape Breton Development Corporation that are in force on the coming into force of this section shall, to the extent they are applicable, be deemed to have been the by-laws of the continued corporation but those by-laws shall cease to have effect as the by-laws of the new corporation sixty days after the coming into force of this section.
Directions
(4) The President of the Treasury Board, the Minister and the minister responsible for Cape Breton Development Corporation may, by order, give such directions as they deem necessary to give effect to the intent of this section, and any such directions have the force of law.
Transfer of property
(5) For greater certainty, the administration and control of all property that, on the coming into force of this section, is held by or leased to the Cape Breton Development Corporation for the use or benefit of the continued corporation are transferred to the new corporation.
Certain provisions not to apply
(6) Sections 90, 91 and 99 of the Financial Administration Act do not apply in respect of any transfer of assets, including shares, from the Cape Breton Development Corporation to the new corporation under or pursuant to this Part, and section 91 of that Act does not apply in respect of any acquisition by the new corporation of those assets.
