Petro-Canada Public Participation Act (S.C. 1991, c. 10)

Marginal note:Restriction on amendment

10 Petro-Canada and its shareholders and directors shall not

• (a) make any articles or by-laws inconsistent with this Act or the provisions included in its articles of amendment pursuant to subsection 9(1); or

• (b) apply for continuance of Petro-Canada in another jurisdiction.

Financial Arrangements

Marginal note:Discharge

11 The Minister of Finance, on behalf of Her Majesty in right of Canada, may

• (a) enter into an agreement or other arrangement with Petro-Canada Limited, Petro-Canada or any other person respecting the service or discharge of any debt or obligation incurred by Petro-Canada Limited; and

• (b) pay out of the Consolidated Revenue Fund such amounts as are necessary to service or discharge any such debt or obligation.

Marginal note:Adjustment of accounts of Canada

12 The Minister, after consultation with the President of the Treasury Board, shall cause such adjustments to be made in the accounts of Canada as are required as a result of any transaction authorized or required by this Act.

Petro-Canada International Assistance Corporation

Marginal note:Transfer of shares

• 13 (1) Petro-Canada Limited is hereby authorized to transfer, and on the direction of the Governor in Council shall transfer, all the shares of Petro-Canada International Assistance Corporation held by Petro-Canada Limited to such member of the Queen’s Privy Council for Canada as the Governor in Council may designate as the Minister for the purposes of this section.

• Marginal note:Dealing with shares

  (2) The Minister designated pursuant to subsection (1) is hereby authorized to

  • (a) acquire, hold, dispose of and otherwise deal with shares and debt obligations of, and security interests in, Petro-Canada International Assistance Corporation; and

  • (b) enter into any agreement or arrangement necessary for or incidental to any activity referred to in paragraph (a).

• Marginal note:Registration of shares

  (3) The shares transferred pursuant to subsection (1) shall be registered in the name of the designated Minister in the books of Petro-Canada International Assistance Corporation and shall be held by that Minister in trust for Her Majesty in right of Canada.

• Marginal note:Provision not applicable

  (4) Section 91 of the Financial Administration Act does not apply in respect of the transfer of shares pursuant to subsection (1).

• Marginal note:Procurement of dissolution

  (5) The Minister designated pursuant to subsection (1) is hereby authorized to procure, with the approval of the Governor in Council, the dissolution of Petro-Canada International Assistance Corporation and, for that purpose, may do and perform all acts and things necessary for or incidental to that dissolution.

Dissolution of Petro-Canada Limited

Marginal note:Dissolution of Petro-Canada Limited

• 14 (1) Petro-Canada Limited is hereby dissolved.

• Marginal note:Ministerial powers

  (2) The Minister of Natural Resources may do and perform all acts and things necessary for or incidental to the dissolution of Petro-Canada Limited.

15 [Repeal]

Transitional, Consequential and Coming into Force Provisions

Transitional

Marginal note:Definition of issuance date

• 16 (1) In this section, issuance date means the date on which shares of Petro-Canada are first issued after the coming into force of section 7 to any person, other than the Minister.

• Marginal note:Appointment

  (2) Before the issuance date, the Minister may, with the approval of the Governor in Council, appoint the chairperson, chief executive officer and other directors of Petro-Canada to hold office during pleasure for a term not exceeding one year.

• Marginal note:Re-appointment

  (3) A director of Petro-Canada, including a director holding office on the coming into force of this section, is eligible for re-appointment under subsection (2) to the board of directors in the same or another capacity.

• Marginal note:Termination of office

  (4) The directors of Petro-Canada holding office on the coming into force of this section cease to hold office when the directors first appointed under subsection (2) take office, unless re-appointed under that subsection.

• Marginal note:Idem

  (5) Notwithstanding subsection (2), the term of office of a director who holds office on the issuance date ends at the close of the first annual meeting of shareholders of Petro-Canada held after that date, which meeting shall be held not later than six months after the end of Petro-Canada’s financial year in which that date falls.

• Marginal note:Inconsistency

  (6) In the event of any inconsistency between this section and the Financial Administration Act, this section prevails to the extent of the inconsistency.

• Marginal note:Presumption

  (7) In the period between the issuance date and the first annual meeting of shareholders of Petro-Canada held thereafter, Petro-Canada shall be deemed not to be a parent Crown corporation within the meaning and for the purposes of the Financial Administration Act.

Marginal note:Pension rights

• 17 (1) In the manner and to the extent provided by the regulations made under subsection (3), the Public Service Superannuation Act, the Supplementary Retirement Benefits Act and the regulations made under those Acts apply to any person who meets all of the following criteria:

  • (a) the person, on the coming into force of section 5, was employed by Petro-Canada Limited and was a contributor under the Public Service Superannuation Act and, immediately before the coming into force of this section, was employed by that corporation or Petro-Canada;

  • (b) the President of the Treasury Board has not made a payment to Petro-Canada Limited pursuant to section 40 of the Public Service Superannuation Act in respect of the pensionable service to that person’s credit under that Act immediately before the coming into force of this section;

  • (c) the person has not received or opted to receive any annuity or other benefit under section 12 or 13 of the Public Service Superannuation Act in respect of the pensionable service to that person’s credit under that Act immediately before the coming into force of this section; and

  • (d) the person elects, within one year after the coming into force of this section and in such form and manner as the President of the Treasury Board may direct, to have the Public Service Superannuation Act, the Supplementary Retirement Benefits Act and the regulations made under those Acts apply to the person in the manner and to the extent provided by the regulations made under subsection (3).

• Marginal note:Election irrevocable

  (2) An election referred to in paragraph (1)(d) is irrevocable.

• Marginal note:Regulations

  (3) The Governor in Council may, on the recommendation of the President of the Treasury Board, make regulations

  • (a) respecting the manner in which and the extent to which provisions, as amended, of the Acts and regulations referred to in subsection (1) apply to persons who make an election under paragraph (1)(d);

  • (b) adapting provisions of those Acts and regulations for the purposes of this section; and

  • (c) generally for carrying out the purposes and provisions of this section.

• Marginal note:Retroactive application of regulations

  (4) Regulations made under subsection (3) may, if they so provide, be retroactive and have effect with respect to any period before they were made.

Consequential

18 [Amendments]

• 19 (1) [Amendment]

• Marginal note:Idem

  (2) A reference to “Petro-Canada” in any regulation, order, rule, contract, instrument or document shall, unless the context otherwise requires, be read as a reference to “Petro-Canada Limited” in the English version and “Petro-Canada Limitée” in the French version.

20 [Amendments]

Coming into Force

Marginal note:Coming into force

• Footnote ^*21 (1) Subject to subsection (2), subsection 14(1) and sections 15, 17 and 20 shall come into force on a day or days to be fixed by order of the Governor in Council, made on the recommendation of the Minister of Natural Resources.

• Marginal note:Idem

  (2) Subsection 18(1), section 20 in relation to item 4 of the schedule and item 4 of the schedule shall come into force on a day or days to be fixed by order of the Governor in Council.

  • Return to footnote ^*[Note: Section 17 in force November 29, 1991, see SI/91-162; subsection 14(1), section 15 and section 20 in relation to all items of the schedule other than item 4 in force February 5, 2001, see SI/2001-17; subsection 18(1), section 20 in relation to item 4 of the schedule and item 4 of the schedule repealed before coming into force, see 2008, c. 20, s. 3.]