Cansteel Corporation Act

CHAPTER 57

OF THE

REVISED STATUTES, 1989

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An Act Respecting Cansteel Corporation

Short title

1 This Act may be cited as the Cansteel Corporation Act. R.S., c. 57, s. 1.

Interpretation

2 In this Act,

(a) "Board" means the Board of Directors of the Corporation;

(b) "Corporation" means Cansteel Corporation;

Constitution of Corporation

3 (1) A Corporation is hereby established to be called Cansteel Corporation, consisting of a Board of Directors comprised of such members not less than three in number as may from time to time be appointed by the Governor in Council.

Member of House of Assembly

(2) Any member of the House of Assembly, including a member of the Executive Council, may be appointed to and sit on the Board, and no person shall be rendered ineligible or disqualified from sitting or voting in the House of Assembly by reason of his being a member of the Board and receiving remuneration therefor or by reason of any dealing by the Corporation with the Province.

Remuneration of directors

(3) The members of the Board shall be paid, by the Corporation, such sum as the Governor in Council may determine, together with reasonable expenses. R.S., c. 57, s. 3.

Objects

4 The objects of the Corporation are to

(a) provide the organization for establishing a new steel complex in Cape Breton;

(b) obtain the information and perform or otherwise acquire the necessary feasibility and like studies for the establishment of such a steel complex;

(c) perform site location studies and acquire land and other assets, including immovable property, prerequisite to the establishment of such a steel complex;

(d) review and determine the best future role of Sydney Steel Corporation within such a steel complex and advise the Government on the inter-relations between such a steel complex and the modernization or expansion of the facilities of Sydney Steel Corporation;

(e) promote the concept of a new steel complex in Cape Breton and negotiate and obtain the participation of partners and investors in such a steel complex;

(f) working closely with governments, industry and the investment community, bring together the planning, participants, organization and capital required for a new steel complex in Cape Breton;

(g) at a time deemed appropriate by the Corporation, recommend to the Governor in Council that the Corporation be replaced by a public company under the same name, with head office in the County of Cape Breton, the principal object of which company shall be to carry on the business of manufacturing iron and steel. R.S., c. 57, s. 4.

Head office

5 The head office of the Corporation shall be such place within the Province as the Governor in Council may by Order from time to time determine. R.S., c. 57, s. 5.

Source of funds

6 The Minister of Finance may pay or advance to the Corporation from time to time as required by it amounts necessary for the attainment of its objects, and charge the same to Capital, Special Reserve Account, or the Revenue of the Province for any year or years. R.S., c. 57, s. 6.

Companies Act powers

7 Except as otherwise provided in this Act, the Corporation shall have all the powers of a company incorporated under the Companies Act. R.S., c. 57, s. 7.

Personnel

8 (1) The Corporation may employ such officers and employees and technical and professional advisers and consultants as it considers necessary for the proper conduct of its activities.

Remuneration of personnel

(2) The persons employed pursuant to subsection (1) shall be paid by the Corporation such remuneration as is fixed, agreed to or provided for by the Board and shall be employed on such terms and conditions as are fixed, agreed to or provided for by the Board. R.S., c. 57, s. 8.

By-laws

9 The Board may, with the approval of the Governor in Council, make by-laws

(a) respecting the calling of meetings of the Board;

(b) respecting the conduct of business at meetings of the Board and the establishment of committees thereof, the delegation of duties to such committees and the fixing of quorums for meetings of the Board and committees thereof;

(c) respecting the duties and conduct of the directors, officers and employees of the Corporation and the terms and conditions of employment of officers and employees of the Corporation;

(d) generally for the conduct and management of the affairs of the Corporation. R.S., c. 57, s. 9.

Annual report

10 (1) The Corporation shall, within two months after the termination of its financial year, present to the Minister a report, in such form as the Minister may direct, on the operations of the Corporation for that financial year, and the Minister shall cause the report to be laid before the House of Assembly within fifteen days after the receipt thereof or, if the House of Assembly is not then sitting, on any of the first fifteen days next thereafter that the House of Assembly is sitting.

Fiscal year

(2) The financial year of the Corporation shall coincide with that of the Province. R.S., c. 57, s. 10.

Fees

11 The fees payable pursuant to the rules of the House of Assembly and the fees payable to the Registrar under the Corporations Registration Act shall not be payable in respect of the Corporation. R.S., c. 57, s. 11.

Proceedings against the Crown Act

12 The Proceedings against the Crown Act shall apply to actions and proceedings against the Corporation. R.S., c. 57, s. 12.

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