An Act to amend the Air Canada Public Participation Act

Link to law: http://laws-lois.justice.gc.ca/eng/AnnualStatutes/2001_35/FullText.html

An Act to amend the Air Canada Public Participation Act

S.C. 2001, c. 35

Assented to 2001-12-18

An Act to amend the Air Canada Public Participation Act

SUMMARY

This enactment amends the Air Canada Public Participation Act to remove the individual shareholder ownership limit on the holding of voting shares of Air Canada by any one person or group of persons acting in concert.

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.S., c. 35 (4th Supp.) AIR CANADA PUBLIC PARTICIPATION ACT

Marginal note:2000, c. 15, s. 17(1)

1. (1) Paragraph 6(1)(a) of the Air Canada Public Participation Act is repealed.

Marginal note:1994, c. 24, par. 34(1)(a) (F)

(2) Subsection 6(2) of the Act is replaced by the following:

Marginal note:Enforcement of constraint provisions

(2) The regulations made pursuant to subsection 174(6) of the Canada Business Corporations Act apply, with any modifications that the circumstances require, in respect of the Corporation as if the constraints imposed pursuant to paragraph (1)(b) were a constraint referred to in paragraph 174(1)(a) of that Act.

(3) The portion of subsection 6(3) of the Act before paragraph (a) is replaced by the following:

Marginal note:Exceptions

(3) No provision imposing constraints pursuant to paragraph (1)(b) and no regulation referred to in subsection (2) apply in respect of voting shares of the Corporation that are held

(4) Subsections 6(4) and (5) of the Act are repealed.

TRANSITIONAL PROVISION

2. (1) Any provisions of the articles of the Corporation, as that corporation is defined in the Air Canada Public Participation Act, that impose constraints described in paragraph 6(1)(a) of that Act, and any provisions of the by-laws that give effect to those constraints, are, as of the day on which this Act comes into force, deemed to have no further force or effect.

(2) The articles of the Corporation may be restated under section 180 of the Canada Business Corporations Act as if they had been amended in accordance with subsection (1).

COMING INTO FORCE

Marginal note:Coming into force

3. This Act comes into force on a day to be fixed by order of the Governor in Council made on the recommendation of the Minister of Transport.
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