1st Session, 57th General Assembly
47 Elizabeth II, 1998
George G. Archibald
First Reading: June 22, 1998
Second Reading: June 23, 1998
Third Reading: June 26, 1998 (WITH COMMITTEE AMENDMENT)
Royal Assent: June 29, 1998
Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Town of Kentville and Kentville Electric Commission Sale of Assets Act.
2 In this Act,
(a) "Agreement" means the Agreement dated September 9, 1997, between the Town and Nova Scotia Power for the sale and transfer of certain assets of the Town and the Electric Commission to Nova Scotia Power;
(b) "assets" means all the property, assets and undertaking to be conveyed to Nova Scotia Power pursuant to the Agreement;
(c) "Electric Commission" means the Kentville Electric Commission, incorporated by Chapter 98 of the Acts of 1919;
(d) "Nova Scotia Power" means Nova Scotia Power Incorporated;
(e) "Special Perpetual Reserve Fund" means the fund established pursuant to Section 4;
(f) "special reserve fund" means the special reserve fund established pursuant to the Municipal Affairs Act;
(g) "Town" means the Town of Kentville.
3 Effective upon the conveyance by the Town of its interest in the assets pursuant to the Agreement, all the right, title and interest of the Town and the Electric Commission in the assets immediately prior to the conveyance is vested in Nova Scotia Power.
4 The Town shall establish a Special Perpetual Reserve Fund.
5 (1) Notwithstanding the Municipal Affairs Act, the Town shall, from the monies received pursuant to the Agreement,
(a) first, provide for and pay any outstanding debts and liabilities of the Electric Commission, except debenture debt, and provide for and pay any liabilities of the Town respecting the disposition of the assets;
(b) second, pay or credit the sum of ten million dollars to the Special Perpetual Reserve Fund;
(c) third, pay or credit the remainder to the capital-reserve section of its special reserve fund.
(2) Notwithstanding the Municipal Affairs Act, no money shall be withdrawn from the Special Perpetual Reserve Fund except pursuant to subsection (3).
(3) Notwithstanding the Municipal Affairs Act, the income arising from the money paid or credited to the Special Perpetual Reserve Fund pursuant to clause (1)(b) shall be applied first to the payment of the principal and interest on any debenture debt incurred with respect to the Electric Commission and the remainder, if any, to the general purposes of the Town.
(4) Notwithstanding the Municipal Affairs Act, the income arising from the money paid or credited to the special reserve fund pursuant to clause (1)(c) shall be paid to the Town for its general purposes.
6 (1) All the right, title and interest that the Electric Commission had, immediately prior to the coming into force of this Act, in real and personal property other than the assets, is vested in the Town.
(2) All the liabilities and obligations of the Electric Commission immediately prior to the coming into force of this Act are the liabilities and obligations of the Town.
7 (1) The Electric Commission is dissolved.
(2) Chapter 149 of the Acts of 1891, An Act to Incorporate the Kentville Electric Light and Power Company, Limited, is repealed.
(3) Chapter 109 of the Acts of 1918, An Act to Enable the Town of Kentville to Borrow Money for Electric Light Purposes, is repealed.
(4) Chapter 98 of the Acts of 1919, An Act Constituting an Electric Light and Power Commission for the Town of Kentville, is repealed.
8 (1) A copy of this Act certified, or purporting to be certified, to be a true copy by the Clerk of the House of Assembly or by the Legislative Counsel may be registered in any registry of deeds without further proof.
(2) Nothing herein contained means that the Clerk of the House of Assembly or the Legislative Counsel, or the Clerk of the Executive Council is required to register a copy of this Act in any registry of deeds.