BILL NO. 87
1st Session, 57th General Assembly
Nova Scotia
47 Elizabeth II, 1998
Nova Scotia Power Reorganization (1998) Act
CHAPTER 19 OF THE ACTS OF 1998
The Honourable Donald R. Downe
Minister of Finance
First Reading: November 23, 1998
Second Reading: November 23, 1998
Third Reading: November 26, 1998 (NO AMENDMENTS)
Royal Assent: December 3, 1998
An Act to Permit the Corporate
Reorganization of
Nova Scotia Power Incorporated
Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Nova Scotia Power Reorganization (1998) Act.
2 In this Act, "NS Power Holdings" means NS Power Holdings Incorporated, a body corporate incorporated pursuant to the Companies Act on July 23, 1998.
3 (1) The Companies Act applies to NS Power Holdings as a company limited by shares except as provided otherwise by this Act.
(2) Where there is a conflict between the Companies Act and this Act or the provisions required to be included in the memorandum of association or the articles of association of NS Power Holdings pursuant to this Act, this Act and those provisions prevail.
4 (1) Notwithstanding the Nova Scotia Power Privatization Act, NS Power Holdings may acquire and hold all of the shares of Nova Scotia Power Incorporated in order to complete an arrangement under Section 130 of the Companies Act.
(2) Notwithstanding any enactment, NS Power Holdings is not a public utility within the meaning of the Public Utilities Act by virtue solely of its control of a person or entity that is a public utility within the meaning of that Act.
5 (1) The memorandum of association and the articles of association for NS Power Holdings shall contain provisions identical to those described in clauses 8(1)(b), (c), (d), (f), (g), (i), (k), (l) and (m) of the Nova Scotia Power Privatization Act, with the necessary modifications.
(2) Subsections 8(2), (3), (5), (6), (7) and (8) of the Nova Scotia Power Privatization Act apply mutatis mutandis to NS Power Holdings.
(3) No provision imposing constraints on the issue, transfer and ownership of voting shares of NS Power Holdings applies in respect of such voting shares that are held by any person who provides centralized facilities for the clearing of trades in securities and is acting in relation to trades in the shares solely as an intermediary in the payment of funds or the delivery of securities, or both.
6 NS Power Holdings and its shareholders and directors shall not amend the memorandum of association or the articles of association of NS Power Holdings in a manner inconsistent with the Nova Scotia Power Privatization Act or the provisions that must be included in NS Power Holdings' memorandum of association or articles of association pursuant to this Act.
7 Subsection 8(4) of Chapter 8 of the Acts of 1992, the Nova Scotia Power Privatization Act, is amended by adding immediately after clause (a) the following clause:
- (aa) NS Power Holdings Incorporated;
8 Section 172(a) of the articles of association of Nova Scotia Power Incorporated are amended by adding "or NS Power Holdings Incorporated" immediately after "Minister" in the fifth line.
9 This Act has effect on and after December 1, 1998.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 1999 Crown in right of Nova Scotia. Updated April 21, 1999. Send comments to legc.office@gov.ns.ca.
