Power Finance Corporation Act

Short title

1 This Act may be cited as the Nova Scotia Power Finance Corporation Act. 1992, c. 8, s. 31.

Interpretation

2 In this Act,

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

(b) "Chair" means the Chair of the Board;

(c) "Corporation" means the Nova Scotia Power Finance Corporation;

(d) "Director" means a Director of the Corporation;

(e) "President" means the President of the Corporation. 1992, c. 8, s. 31.

3 repealed 1992, c. 8, s. 31.

PART I

Commission continued under new name

4 (1) The Corporation shall continue as a body corporate and as agent of Her Majesty in right of the Province under the name of the Nova Scotia Power Finance Corporation and shall consist of a Board of Directors comprised of a Chairman, President and not more than twelve other Directors.

Appointment and term of office

(2) The Chairman, President and other Directors shall be appointed by the Governor in Council each to hold office for such term as specified in the appointment.

Eligibility of member of House of Assembly

(3) 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.

Responsibility of President

(4) The President, subject to the control and direction of the Board, shall have charge of the conduct of the business of the Corporation. R.S., c. 351, s. 4; 1992, c. 8, s. 31.

Personnel

5 (1) The Corporation may appoint or employ such officers, employees, advisers and consultants as it considers necessary and may determine their remuneration and other terms and conditions of employment.

Public Service Superannuation Act

(2) For all purposes of the Public Service Superannuation Act every person employed by the Corporation otherwise than temporarily shall be deemed to be a person employed in the public service of the Province and service in the employment of the Corporation shall be deemed to be public service.

Deduction from salary

(3) The Corporation shall deduct monthly from the salary of every employee thereof such amount as is directed by the Governor in Council to be deducted from the salary of every employee in the public service of the Province and shall pay over the same to the Minister of Finance, which amounts when so received shall be paid into and form part of the Superannuation Fund under the Public Service Superannuation Act.

Contribution by employer

(4) Where by the Public Service Superannuation Act any payment is directed to be made into the Superannuation Fund by the Government or by the Minister of Finance or where by such Act any superannuation allowance or other sum is directed to be paid out of the Consolidated Fund of the Province, then in respect of any employee of the Corporation such payment, superannuation allowance or other sum shall be defrayed by the Corporation and shall form part of the annual expenses of the Corporation.

Interpretation of Section

(5) In this Section, "person employed by the Corporation" does not include a member of the Board unless he is also an employee of the Corporation. R.S., c. 351, s. 5.

Object of Corporation

6 The object of the Corporation is to ensure that the guaranteed debt of the former Nova Scotia Power Corporation is discharged in an orderly and timely manner. 1992, c. 8, s. 31.

Powers of Corporation

7 The Corporation may

(a) purchase, redeem or pay off any notes, bonds, debentures or securities of the former Nova Scotia Power Corporation;

(b) enter into agreements that are conducive to its object including agreements with any government or authority;

(c) sell, improve, manage, exchange, lease, dispose of or otherwise deal with the property and rights of the Corporation;

(d) draw, make, accept, endorse, execute and issue promissory notes, bills of exchange and any other negotiable or transferable instrument;

(e) do all or any of the above things as principal, agent, contractor or otherwise;

(f) do all other things as are incidental or conducive to the attainment of the object and the exercise of the powers of the Corporation. 1992, c. 8, s. 31.

8 (1) repealed 1992, c. 8, s. 31.

Borrowing powers

(2) The Corporation may from time to time borrow money on the credit of the Corporation in or out of Canada and, with the approval of the Governor in Council, may

(a) issue bonds, debentures or other securities of the Corporation and pledge or sell the same;

(b) secure any borrowing or liability of the Corporation by mortgage, charge or pledge of all or any currently owned or subsequently acquired property of the Corporation or its undertaking and rights.

Loan or guarantee by Governor in Council

(3) The Governor in Council may from time to time

(a) lend money to the Corporation and borrow money for such purpose;

(b) guarantee the repayment by the Corporation of the principal, interest and premium of any bonds, debentures or other securities issued by the Corporation or repayment by the Corporation of any other indebtedness incurred by it or repayment of any indebtedness of a company subsidiary to the Corporation. R.S., c. 351, s. 8.

9 repealed 1992, c. 8, s. 31.

Powers of Board

10 The Board may, on behalf of the Corporation, exercise all powers of the Corporation and administer and manage the business of the Corporation and, without restricting the generality of the foregoing, may 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) fixing the remuneration and expenses to be paid to Directors for attendance at meetings of the Board or any committee thereof, and the expenses to be paid to Directors, provided that no by-law made under this clause shall have any effect until it has been approved by the Governor in Council;

(d) respecting the duties and conduct of the Directors, officers and employees of the Corporation and the remuneration and terms and conditions of employment of officers and employees of the Corporation;

(e) generally for the conduct and management of the affairs of the Corporation. R.S., c. 351, s. 10.

11 repealed 1992, c. 8, s. 31.

Fiscal year

12 (1) The fiscal year of the Corporation shall continue to be the period beginning on the first day of April and ending on the thirty-first day of March of the following year.

Annual report

(2) The Corporation shall, before the first day of August in each year, make an annual report to the Minister of Finance containing clear and comprehensive statements disclosing the activities of the Corporation in the preceding fiscal year. R.S., c. 351, s. 12; 1992, c. 8, s. 31.

13 repealed 1992, c. 8, s. 31.

14 repealed 1992, c. 8, s. 31.

15 repealed 1992, c. 8, s. 31.

16 repealed 1992, c. 8, s. 31.

17 repealed 1992, c. 8, s. 31.

18 repealed 1992, c. 8, s. 31.

19 repealed 1992, c. 8, s. 31.

20 repealed 1992, c. 8, s. 31.

21 repealed 1992, c. 8, s. 31.

22 repealed 1992, c. 8, s. 31.

23 repealed 1992, c. 8, s. 31.

24 repealed 1992, c. 8, s. 31.

25 repealed 1992, c. 8, s. 31.

26 repealed 1992, c. 8, s. 31.

27 repealed 1992, c. 8, s. 31.

28 repealed 1992, c. 8, s. 31.

29 repealed 1992, c. 8, s. 31.

30 repealed 1992, c. 8, s. 31.

31 repealed 1992, c. 8, s. 31.

32 repealed 1992, c. 8, s. 31.

33 repealed 1992, c. 8, s. 31.

34 repealed 1992, c. 8, s. 31.

35 repealed 1992, c. 8, s. 31.

36 repealed 1992, c. 8, s. 31.

37 repealed 1992, c. 8, s. 31.