Marginal note:Deemed approval
10.1 (1) The proposed acquisition described in a letter dated December 21, 1999 from 853350 Alberta Ltd. and Air Canada to the Minister of Transport is deemed to be a transaction that has been approved by the Governor in Council under subsection 53.2(7) of the Canada Transportation Act on the day on which that subsection comes into force.
Marginal note:Deemed terms and conditions
(2) The undertakings provided by 853350 Alberta Ltd. and Air Canada to the Minister of Transport in the letter referred to in subsection (1) are deemed to be terms and conditions specified in an approval by the Governor in Council under subsection 53.2(7) of the Canada Transportation Act that relate to national transportation concerns, and the undertakings provided by 853350 Alberta Ltd. and Air Canada to the Commissioner of Competition that are set out in Annex A to a letter from the Commissioner dated December 21, 1999 in respect of the acquisition referred to in that subsection are deemed to be terms and conditions of an approval under subsection 53.2(7) of the Canada Transportation Act that relate to potential prevention or lessening of competition.
Marginal note:Deemed affiliates
(3) For the purposes of sections 45 and 61 of the Competition Act, Canadian Airlines Corporation, Canadian Airlines International Ltd. and Canadian Regional Airlines Ltd. are deemed to be affiliates of Air Canada in respect of any thing they do after December 21, 1999 and before the earlier of the coming into force of this subsection and the day on which the undertakings referred to in subsection (2) cease to have effect.
Marginal note:If undertakings cease to have effect
(4) The Governor in Council may, by order, declare that 853350 Alberta Ltd. and Air Canada are not subject to the terms and conditions referred to in subsection (2) if the undertakings cease to have effect and are not revived in the circumstances described in
(a) the paragraph entitled “Effective Date” in the letter referred to in subsection (1); and
(b) undertaking #15, set out in Annex A referred to in subsection (2).
Marginal note:Revocation of deemed approval
(5) If the Governor in Council makes an order under subsection (4), the deemed approval under subsection (1) is revoked and any certification under paragraph 94(c) of the Competition Act in respect of the acquisition referred to in that paragraph ceases to have effect.
- 2000, c. 15, s. 19;
- 2007, c. 19, s. 59.
TRANSITIONAL, CONSEQUENTIAL, REPEAL AND COMING INTO FORCE PROVISIONS
Marginal note:Continuation in office
11. (1) Subject to subsection (2), the members of the Board of Directors of the Corporation who were appointed pursuant to the Air Canada Act and held office immediately prior to the day on which the Corporation becomes a corporation to which the Canada Business Corporations Act applies continue to hold office according to the terms of their appointment.
Marginal note:Directors cease to hold office
(2) The members of the Board of Directors of the Corporation cease to hold office at the close of the first annual meeting of shareholders of the Corporation held after the issuance date, which meeting shall be held not later than six months following the end of the Corporation’s financial year in which that date falls.
Marginal note:No right to compensation
(3) No person has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or any servant or agent thereof for ceasing to hold office pursuant to, or for the abolition of that office by, this Act.
Definition of “issuance date”
(4) In this section and section 12, “issuance date” means the date on which shares of the Corporation are first issued after the coming into force of those sections to any person, other than the Minister.
- R.S., 1985, c. 35 (4th Supp.), s. 11;
- 1994, c. 24, s. 34(F).
- Date modified: