Statutes of Newfoundland and Labrador 2024 Chapter H-18

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

1. This Act may be cited as the Hydro Corporation Act, 2024.

Interpretation

2. (1) In this Act

(a) "amalgamating corporations" means the Newfoundland and Labrador Hydro-Electric Corporation that was continued under the Hydro Corporation Act, 2007 and Nalcor Energy that was established under the Energy Corporation Act;

(b) "annual report" means, except where the context indicates otherwise, a report required under subsection 27(1);

(d) "chairperson" means the chairperson of the board;

(e) "commercially sensitive information" means information of the corporation or a subsidiary, or of a third party provided to the corporation or the subsidiary by the third party, that relates to the exploration for, development, production, refining, marketing and transportation of hydrocarbons and products from hydrocarbons, and includes

(i) scientific or technical information, including trade secrets, industrial secrets, technological processes, technical solutions, manufacturing processes, operating processes and logistics methods,

(ii) strategic business planning information,

(iii) financial or commercial information, including financial statements, details respecting revenues, costs and commercial agreements and arrangements respecting individual business activities, investments, operations or projects and from which such information may reasonably be derived,

(iv) information respecting positions, plans, procedures, criteria or instructions developed for the purpose of contractual or other negotiations by or on behalf of the corporation, a subsidiary or a third party, or considerations that relate to those negotiations, whether the negotiations are continuing or have been concluded or terminated,

(v) financial, commercial, scientific or technical information of a third party provided to the corporation or a subsidiary in confidence,

(vi) information respecting legal arrangements or agreements, including copies of the agreement or arrangements, which relate to the nature or structure of partnerships, joint ventures, or other joint business investments or activities,

(vii) economic and financial models used for strategic decision making, including the information used as inputs into those models, and

(viii) commercial information of a kind similar to that referred to in subparagraphs (i) to (vii),

but does not include information relating to an independent contractor's

(ix) name,

(x) position or function with the corporation or a subsidiary,

(xi) remuneration, and

(xii) payments received from the corporation or a subsidiary;

(f) "corporation" means the Newfoundland and Labrador Hydro-Electric Corporation amalgamated and continued under section 3;

(g) "director" means a director of the board;

(h) "independent contractor" means a person retained under a contract to perform services for the corporation or a subsidiary;

(i) "land" means real property of every kind, and includes tenements, hereditaments, and appurtenances, leaseholds, and an estate, term, easement, right or interest in, to, over, under or affecting land, including rights-of-way, and waters, water rights, water powers and water privileges;

(j) "minister" means the minister appointed under the Executive Council Act to administer this Act;

(k) "Muskrat Falls Project" means a project by the corporation, a subsidiary and Emera Inc., whether individually or by any combination of them, for

(i) the design, engineering, planning, construction, commissioning, ownership, operation, maintenance, management and control of equipment and facilities, comprised of

(A) the hydroelectric plant constructed at Muskrat Falls on the Churchill River, and all associated facilities, including the intake structures, penstock, powerhouse, dams and spillways,

(B) a HVdc transmission line and all related components constructed between the Muskrat Falls hydroelectric plant on the Churchill River and Soldier's Pond, including

(I) foundations, underground services, subsea services, roads, buildings, erections and structures, whether temporary or permanent,

(II) all other facilities, fixtures, appurtenances and tangible personal property, including inventories, of any nature whatsoever contained on or attaching to the transmission line, and

(III) all mechanical, electrical and other systems and other technology installed under or upon anything referred to in subclause (I) or (II),

(C) transmission facilities constructed between the Muskrat Falls hydroelectric plant on the Churchill River and the generating plant located at Churchill Falls,

(D) transmission facilities constructed by Emera Inc. between the island portion of the province and Cape Breton, Nova Scotia including

(I) foundations, underground services, subsea services, roads, buildings, erections and structures, whether temporary or permanent,

(II) all other facilities, fixtures, appurtenances and tangible personal property, including inventories, of any nature whatsoever contained on or attaching to them, and

(III) all mechanical, electrical and other systems and other technology installed under or upon anything referred to in subclause (I) or (II), and

(E) any associated upgrades to the bulk electrical system or related control facilities on the island portion of the province required as a result of clauses (A) to (D),

(ii) the production, generation, storage, transmission, delivery or provision of electrical power and energy from the facilities in subparagraph (i);

(iii) the negotiation, conclusion, execution and performance of agreements for activities referred to in subparagraphs (i) and (ii), and, in particular, agreements respecting the

(A) construction, operations, maintenance and administration,

(B) acquisition of easements, rights-of-way, permits, licences, certificates, consents and other authorizations,

(D) arrangements with aboriginal peoples,

(E) demobilization and decommissioning, and

(F) any agreements, contracts or instruments necessary or incidental to any activity described in this subparagraph, and

(iv) raising and securing equity or debt financing and any related derivative contracts necessary to construct the facilities and otherwise engage in the activities referred to in subparagraphs (i) to (iii), including without limitation the negotiation, conclusion and execution of agreements and security documentation with a lender providing that financing or refinancing to the projects;

(l) "Nalcor Energy" means Nalcor Energy that was established under the Energy Corporation Act;

(m) "objects" means, unless the context indicates otherwise, the objects of the corporation set out in section 14;

(n) "person" includes a natural person, a corporation, another entity recognized by law, and the heirs, executors, administrators or other legal representatives of a person;

(o) "power" includes electrical power, however generated, and electrical energy;

(p) "public body" means a public body as defined in the Access to Information and Protection of Privacy Act, 2015;

(q) "subsidiary" means a subsidiary of the corporation; and

(r) "works" means all land, property, buildings, plants, machinery, installations, materials, dams, canals, devices, fittings, apparatus, appliances, and equipment made, established or acquired or utilized, or useful for the exercise of the powers of the corporation and the attainment of its objects.

(2) The Lieutenant-Governor in Council may designate any activities, agreements and amendments in connection with or in respect of paragraph (1)(k) entered into by the corporation, a subsidiary and Emera Inc., whether individually or by any combination of them

(a) to be included as part of the Muskrat Falls Project where that activity, agreement or amendment may not otherwise qualify under paragraph (1)(k); and

(b) to be excluded from the Muskrat Falls Project, notwithstanding another provision of paragraph (1)(k).

(3) For the purpose of this section, "Emera Inc." includes all affiliates, subsidiaries, successors and assigns of that corporation.

PART I
AMALGAMATION

Corporation

3. The amalgamating corporations are amalgamated and shall continue as a corporation under the name Newfoundland and Labrador Hydro-Electric Corporation.

Effect of amalgamation

4. (1) On the date this Act comes into force

(a) title to all property and assets of each amalgamating corporation is vested in the corporation;

(b) all title and interests to land held in the name of each amalgamating corporation immediately before this Act comes into force are held in the name of the corporation;

(c) an agreement or contract made between an amalgamating corporation and another party before this Act comes into force continues in force and is binding on the corporation and the other party to the agreement or contract;

(d) the corporation is charged with and assumes all the obligations and liabilities of each amalgamating corporation;

(e) existing causes of action, claims and liabilities by or against an amalgamating corporation are unaffected;

(f) civil, criminal or administrative actions or proceedings pending by or against an amalgamating corporation may continue to be prosecuted by or against the corporation; and

(g) a conviction against, or ruling, order or judgment in favour of or against an amalgamating corporation may be enforced by or against the corporation.

(2) In any document, it is sufficient to cite this Act as effecting the amalgamation of the amalgamating corporations.

Fund

5. The fund established under section 32 of the Energy Corporation Act and the fund established under section 34 of the Hydro Corporation Act, 2007 shall be merged and continued as the Newfoundland and Labrador Hydro-Electric Corporation Fund.

Continuity of employment

6. (1) The employment of an employee of an amalgamating corporation continues with the corporation.

(2) The employment of an employee referred to in subsection (1) shall be deemed to have continued with the corporation without interruption in service, and the rights, duties and obligations of the employer and employee continue accordingly until changed by a collective agreement or a contract of employment.

(3) Where the employment of an employee is continued under subsection (1), nothing in this Act prevents

(a) the employment from being lawfully terminated after the continuation; or

(b) any term or condition of the employment from being lawfully changed after the continuation.

(4) Service of an employee referred to in subsection (1) with an amalgamating corporation or a predecessor of an amalgamating corporation is deemed to be service with the corporation for the purpose of determining probationary periods, benefits or any other employment-related entitlements under any Act, at common law or under any applicable contract of employment or collective agreement.

Deemed application of collective agreement

7. Any collective agreement that is applicable to an amalgamating corporation and any of its employees and to a bargaining agent immediately before the coming into force of this Act shall be deemed to apply as if entered into directly between the corporation and the bargaining agent, and the rights, duties and obligations of the employer, the bargaining agent and the employees continue accordingly.

Certain rights not affected

8. The amalgamation of the amalgamating corporations under section 3 or the continuation of the employment of employees under subsection 6(1) shall

(a) not constitute

(i) a breach, termination, repudiation or frustration of any contract, including a contract of employment or insurance,

(ii) a breach of any Act or regulation, or

(iii) an event of default or force majeure under any contract; and

(b) not give rise to

(i) a breach, termination, repudiation or frustration of any licence, permit or other right,

(ii) any right to terminate or repudiate a contract, licence or other right, or

(iii) any estoppel.

No cause of action

9. (1) An action or other proceeding does not lie and cannot be instituted against the minister, the Crown or the corporation or any employees or agents of the minister, the Crown or the corporation, as a direct or indirect result of

(a) the amalgamation of the amalgamating corporations under this Act; or

(b) any regulations, orders-in-council, directives, orders or decisions made under the authority of this Act.

(2) Nothing in this Act creates a cause of action in favour of

(a) a holder of a security that was issued by either of the amalgamating corporations or any of their predecessors; or

(b) a party to a contract with an amalgamating corporation or any of its predecessors that was entered into before the coming into force of this Act.

Liability of Crown

10. (1) The liability of the Crown as guarantor of a security or other liability of either of the amalgamating corporations or their predecessors under a written guarantee given by the Crown before the coming into force of this Act is not affected by anything in this Act.

(2) The liability of the Crown as principal of either of the amalgamating corporations or their predecessors with respect to liabilities and obligations entered into by either of the amalgamating corporations or their predecessors on behalf of the Crown before the coming into force of this Act is not affected by anything in this Act.

PART II
CORPORATION

Corporation

11. (1) The corporation is considered to have issued and outstanding shares which are vested in the Crown.

(2) The head office of the corporation shall be at St. John's.

(3) The corporation is an agent of the Crown.

(4) Notwithstanding that the corporation is an agent of the Crown, the corporation may, for the purpose of this Act and subject to conditions it considers necessary,

(a) acquire from the Crown in right of Canada, of the province or of the other provinces of Canada or from an agency of the Crown in right of Canada or of this or another of the provinces of Canada, real and personal property and rights of all kinds;

(b) enter into contracts with the Crown in right of Canada, the province or another province of Canada, or an agency of the Crown in right of Canada or of this or another province of Canada;

(c) enter into a partnership, joint venture, equity investment or other arrangement with the Crown, an agent of the Crown or another person; and

(d) appoint agents to act on its behalf.

(5) Property of the corporation is the property of the Crown, but title to it is vested in the name of the corporation.

(6) A director or a person employed by the corporation or a subsidiary does not become, by reason of that office or employment only, an officer or employee of the Crown.

(7) Notwithstanding section 3, in all Acts of the Legislature, agreements, legal documents and instruments, the corporation may be referred to as "Newfoundland and Labrador Hydro".

(8) The corporation continues to be charged with

(a) all obligations and liabilities imposed on it or assumed or incurred by it under the name of the Newfoundland and Labrador Power Corporation and existing immediately before January l, 1975;

(b) all obligations and liabilities imposed on it or assumed or incurred by it under the name of the Newfoundland and Labrador Power Commission and existing immediately before January 1, 1975; and

(c) all obligations and liabilities of the Board of Trustees of the Power Distribution District of Newfoundland and Labrador.

Crown agency status

12. (1) Notwithstanding subsections 11(3), (4) and (5), where the corporation enters into contracts and ancillary arrangements relating to the Muskrat Falls Project, including contracts and ancillary arrangements for the purchase of electrical energy, capacity and transmission services, and contracts for direct cost reimbursement to the Muskrat Falls Project, the corporation shall be considered to have entered into those contracts and ancillary arrangements in its own capacity and not as an agent of the Crown, and the Crown shall not be liable as principal in contract, tort or otherwise at law or equity for the liabilities of the corporation created directly or indirectly by those contracts or arrangements.

(2) Notwithstanding subsection (1), the corporation may execute contracts relating to the Muskrat Falls Project as an agent of the Crown where

(a) the Lieutenant-Governor in Council has approved the contract; and

(b) the contract explicitly states that the corporation signs the contract as an agent of the Crown.

Application of the Corporations Act

13. (1) The Corporations Act except for section 27, paragraphs 31(a) to (e), sections 32, 76, 81, 167, 169, 172, 173, 177, 178 and 188, subsection 189(1), paragraphs 189(3)(a), (d), (h) and (j), sections 200, 201, 203 to 209, subsections 245(1), (2) and (8), sections 273 and 275, subsections 276(1), (3), (4) and (5) and section 277, does not apply to the corporation.

(2) A requirement in a section referred to in subsection (1) to register or to provide information to the registrar does not apply to the corporation.

(3) Where there is a conflict between a provision referred to in subsection (1) and this Act, this Act prevails.

(4) The provisions of this Act constitute the articles of the corporation.

Objects of the corporation

14. (1) The objects of the corporation are to do the following in accordance with the priorities of the government of the province:

(a) develop and purchase power on an economic and efficient basis, and, in particular, to engage, in the province and elsewhere, in the development, generation, production, transmission, distribution, delivery, supply, sale, export, purchase and use of power from water, steam, gas, coal, oil, wind, hydrogen or other products used or useful in the production of power;

(b) supply power, at rates consistent with sound financial administration, for domestic, commercial, industrial or other uses in the province, and, subject to the prior approval of the Lieutenant-Governor in Council, outside of the province; and

(2) Notwithstanding subsection (1), the corporation may, in accordance with the priorities of the government of the province and with the approval of the Lieutenant-Governor in Council, engage in

(a) the exploration for, development, production, refining, marketing and transportation of hydrocarbons and products from hydrocarbons; and

(b) those other activities that the Lieutenant-Governor in Council may approve.

Board of directors

15. (1) For the exercise and discharge of the powers and duties of the corporation, there shall be a board of directors comprised of not less than 5 and not more than 14 persons.

(2) The directors shall

(a) be appointed by the Lieutenant-Governor in Council;

(b) hold office during pleasure only; and

(3) Except where otherwise prescribed under this Act, the corporation may exercise its powers by a resolution of the board.

(4) The directors shall be paid the salary or other remuneration that the Lieutenant-Governor in Council may determine, and the salary or remuneration together with all reimbursable expenses shall be paid by the corporation out of its funds.

(5) Where a vacancy occurs on the board because of the death, illness, resignation, removal of a member, or for another reason, the Lieutenant-Governor in Council may appoint a person to fill the vacancy.

(6) Exercise of the powers of the corporation is not impaired because of a vacancy on the board.

(7) Until the board makes other provision under section 19, a majority of the directors who then hold office constitutes a quorum of the board.

(8) Notwithstanding that it is afterward discovered that there was some defect in the appointment or qualification of a person purporting to be a director, all acts done by the corporation and the board shall be as valid as if that defect had not existed.

Chairperson and CEO

16. (1) There shall be a chairperson of the board to be appointed by the Lieutenant-Governor in Council from among the directors.

(2) The chairperson holds office for the period and under the terms and conditions that may be set by the Lieutenant-Governor in Council or in an agreement made under section 18, and shall vacate office in accordance with those terms and conditions.

(3) There shall be a chief executive officer of the corporation, to be appointed by the Lieutenant-Governor in Council, who shall, subject to the terms of appointment that may be established by the Lieutenant-Governor in Council or in an agreement made under section 18, and, subject to the directions of the board, be charged with the general direction, supervision and control of the business of the board and the corporation.

(4) The same person shall not hold the offices of chairperson and chief executive officer simultaneously.

(5) During the absence or incapacity of the chairperson, one of the other directors elected by the board shall act as chairperson of the board.

(6) Notwithstanding subsection (5), where the chief executive officer is a director, the chief executive officer shall not act as the chairperson of the board in the absence or incapacity of the chairperson.

(7) During the absence or incapacity of the chief executive officer, the board may appoint an acting chief executive officer who shall perform the duties of the chief executive officer until the chief executive officer's return or resumption of duties or until a new chief executive officer is appointed.

Minutes

17. The chairperson shall ensure that regular minutes are kept of the meetings of the board.

Service agreement

18. (1) With the approval of the Lieutenant-Governor in Council the corporation may enter into an agreement with a person that provides for the person's appointment to the office of chairperson or chief executive officer of the corporation.

(2) An agreement under this section may set

(a) the terms and conditions of appointment to the office;

(b) the term, tenure and remuneration, including the salary, pension and other rights and benefits that the appointee is to receive; and

(c) the terms and conditions under which the appointment may be terminated and by whom before the expiration of the term of the appointment.

(3) A person with whom an agreement is made under this section in relation to an office

(a) holds that office in accordance with the agreement and shall vacate it accordingly; and

(b) does not, by reason only of the appointment to that office, become an employee of the Crown.

By-laws

19. The board may make by-laws

(a) respecting the calling of meetings of the board;

(b) establishing a quorum of the board;

(c) respecting the conduct of business at meetings of the board and the establishment of committees of the board and the delegation of duties to those committees;

(d) respecting the duties and conduct of the directors and of the officers and employees of the corporation;

(e) respecting the affixing of the common seal of the corporation and the witnessing of its affixing;

(f) respecting the execution of a contract or instrument on behalf of the corporation;

(g) respecting the lithographing or mechanical reproduction of signatures on bonds, debentures, securities, or other evidence of indebtedness of the corporation or upon coupons and the mechanical reproduction of the common seal of the corporation on the bonds, debentures, securities, other evidence of indebtedness or coupons;

(h) respecting the management and use of any or all of its property by employees, invitees, licensees or permittees of the corporation and by another person; and

(i) generally, for the conduct and management of the affairs of the corporation.

Affixing seal

20. Until the board makes other provision under section 19, the affixing of the common seal of the corporation shall be witnessed by at least 2 directors.

Officers and employees

21. (1) The board may appoint those officers and managers, hire employees and retain consultants, advisors and other professional persons that it considers necessary and may fix their remuneration and terms of service.

(2) A person who is appointed, hired or retained under this section does not, by reason only of the appointment, employment or retention, become an employee of the Crown.

Shareholder direction

22. (1) Notwithstanding the board's authority to fix the remuneration and terms of service for persons referred to in subsection 21(1), the Lieutenant-Governor in Council may give direction to the board under subsection 245(2) of the Corporations Act relating to matters of remuneration and terms of service.

(2) Subsection (1) does not apply to persons referred to in subsection 21(1) who are represented by a bargaining agent certified or recognized under an Act of the province.

(3) Where the Lieutenant-Governor in Council gives direction to the board in accordance with subsection (1), the board shall comply with the direction without delay.

No constructive dismissal or breach of contract

23. A change in a person's remuneration or terms of service made in accordance with direction given in accordance with section 22 does not constitute constructive dismissal or a breach of contract.

General powers

24. (1) The corporation may

(a) where it is an agent of the Crown, on behalf of the Crown, or where not an agent of the Crown, in its own capacity, enter into contracts or other agreements and acquire and dispose of and otherwise deal with real and personal property and all rights of all kinds in the name of the corporation;

(b) acquire, lease, establish, construct, maintain and operate works in a part of the province or elsewhere in connection with the attainment of its objects;

(c) purchase power from a person and transmit, make available for use, distribute, deliver, sell, supply and generally use the power for the purposes of the corporation;

(d) contract with a person for the purchase of petroleum products, notwithstanding another Act;

(e) acquire by purchase, lease or otherwise, property, both real and personal, waters and water privileges, water powers, rights, easements, privileges, proprietary rights, interests, and works of every description which the corporation considers necessary, convenient or advisable to acquire for or incidental to the exercise of the powers and duties of the corporation and the attainment of its objects;

(f) sell or otherwise dispose of its property, real or personal, of every nature and kind or an interest in it which is found by the corporation to be unnecessary for the purposes of the corporation, and grant an estate, term, easement, right or interest in, over or respecting the property;

(g) contract with a person, for the consideration that the corporation may set, for

(i) the supply, transmission and distribution of power to that person, and

(ii) the construction, maintenance and operation of works for or incidental to the generation, transmission and distribution of power on behalf of that person, to be done by the corporation or a person designated by the corporation to do the things referred to in this paragraph;

(h) deposit money or securities with a bank, trustee, trust company, or other depositary in Canada or outside of Canada;

(i) lend money to or invest in a subsidiary;

(j) guarantee the repayment by a subsidiary of money advanced to that subsidiary by a lender, together with the payment of interest on it and of all charges incurred in connection with it;

(k) guarantee the performance by a subsidiary of an obligation of that subsidiary contracted by it with a person to perform, fulfil or observe a covenant, obligation or provision of an agreement, deed, bond, promissory note or other document or instrument;

(l) exercise and enjoy all of the privileges and immunities conferred on it by this Act and do all acts necessary or incidental to the attainment of its objects;

(m) carry on business incidental and subsidiary to the carrying out of its objects and necessary to enable the company to profitably carry out those objects; and

(n) generally, do all things which the corporation considers necessary, convenient or advisable for or incidental to the exercise of the powers and the discharge of the obligations of the corporation.

(2) The powers of the corporation include

(a) the power to acquire, lease, construct, maintain, operate and use, in the province and elsewhere, land, works, plants, buildings, structures, machinery, equipment, devices, pole lines, conduits, pipe lines, tunnels and other property used or useful for carrying out its objects;

(b) the powers that the Newfoundland and Labrador Power Commission had before July 16, 1974 and the powers that the Newfoundland and Labrador Power Corporation had before January 1, 1975;

(d) all other powers that are incidental or conducive to the attainment of its objects.

Deemed subsidiaries

25. (1) A company is considered to be a subsidiary of the corporation if

(a) it is controlled by

(i) the corporation,

(ii) the corporation and one or more companies, each of which is controlled by the corporation, or

(iii) one or more companies, each of which is controlled by the corporation; or

(b) it is a subsidiary of a company which is a subsidiary of the corporation.

(2) For the purposes of this section, a company shall be considered to be controlled by the corporation or one or more companies if

(a) shares of the first-mentioned company carrying more than 50% of the votes for the election of directors are held, otherwise than by way of security only, for the benefit of the corporation or other companies; and

(b) the votes carried by the shares are sufficient, if exercised, to elect a majority of the board of directors of the first-mentioned company.

Subsidiaries

26. (1) Except with the prior approval of the Lieutenant-Governor in Council, the corporation shall not organize or maintain a subsidiary of the corporation or purchase, sell, otherwise dispose of or deal in shares of a subsidiary of the corporation or of another company, and, where the approval is given, the corporation may do the things referred to in this subsection only where it is expressly mentioned in and to the extent provided by the approval.

(2) The objects of a subsidiary shall be some or all of the objects of the corporation under section 14.

(3) A subsidiary shall not engage in an activity that, were it to be undertaken by the corporation, would require the prior approval of the Lieutenant-Governor in Council, including the creation of a subsidiary, without the prior approval of the corporation.

(4) The provisions of this Act, with the necessary changes, shall be considered to form the articles of incorporation, or a part of them, of a subsidiary.

(5) A subsidiary is not an agent of the Crown unless it is designated as an agent by the Lieutenant-Governor in Council when the Lieutenant-Governor in Council gives its approval of the incorporation of the subsidiary under subsection (1).

(6) Where a subsidiary is not designated as an agent of the Crown under subsection (5),

(a) the property of the subsidiary is not the property of the Crown or an agent of the Crown;

(b) the debts and obligations of the subsidiary are not the debts and obligations of the Crown or an agent of the Crown;

(c) the subsidiary shall be incorporated under the Corporations Act unless the approval provided under subsection (1) permits incorporation under the laws of another jurisdiction;

(d) the board of directors of the subsidiary shall be composed of not less than 5 and not more than 10 members;

(e) the board of directors of the subsidiary shall be composed of at least the following number of independent directors:

(i) where the board has 5 or 6 members, 2 independent directors,

(ii) where the board has 7 or 8 members, 3 independent directors, and

(iii) where the board has 9 or 10 members, 4 independent directors; and

(f) the chief executive officer of the subsidiary shall be appointed by the board of directors of the subsidiary.

(7) In paragraph (6)(e), "independent director" means a person who is not a member of the board of directors of the corporation or another subsidiary or an employee or officer of the corporation, another subsidiary or the Crown.

(8) Subsection (6) does not apply to

(a) Churchill Falls (Labrador) Corporation Limited;

(b) Lower Churchill Development Corporation Limited; or

Annual report

27. (1) The corporation shall, each year, no later than April 30, prepare and submit to the minister a report on the activities of the corporation and its subsidiaries in the previous fiscal year containing

(a) an audited consolidated financial statement of the corporation setting out the assets and liabilities of the corporation as of the end of the immediately preceding financial year and the results of its operations for that financial year;

(b) a report by the board giving an account of the activities of the corporation during the immediately preceding financial year and setting out other matters that may appear to it to be of a public interest in relation to the affairs or the activities of the corporation;

(c) a report of each subsidiary giving an account of its activities during the immediately preceding financial year and including information that it believes may be of public interest relating to its activities, but the report shall not be required to include commercially sensitive information; and

(d) a comparison of the corporation's actual results for the applicable fiscal year against the projected results for the fiscal year as contained in a strategic plan prepared under section 5 of the Transparency and Accountability Act.

(2) Where the comparison referred to in paragraph (1)(d) discloses a variance between the actual and projected results for the applicable fiscal year, the annual report shall include an explanation of the variance.

(3) An annual report shall

(a) be signed by the chairperson; and

(b) include a statement that the board is accountable for the actual results reported.

(4) The minister may, on receipt of an annual report, direct the corporation to provide additional information on its activities or the activities of one or more of its subsidiaries and the corporation shall provide the information in the form and detail and at the time the minister may direct.

(5) An annual report shall be made public by the minister by

(a) presenting the annual report to the House of Assembly; and

(b) other effective means, including electronically.

(6) Section 19.1 of the House of Assembly Act applies to an annual report as if the annual report were a report of an officer of the House of Assembly.

(7) Notwithstanding section 3 of the Transparency and Accountability Act, an annual report shall satisfy the requirements of a report required under section 9 of that Act.

Form and content of reports

28. An annual report shall be consistent in form and content with annual reports prepared by crown-owned electric utilities.

Annual meeting

29. The corporation shall hold an annual meeting in the province, which shall be open to the general public, within 60 days of the publication by the minister of an annual report.

Request for information by minister

30. Where requested by the minister, the corporation or a subsidiary shall provide the minister with the information, records, reports and other documents the minister specifies in the request relating to the business and affairs of the corporation or the subsidiary.

Request for commercially sensitive information

31. (1) Notwithstanding section 7 of the Access to Information and Protection of Privacy Act, 2015, in addition to the information that shall or may be refused under Part II, Division 2 of that Act, the chief executive officer of the corporation or a subsidiary, or the head of another public body,

(a) may refuse to disclose to an applicant under that Act commercially sensitive information of the corporation or the subsidiary; and

(b) shall refuse to disclose to an applicant under that Act commercially sensitive information of a third party

where the chief executive officer of the corporation or the subsidiary to which the requested information relates, taking into account sound and fair business practices, reasonably believes

(i) harm the competitive position of,

(ii) interfere with the negotiating position of, or

(iii) result in financial loss or harm to

the corporation, the subsidiary or the third party; or

(d) that information similar to the information requested to be disclosed

(i) is treated consistently in a confidential manner by the third party, or

(ii) is customarily not provided to competitors by the corporation, the subsidiary or the third party.

(2) Where an applicant is denied access to information under subsection (1) and a complaint is filed with the commissioner under section 42 of the Access to Information and Protection of Privacy Act, 2015, the commissioner shall, where the commissioner determines that the information is commercially sensitive information,

(a) on receipt of the chief executive officer's certification that the chief executive officer has refused to disclose the information for the reasons set out in subsection (1); and

(b) confirmation of the chief executive officer's decision by the board of directors of the corporation or subsidiary,

uphold the decision of the chief executive officer or head of another public body not to disclose the information.

(3) Where a person appeals,

(a) under subsections 52(1) and (2), subsections 53(1) and (2) or section 54 of the Access to Information and Protection of Privacy Act, 2015, from a decision under subsection (1); or

(b) under subsections 52(1) and (2), subsections 53(1) and (2) or section 54 of the Access to Information and Protection of Privacy Act, 2015, from a refusal by a chief executive officer under subsection (1) to disclose information,

paragraph 59(3)(a) and section 60 of that Act apply to that appeal as if Part II, Division 2 included the grounds for the refusal to disclose the information set out in subsection (1) of this Act.

(4) Paragraph 102(3)(a) of the Access to Information and Protection of Privacy Act, 2015 applies to information referred to in subsection (1) as if the information was information that a head of a public body is authorized or required to refuse to disclose under Part II, Division 2.

(5) Notwithstanding section 21 of the Auditor General Act, 2021, a person to whom that section applies shall not disclose, directly or indirectly, commercially sensitive information that comes to the person's knowledge in the course of the person's employment or duties under that Act and shall not communicate those matters to another person, including in a report required under that Act or another Act, without the prior written consent of the chief executive officer of the corporation or subsidiary from which the information was obtained.

(6) Where the auditor general prepares a report which contains information respecting the corporation or a subsidiary, or respecting a third party that was provided to the corporation or subsidiary by the third party, a draft of the report shall be provided to the chief executive officer of the corporation or subsidiary, and the chief executive officer shall have reasonable time to inform the auditor general whether or not, in the chief executive officer's opinion, the draft contains commercially sensitive information.

(7) In the case of a disagreement between the auditor general and a chief executive officer respecting whether information in a draft report is commercially sensitive information, the auditor general shall remove the information from the report and include that information in a separate report which shall be provided to the Lieutenant-Governor in Council in confidence as if it were a report to which section 32 applied.

(8) Notwithstanding the Citizens' Representative Act, the corporation, a subsidiary, another public body, or an officer, member or employee of one of them is not required to provide commercially sensitive information, in any form, to the citizens' representative in the context of an investigation of a complaint under that Act.

Report of auditor general

32. (1) Where,

(a) during the course of an audit;

(b) as a result of a review of an audit report prepared by another auditor; or

the auditor general becomes aware of an improper retention or misappropriation of funds by a director, officer, employee or agent of the corporation or a subsidiary, or of another activity that may constitute an offence under the Criminal Code or an Act of the province or of Canada, the auditor general shall, where the report includes commercially sensitive information, notwithstanding the Auditor General Act, 2021, provide the report to the Lieutenant-Governor in Council in confidence.

(2) In addition to the report required under subsection (1), the auditor general shall immediately provide a report to the House of Assembly that includes a general description, excluding commercially sensitive information, of the activity that is the subject of the report under subsection (1) and the dates on which those activities were reported to the Lieutenant-Governor in Council.

(3) Section 19.1 of the House of Assembly Act applies to a report under subsection (2) as if it were a report of an officer of the House of Assembly.

Future power demand forecasts

33. Notwithstanding the by-laws of the corporation or a contract with the corporation for the supply of power, a person to whom power is supplied by the corporation shall on request from the corporation and within the reasonable time that the corporation requires provide to the corporation

(a) a forecast of the person's future power requirements from the corporation covering a period, as determined by the corporation, not in excess of 20 years; and

(b) a forecast of the power to be generated by the person within the period prescribed under paragraph (a),

together with other information relating to power requirements and generation that the corporation may reasonably request.

Accounting methods

34. (1) For all purposes of the Public Utilities Act, the rate base of the corporation shall include the property and assets of the corporation at their net book value but excludes investments in subsidiaries.

(2) For all purposes of the Public Utilities Act, the expenses chargeable to the operating account by the corporation shall include

(a) an amount equal to the difference between the amount at which an indebtedness of the corporation which is denominated in a foreign currency was shown in the audited financial statements of the corporation for the year ending December 31, 1994, and the cost to the corporation, in Canadian dollars, of foreign currencies purchased from time to time by the corporation and used by the corporation to repay all or part of such indebtedness; and

(b) all amounts paid by the corporation for non-utility generation totalling approximately 38 megawatts under agreements entered into with up to 4 persons that submitted proposals under the corporation's Request for Proposals 92-195,

in each case, except in the case of paragraph (b), as amortized on a consistent basis and over 40 years from the year 2002.

(3) The expenses and amortization provided for in subsection (2) shall be considered to be reasonable and prudent and properly chargeable to the operating account for all purposes of the Public Utilities Act, including subsection 80(2) of that Act.

(4) Where there is a conflict between this section and the provisions of the Public Utilities Act, the provisions of this section shall prevail.

Acts applicable

35. (1) The Labour Relations Act applies to the corporation.

(2) Section 11.1 of the Public Sector Restraint Act, 1992 applies to the corporation and its employees.

(3) The Water Resources Act applies to the corporation.

(4) Whether or not the corporation is an agent of the Crown

(a) the Mechanics' Lien Act applies in respect of the corporation and all property to which title is vested in the name of the corporation; and

(b) the Workplace Health, Safety and Compensation Act, 2022 applies in respect of the corporation and its employees.

Application of Public Procurement Act

36. (1) The corporation or a subsidiary is exempt from the Public Procurement Act with respect to procurement in the following areas:

(a) energy and energy products;

(b) where the corporation or a subsidiary is acting in a strategic partnership, joint venture, or equity investment with other public bodies or private sector entities; or

(2) Notwithstanding subsection (1), the corporation or a subsidiary is not exempt from the Public Procurement Act in the areas referred to in subsection (1) in relation to activities of the corporation that are subject to the Public Utilities Act.

(3) With respect to procurement activities that are exempt under paragraph (1)(b) or (c), the corporation and a subsidiary shall, every 6 months, report to the minister on their procurement activities and shall include a summary of contracts entered into and the identities of suppliers to whom the contracts have been awarded.

(4) The minister shall, upon receipt of a report under subsection (3), send a copy of the report to the chief procurement officer appointed under the Public Procurement Act, who shall post a copy of it on the electronic notification system.

Intergovernmental agreements

37. (1) An agreement between the corporation or a subsidiary and an agent of the Crown in right of Canada, or of the Crown in right of another province or of another sovereign government is not an intergovernmental agreement where the agreement solely relates to the objects of the corporation or a subsidiary.

(2) In this section, the following terms have the same meaning as in the Intergovernmental Affairs Act:

(a) "intergovernmental agreement"; and

(b) "sovereign government".

Borrowing power

38. (1) Subject to the prior approval of the Lieutenant-Governor in Council, the corporation may

(a) borrow money for its purposes, including the installation and maintenance of a system for the development, generation, production, transmission, distribution, delivery, supply, sale or use of power; and

(b) do one or more of the following to secure the repayment of money borrowed

(i) issue bonds, debentures, or other securities of the corporation,

(ii) execute and deliver mortgages, assignments, conveyances, charges or other encumbrances of and over property of every nature and kind, both present and future, title to which is vested in the corporation, and

(iii) enter into, execute and deliver a trust deed, trust indenture or an agreement with a lender, a trustee acting for the holders of bonds and debentures or other person.

(2) Money borrowed in accordance with subsection (1) may be borrowed at the rate of interest and upon the terms and conditions, and the instruments and documents may be issued or executed and delivered in the form, that the Lieutenant-Governor in Council, or, where the authority to do so is delegated to the Minister of Finance by the Lieutenant-Governor in Council, the Minister of Finance, approves.

(3) The securities of the corporation may be made payable in a currency approved by the Lieutenant-Governor in Council and expressed in the security.

Guarantee of loans

39. (1) Subject to the prior approval of the Lieutenant-Governor in Council, the Minister of Finance, acting for and on behalf of the Crown, may unconditionally guarantee both as to principal and interest, including interest on overdue interest, premium and sinking fund payments, loans authorized under section 38 to be raised by the corporation or a subsidiary.

(2) The loan referred to in subsection (1) may be raised by bonds, debentures, or other securities to be issued by the corporation or a subsidiary

(a) in a principal amount not exceeding the amount of the loan;

(b) at a rate of interest;

(d) with provision for redemption at the time,

that may be approved by the Lieutenant-Governor in Council or, where the authority to do so is delegated to the Minister of Finance by the Lieutenant-Governor in Council, the Minister of Finance.

(3) The bonds, debentures or other securities referred to in subsection (2) may be issued or sold in the numbers and amounts, at the times, at the prices, and upon the terms that the Lieutenant-Governor in Council or that minister may approve.

Manner and form of guarantee

40. (1) Notwithstanding the Financial Administration Act or another Act or law, when a guarantee is given under section 39, it shall be given in the manner and form that the Lieutenant-Governor in Council approves.

(2) The form of guarantee referred to in subsection (1) shall be signed on behalf of the province by the Minister of Finance, the Minister of Finance's deputy minister or another minister whom the Lieutenant-Governor in Council may designate, and that signature may be engraved, lithographed or otherwise mechanically reproduced on the bonds, debentures or other securities in respect of which the guarantee is given.

Guarantee of payment

41. Where the payment of interest or a premium or a sinking fund payment has been guaranteed under this Act, the Crown may incur liability in excess of the principal amount of the loan to be raised by way of bonds, debentures, or other securities, to the extent of the guarantee of the interest, premium and sinking fund payment.

Guarantee of repayment

42. The power conferred by section 39 to guarantee the repayment of bonds, debentures or other securities includes the power to guarantee the repayment of part of the bonds, debentures or other securities.

Short-term loans

43. (1) The corporation may, for its purposes, raise short-term loans

(a) in the manner and form;

(b) in the amounts;

(d) for a period, not exceeding 2 years;

(e) at the rates of interest, including interest on overdue interest; and

(f) on the conditions, including conditions relating to discounts, premiums, charges and commissions,

that the corporation may determine.

(2) The total of the short-term loans raised under subsection (1) and outstanding at any time shall not exceed a limit to be set by the Lieutenant-Governor in Council, and it is the duty of the Minister of Finance to ensure that this total is not exceeded.

(3) The Minister of Finance, acting on behalf of the Crown, may unconditionally guarantee

(a) the repayment of a sum raised under subsection (1);

(b) the payment of interest, including interest on overdue interest; and

(4) The total of the guarantees made under subsection (3) and outstanding at any time shall not exceed a limit to be set by the Lieutenant-Governor in Council, and it is the duty of the Minister of Finance to ensure that this total is not exceeded.

(5) A guarantee given under this section shall be in the form that the Minister of Finance approves, and the form of guarantee shall be signed on behalf of the province by that minister whose signature may be engraved, lithographed or otherwise mechanically reproduced on the bonds, debentures or other securities in respect of which the guarantee is given.

Agreements

44. The Minister of Finance, acting on behalf of the Crown, may enter into, execute and deliver a trust deed, trust indenture or an agreement with the corporation, a lender, a trustee acting for the holders of bonds, debentures or other securities of the corporation or other person or company setting out the terms and conditions of a guarantee of a loan to be made under this Act.

Performance guarantee

45. Subject to the prior approval of the Lieutenant-Governor in Council, the Minister of Finance acting on behalf of the Crown, may guarantee the performance by the corporation or a subsidiary of an obligation of the corporation or a subsidiary contracted by it with a person

(a) to pay money or an instalment; or

(b) to perform, fulfil or observe a covenant, obligation or provision of an agreement, deed, bond, promissory note or other document or instrument.

Loans by government

46. Notwithstanding the Financial Administration Act or another Act or law, the Lieutenant-Governor in Council may advance to the corporation a sum to enable the corporation to reach its objects or to carry on its business, and the advance may be made in the amount, for the term, at the rate of interest and on the terms and conditions that may be approved by the Lieutenant-Governor in Council.

Performance under guarantee

47. (1) A payment or advance that the Crown may approve in the exercise of a power conferred by this Act or be required to make under this Act shall be paid by the Minister of Finance out of the Consolidated Revenue Fund or, where the payment is to be made in performance of a guarantee, it may be paid out of funds provided in the manner prescribed in section 55 of the Financial Administration Act.

(2) Notwithstanding subsection (1), in respect of the Muskrat Falls Project, a payment or advance that the Crown may approve in the exercise of a power conferred by this Act or be required to make under this Act shall be paid by the Minister of Finance out of the Consolidated Revenue Fund.

Total amount of loan

48. (1) The total amount of the outstanding debt of the corporation and its subsidiaries at any time shall not exceed $3,200,000,000 in Canadian currency or its equivalent in the currency of another country.

(2) The total debt referred to in subsection (1) that is guaranteed by or on behalf of the Crown shall not exceed $3,200,000,000 in Canadian currency or its equivalent in the currency of another country.

(3) In calculating the maximum amount of money raised by way of loans by the corporation and its subsidiaries and of guarantees given under this Act, the following amounts shall not be included:

(a) amounts raised by way of loan that have been repaid or a part of the proceeds of a loan to be raised for, or that has been spent on, the repayment, refinancing, refunding, redemption, retirement or purchase of the whole or a part of loans or securities of the corporation;

(b) amounts raised by way of loan by the corporation or its subsidiaries in respect of the Muskrat Falls Project; or

(i) Churchill Falls (Labrador) Corporation Limited, or

(ii) Lower Churchill Development Corporation Limited.

Financial year

49. The financial year of the corporation shall be the calendar year.

Capital and operating expenses

50. The corporation shall, not later than November 30 in each year, provide to the minister a budget containing the estimated capital and operating expenses of the corporation for its next succeeding financial year.

Audit and financial statement

51. (1) The financial statements of the corporation shall be audited annually in accordance with the Auditor General Act, 2021.

(2) The financial statements referred to in subsection (1) shall be signed by 2 directors and shall have attached to it the auditor's report referred to in subsection (3).

(3) The report of the auditor shall be sent to the minister with each annual report and it shall state whether the financial statements present fairly the financial position of the corporation and the results of its operations for the period under review and whether the financial statements were prepared in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding period.

(4) This section applies, with the necessary changes, to a subsidiary.

Fund continued

52. (1) The Newfoundland and Labrador Hydro-Electric Corporation Fund continued under section 5 shall be separate and distinct from the Consolidated Revenue Fund.

(2) All money and revenues of the corporation, including the proceeds of loans raised by the corporation, when they are received by the corporation, shall be deposited to the credit of the Newfoundland and Labrador Hydro-Electric Corporation Fund and the corporation shall have full authority to administer the money deposited for the purposes and objects of this Act.

(3) Nothing in subsection (2) prevents the corporation from exercising the power to deal with money in the manner prescribed in paragraph 24(1)(h).

Financial provisions to have full effect

53. Notwithstanding the Financial Administration Act or another Act or law, paragraph 24(1)(h) and section 52 shall have full effect.

Actions

54. (1) Actions, suits or other legal proceedings in respect of a right or obligation acquired or incurred by the corporation may be brought by or against the corporation in the name of the corporation in a court and a judgment shall be carried into effect by the corporation, and where the judgment is for the payment of money, it may be enforced by execution against the money, lands and effects of the corporation as in ordinary cases between party and party.

(2) The corporation is liable in tort for damages for which, if it were a private person of full age and capacity, it would be liable in respect of

(a) torts committed by its employees or agents; or

(b) a breach of duty attaching to the ownership, occupation, possession or control of property.

(3) This section has effect, notwithstanding anything to the contrary contained in the Proceedings Against the Crown Act or another Act or law.

No liability re: disclosure of information

55. A cause of action or proceeding does not lie or shall not be commenced or continued against the corporation or its subsidiaries, an officer, employee or agent of the corporation or a subsidiary, the Crown or a minister, employee or agent of the Crown based on a cause of action arising from, resulting from or incidental to the disclosure of information in accordance with this Act.

No cause of action

56. (1) A cause of action or proceeding, either in law or in equity, does not lie or shall not be commenced against the Crown or any of its ministers, agents, appointees or employees or against the corporation or its subsidiaries, or any of its directors, board members, officers or employees of the corporation and its subsidiaries as a direct or indirect result of anything done or omitted to be done in order to comply with direction given in accordance with section 22, including any change in remuneration or terms of service.

(2) Subsection (1) applies to an action or proceeding in contract, restitution, tort, trust, fiduciary obligation or otherwise claiming any remedy or relief, including

(a) specific performance, injunction or declaratory relief; and

(b) any form of damages or a claim to be compensated for any direct or indirect loss, including loss of earnings, loss of revenue or loss of profit.

No entitlement to compensation

57. Notwithstanding any other Act or law, a person is not entitled to be compensated for any loss or damages, including loss of expected earnings or denial or reduction of compensation that would otherwise have been payable to any person, arising from direction given in accordance with section 22.

No deemed employment relationship

58. Nothing in this Act makes

(a) a subsidiary a Crown agent if the subsidiary was not otherwise a crown agent; or

(b) an employee of the corporation or a subsidiary an employee of the Crown where the employee was not otherwise an employee of the Crown.

Offences

59. (1) A person who

(a) contravenes this Act; or

(b) interferes with or obstructs a person in the discharge of the person's duties under this Act

is guilty of an offence and liable on summary conviction to a fine not exceeding $1,000 and in default of payment of the fine to imprisonment for a period not exceeding 12 months, or to both a fine and imprisonment.

(2) The conviction of a person under paragraph (1)(a) or (b) does not operate as a bar to further prosecution under this Act for a continuance of the offence.

PART III
TRANSITIONAL, CONSEQUENTIAL AMENDMENTS, REPEAL AND COMMENCEMENT

Transitional

60. (1) A person who is a director of Newfoundland and Labrador Hydro immediately before the coming into force of this Act shall continue to be a director until the board of directors is appointed under section 15.

(2) A person who is the chairperson of Newfoundland and Labrador Hydro immediately before the coming into force of this Act shall continue to be the chairperson until a chairperson is appointed under section 16.

(3) A person who is the chief executive officer of Newfoundland and Labrador Hydro immediately before the coming into force of this Act shall continue to be the chief executive officer until a chief executive officer is appointed under section 16.

SNL2015 cA-1.2 Amdt.

61. Schedule A of the Access to Information and Protection of Privacy Act, 2015 is amended by

(a) deleting paragraph (e); and

(b) adding immediately after paragraph (j) the following:

(j.01) section 31 of the Hydro Corporation Act, 2024;

SNL1994 cE-5.1
Amdt.

62. (1) Paragraph 2(j.1) of the Electrical Power Control Act, 1994 is amended by deleting the reference "Energy Corporation Act" and substituting the reference "Hydro Corporation Act, 2024".

(2) Subsection 14.2(3) of the Act is repealed and the following substituted:

(3) For the purposes of this section, Newfoundland and Labrador Hydro is an agent of the Crown.

SNL2008 cE-11.02 Amdt.

63. Paragraph 2(b) of the Energy Corporation of Newfoundland and Labrador Water Rights Act is repealed and the following substituted:

(b) "Energy Corporation of Newfoundland and Labrador" means the corporation incorporated under the Energy Corporation Act and amalgamated with the Newfoundland and Labrador Hydro-Electric Corporation under the Hydro Corporation Act, 2024;

SNL2016 cI-2.1 Amdt.

64. The Schedule to the Independent Appointments Commission Act is amended by

(a) deleting the statutory reference "Energy Corporation Act, subsections 6(2) and 7(3)" and

(b) deleting the statutory reference "Hydro Corporation Act, 2007, subsections 6(2) and 7(3)" and substituting the statutory reference "Hydro Corporation Act, 2024, subsections 15(2) and 16(3)".

SNL2012 cM-25 Amdt.

65. (1) Paragraph 2(i) of the Muskrat Falls Project Land Use and Expropriation Act is amended by deleting the reference "Energy Corporation Act" and substituting the reference "Hydro Corporation Act, 2024".

(2) Subparagraph 2(j)(i) of the Act is repealed and the following substituted:

(i) the corporation established in the Energy Corporation Act and amalgamated with the Newfoundland and Labrador Hydro-Electric Corporation under the Hydro Corporation Act, 2024, including all affiliates, subsidiaries, successors and assigns of that corporation, and

SNL2014 cO-9 Amdt.

66. The Schedule to the Other Post-Employment Benefits Eligibility Modification Act is amended by

(a) deleting the reference "Nalcor Energy"; and

(b) adding immediately after the reference "Newfoundland and Labrador Housing Corporation" the reference "Newfoundland and Labrador Hydro-Electric Corporation and its subsidiaries".

SNL2018 cP-35.2
Amdt.

67. Section 8 of the Public Bodies Reporting Act is amended by deleting the reference "section 5.4 of the Energy Corporation Act" wherever it appears and substituting "section 31 of the Hydro Corporation Act, 2024".

SNL2016 cP-41.001 Amdt.

68. Subsection 5(1) of the Public Procurement Act is repealed and the following substituted:

(1) This Act applies to procurement by public bodies, and with respect to the corporation established under the Energy Corporation Act and amalgamated with the Newfoundland and Labrador Hydro-Electric Corporation under the Hydro Corporation Act, 2024 and the corporation established under the Oil and Gas Corporation Act, this Act applies to those corporations and their subsidiaries except as provided in those Acts.

SNL1992 cT-0.1 Amdt.

69. Paragraph 2(e.01) of the Taxation of Utilities and Cable Television Companies Act is amended by deleting the reference "Hydro Corporation Act, 2007" and substituting the reference "Hydro Corporation Act, 2024".

NLR 81/16 Amdt.

70. The Schedule to the Public Sector Compensation Transparency Regulations under the Public Sector Compensation Transparency Act is amended by

(a) deleting the reference "Nalcor Energy and its subsidiaries; and

(b) deleting the reference "Newfoundland and Labrador Hydro" and substituting the reference "Newfoundland and Labrador Hydro-Electric Corporation and its subsidiaries".

Repeal

71. The Energy Corporation Act and the Hydro Corporation Act, 2007 are repealed.

Commencement

72. This Act comes into force on a date to be proclaimed by the Lieutenant-Governor in Council.