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RSNL1990 CHAPTER G-4

GOVERNMENT-CORNER BROOK PULP AND
PAPER LIMITED AGREEMENTS ACT

Amended:

1993 c3

CHAPTER G-4

AN ACT RESPECTING CERTAIN AGREEMENTS BETWEEN THE GOVERNMENT OF THE
PROVINCE AND OTHER PARTIES RESPECTING THE FUTURE OPERATION OF THE CORNER BROOK NEWSPRINT MILL

Analysis



Short title

        1. This Act may be cited as the Government-Corner Brook Pulp and Paper Limited Agreements Act.

1990 c8 s1

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Agreements with banks authorized

        2. (1) The Honourable the Minister of Finance on behalf of the Crown is authorized to enter into, execute and deliver an agreement with Bank of Montreal, The Royal Bank of Canada, National Bank of Canada, The Toronto-Dominion Bank and Bank of America Canada the terms of which shall be substantially similar to the terms of a draft agreement deposited with the Clerk of the Executive Council.

             (2)  The Honourable the Minister of Finance on behalf of the Crown is authorized to enter into, execute and deliver agreements with Bank of Montreal, The Royal Bank of Canada, National Bank of Canada, The Toronto-Dominion Bank and Bank of America Canada the terms of which shall be substantially similar to the terms of the draft agreements set out in Schedules A, B and C of the agreement referred to in subsection (1).

             (3)  The agreements authorized to be executed and delivered under subsections (1) and (2) shall, upon their execution and delivery in accordance with those subsections, be valid and binding upon the parties to the agreements.

1990 c8 s2

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Agreements amended

        3. (1) Subject to the approval of the Lieutenant-Governor in Council, the Honourable the Minister of Finance on behalf of the Crown is authorized to enter into, execute and deliver agreements amending the agreements referred to in this Act.

             (2)  An amending agreement entered into under subsection (1) shall be laid before the House of Assembly within 15 days after it was executed by the Honourable the Minister of Finance if the House of Assembly is then sitting, and if it is not, then within 15 days after the beginning of the next session.

             (3)  An amending agreement referred to in subsection (1) shall not change

             (a)  the purchase price to be paid under clause 12 of the agreement referred to in subsection 2(1) where to do so would result in a purchase price which exceeded $50,000,000; and

             (b)  the price for power to be paid under clauses 7.01, 7.02 and 7.03 of each of the agreements contained in Schedules A and B of the agreement referred to in subsection 2(1).

1990 c8 s3; 1993 c3 s1

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Funding

        4. (1) Subsection 25(6) of the Financial Administration Act does not apply to the agreement referred to in subsection 2(1).

             (2)  A payment that the Crown may be required to make under an agreement referred to in this Act, or to fulfil a guarantee or a part of the guarantee referred to in Schedules A and B of the agreement referred to in subsection 2(1), shall be paid by the Honourable the Minister of Finance out of the Consolidated Revenue Fund.

1990 c8 s4

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Public Utilities Act

        5. (1) The rates set out in clauses 7.02 of Schedules A and B of the agreement referred to in subsection 2(1) are considered to be interim rates for the purpose of subsection 75(1) of the Public Utilities Act.

             (2)  Where the Board of Commissioners of Public Utilities fails to confirm the rates specified in clauses 7.02 of Schedules A and B of the agreement referred to in subsection 2(1) when making a final order with respect to the rates, tolls and charges to be applied under the terms of the agreements set out in Schedules A and B of the agreement referred to in subsection 2(1), the board shall not exercise its authority under subsection 75(3) of the Public Utilities Act and clauses 7.03 of Schedules A and B of the agreement referred to in subsection 2(1) shall apply in the circumstances.

1990 c8 s5

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Agreements not part of law

        6. The agreements referred to in this Act do not form part of this Act.

1990 c8 s6