Statutes of Newfoundland and Labrador 2005 Chapter 32

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

RSNL1990 cF-15
as amended

1. Section 7 of the Fishery Products International Limited Act is amended by adding immediately after subsection (2) the following:

(3) Subsection (1) does not apply to the sale by FPI Limited or Fishery Products International Limited of marketing-related assets for the purpose of the creation of an income trust, including its interest in Fishery Products International Inc., where, initially, FPI Limited or Fishery Products International Limited retains a controlling interest in the income trust.

(4) For the purpose of subsection (3), "a controlling interest in the income trust" means a controlling interest in the legal entities to which the marketing-related assets have been sold as part of the establishment of the income trust.

2. (1) Section 11.1 of the Act is repealed.

(2) Notwithstanding the repeal of section 11.1 of the Act, the section continues to apply to a cause of action arising before its repeal as if the section had not been repealed.

Commencement

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