Second Session, 45th General Assembly

54 Elizabeth II, 2005

BILL 41

AN ACT TO AMEND THE FISHERY PRODUCTS

INTERNATIONAL LIMITED ACT

Received and Read the First Time

Second Reading

Committee

Third Reading

Royal Assent

HONOURABLE THOMAS W. MARSHALL, QC

Minister of Justice and Attorney General

Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Fishery Products International Limited Act to permit FPI Limited or Fishery Products International Limited to sell marketing-related assets for the purpose of the creation of an income trust.

The Bill would also repeal

section 11.1 of the Act which created an immunity from legal liability for the Crown, a minister, employee or agent relating to the application to FPI Limited or Fishery Products International Limited of a provision of the Act. The immunity would continue to apply to a cause of action that arose prior to the repeal of the section.

A BILL

AN ACT TO AMEND THE FISHERY PRODUCTS INTERNATIONAL LIMITED ACT

Analysis

1. S.7 Amdt.

Sale etc. of business, etc. restricted

2. S.11.1 Rep.

No action or compensation

3. Commencement

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

RSNL1990 cF-15

as amended

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.

(1) Section 11.1 of the Act is repealed.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section had not been repealed.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.

©Earl G Tucker, Queen's Printer