Vol. 145, No. 8 — April 13, 2011
SI/2011-25 April 13, 2011
JOBS AND ECONOMIC GROWTH ACT
ARCHIVED — Order Fixing the Day on which this Order is Made as the Day on which Sections 2137 to 2147 of that Act Come into Force
P.C. 2011-483 March 25, 2011
His Excellency the Governor General in Council, on the recommendation of the Minister of Natural Resources, pursuant to section 2148 of the Jobs and Economic Growth Act, chapter 12 of the Statutes of Canada, 2010, hereby fixes the day on which this order is made as the day on which sections 2137 to 2147 of that Act come into force.
(This note is not part of the Order.)
The purpose of the Order in Council is to bring Part 18 (sections 2137 to 2147) of the Jobs and Economic Growth Act into force.
The Jobs and Economic Growth Act (the Act) was assented to on July 12, 2010. Part 18 of the Act authorizes a number of measures for the reorganization and divestiture of all or any part of Atomic Energy of Canada Limited (AECL), an Agent Crown Corporation. Subject to the approval of the Governor in Council, sections 2137 to 2147 of the Act provide inter alia authority to the Minister of Natural Resources to divest some or all of the Government’s holdings of AECL or to otherwise restructure AECL and to take intermediate steps, such as the formation of a new corporation or other entity, as part of a transaction to reorganize and divest all or part of AECL’s business. Upon registration the Order would bring sections 2137 to 2147 of the Act into force.
In May 2009, after an extensive review, the Minister of Natural Resources announced the Government’s intention to restructure AECL. This decision was based on three policy objectives that continue to provide a framework for the ongoing initiative:
- i. ensure safe, reliable and economic options to address Canada’s energy and environmental needs;
- ii. control costs to the Government while maximizing the return on its investment; and
- iii. position Canada’s nuclear industry to seize domestic and global opportunities.
In December 2009, the Government initiated a transaction process for the whole of AECL’s CANDU Reactor Division, which is composed of three main business lines: new build (including new technology development), life extension and services of the existing fleet.
The implementation of the AECL restructuring and the CANDU Reactor Division divestiture required new legislative authorities because of the restrictions put on AECL as an Agent Crown Corporation subject to a number of Acts, including the Nuclear Energy Act, the Financial Administration Act, and other legislation. These new legislative authorities were introduced as Part 18 of the Jobs and Economic Growth Act, which received Royal Assent in July 2010.
Consultations occurred during Parliamentary review of the Jobs and Economic Growth Act.
If additional information is required, please contact
Mr. Jean-Frédéric Lafaille
Acting Director General
AECL Restructuring — CANDU Branch
Natural Resources Canada