Vol. 148, No. 51 — December 20, 2014
DEPARTMENT OF TRANSPORT
CANADA MARINE ACT
Québec Port Authority — Supplementary letters patent
BY THE MINISTER OF TRANSPORT
WHEREAS letters patent were issued by the Minister of Transport (“Minister”) for the Québec Port Authority (“Authority”), under the authority of the Canada Marine Act (“Act”), effective May 1, 1999;
WHEREAS section 9.2 of the letters patent sets out a limit on the power of the Authority to borrow money on its credit for port purposes (“borrowing limit”);
WHEREAS the board of directors of the Authority has requested that the Minister issue supplementary letters patent to increase the borrowing limit set out in section 9.2 of the letters patent from $46 million to $110 million;
WHEREAS, by Order in Council P.C. 2014-1253 of November 6, 2014, the Governor in Council, pursuant to subsection 8(5) of the Act, approved a proposed supplementary letters patent provision increasing the aggregate limit on the power of the Authority to borrow money on its credit for port purposes;
AND WHEREAS the Minister is satisfied that the amendment to the letters patent is consistent with the Act;
NOW THEREFORE, under the authority of subsection 9(1) of the Act, the letters patent are amended as follows:
- 1. Section 9.2 of the letters patent is replaced by the following:
- 9.2 Limit on Borrowing Power. The Authority shall not incur any item of Borrowing so that the aggregate Borrowing of the Authority would exceed $110 million.
ISSUED under my hand to be effective this 5th day of December, 2014.
The Honourable Lisa Raitt, P.C., M.P.
Minister of Transport