(1) The Lieutenant Governor in Council may by order require the board of directors to wind up the affairs of the Corporation, and may by order specify terms relating to the winding up of the Corporation. 2011, c. 9, Sched. 32, s. 29 (1).
Duty of board
(2) The board shall prepare a proposed plan for winding up the Corporation and transferring its assets and liabilities and shall give the proposed plan to the Lieutenant Governor in Council. 2011, c. 9, Sched. 32, s. 29 (2).
Plan
(3) The plan for winding up the Corporation may provide for,
(a) liquidating assets and transferring the proceeds to the Consolidated Revenue Fund or to an agency of the Crown;
(b) transferring assets and liabilities to the Crown or to an agency of the Crown; and
(c) any other matter relating to the winding up of the Corporation. 2011, c. 9, Sched. 32, s. 29 (3).
Same
(4) On the approval of the proposed plan by the Lieutenant Governor in Council, the board shall wind up the affairs of the Corporation and transfer its assets and liabilities, including transferring the proceeds from the liquidation of assets, in accordance with the plan. 2011, c. 9, Sched. 32, s. 29 (4).
Dissolve Corporation
(5) When the winding up of the Corporation is complete, the Lieutenant Governor in Council may by order dissolve the Corporation as of the date specified in the order. 2011, c. 9, Sched. 32, s. 29 (5).
Non-application of Legislation Act, 2006, Part III
(6) Part III of the Legislation Act, 2006 does not apply to an order of the Lieutenant Governor in Council made under this section. 2011, c. 9, Sched. 32, s. 29 (6).