HomeMy WebLinkAbout23 165 Bruce Telecom Holding Inc. Share Purchase Agreement By-lawTHE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2023 – 165
Being a By-law to Ratify the Bruce Telecom Holdings Inc.
Share Purchase Agreement
Whereas sections 8 and 9 of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provide that the powers of a municipality under this or any other Act shall
be interpreted broadly so as to confer broad authority on the municipality to enable
the municipality to govern its affairs as it considers appropriate and to enhance the
municipality’s ability to respond to municipal issues and has the capacity, rights,
powers and privileges of a natural person for the purpose of exercising its authority
under this or any other Act; and
Whereas The Corporation of the Municipality of Kincardine is the holder of all the
issued and outstanding shares in the capital of Bruce Telecom Holdings Inc.; and
Whereas Bruce Telecom Holdings Inc. owns beneficial and legal title to all of the
issued and outstanding shares of each of (i) Bruce Teleco m Ontario Inc. and (ii)
Bruce Telecom Kincardine Inc.; and
Whereas 1000665156 Ontario Inc. an Ontario corporation, under the control of
Windsor Private Capital, wishes to purchase all of the issued and outstanding
shares of Bruce Telecom Holdings Inc.; and
Whereas The Corporation of the Municipality of Kincardine wishes to sell all of the
issued and outstanding shares of Bruce Telecom Holdings Inc.;
Now Therefore be it Resolved that the Council of The Corporation of the
Municipality of Kincardine enacts as follows:
1. That the Council of The Corporation of the Municipality of Kincardine ratify
the Bruce Telecom Holdings Inc. Share Purchase Agreement dated October
5, 2023.
2. That the Mayor and Clerk be authorized to sign and execute, on behalf of
The Corporation of the Municipality of Kincardine the Bruce Telecom
Holdings Inc. Share Purchase Agreement and all other documents to be
executed and delivered by The Corporation of the Municipality of Kincardine
in connection therewith, and any other documents as required to fulfill the
intent of this By-law, and to affix the corporate seal as required.
3. That this By-law shall come into full force and effect upon its final passage.
4. That this By-law may be cited as the “Bruce Telecom Holdings Inc. Share
Purchase Agreement By-law".
Read a First, Second and Third Time and Finally Passed this 5th day of October,
2023.
Mayor Clerk