HomeMy WebLinkAbout00 137 Amended by No. 00-152
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2000 -137
A BYLAW TO AMEND BY-LAW NO. 2000-133, A BY-LAW
TRANSFERRING EMPLOYEES, ASSETS, LIABILITIES, RIGHTS AND
OBLIGATIONS OF THE KINCARDINE HYDROELECTRIC
COMMISSION
WHEREAS Section 145 of the Elecbicity Act, 1998 (the "Electricity Act") provides
that the council of a municipality may make by-laws transferring employees,
assets, liabilities, rights, and obligations of the municipal corporation or of a
commission or other body through which the municipal corporation generates,
transmits, distributes or retails electricity, to a corporation incorporated under the
Business Corporations Act (Ontario) pursuant to Section 142 of the Electricity
Act;
AND WHEREAS on October 25, 2000, the Corporation of the Municipality of
Kincardine (the "Municipality") passed By-law No. 2000-133 (the "Transfer By-
law"), being a by-law to transfer the assets; liabilities, rights and obligations of
Kincardine Hydroelectric Commission (the "Commission") and of the Municipality
in respect of the distribution and retailing of electricity to a corporation and its
subsidiary corporations which have been incorporated under the Business
Corporations Act (Ontario) pursuant to Section 142 of the Electricity Act, 1998
(Ontario) and Sections 71 and 73 of the Ontario Energy Board Act, 1998
(Ontario);
AND WHEREAS Section 5.07 of the Transfer By-law provides that the
Municipality may amend the Transfer By-law;
AND WHEREAS it is deemed necessary and desirable to amend the Transfer
By-law for the purposes of correcting omissions or errors contained in the
Transfer By-law;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. The Transfer By-law is hereby amended by adding the following Section
3.18 thereto:
"3.18
Exclusion of Liabllltv Notwithstanding anything
contained in this By-law, none of Holdco, Servco and
Wiresco shall assume nor will any of them be liable for any
obligations, debts or liabilities of the Municipality or the
Commission, whether contingent or not contingent, except
as provided in this paragraph, and any such obligations,
debts and liabilities shall not be and shall be deemed not to
be transferred hereunder except as so provided. The
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By-law No. 2000 -137
Amendment to By-law No. 2000-133, Westario Transfer By-law
Page 2 of 2
obligations, debts and liabilities transferred under any other
paragraph hereof shall be transferred as set out therein only
provided that as at the Effective Date the aggregate adjusted
net book value of the debts, liabilities and obligations
transferred under this By-law do not exceed the aggregate
adjusted net book value of the Assets so transferred. All
debts, liabilities and obligations, whether contingent or not
contingent, that have not been ascertained and deducted
from the value of the Assets transferred as at the Effective
Date for the purposes of determining the net book value of
the Assets transferred to Holdco, Servco and/or Wiresco by
the Municipality shall be excluded from the By-law and shall
be deemed not to have been so transferred."
2.
It is hereby confirmed that the Transfer By-law remains in full force and
effect in accordance with its terms as amended hereby, and the Transfer
By-law shall be read as though the amendment referred to in Section 1
hereof originally formed part of the Transfer By-law.
3.
The amendment referred to herein shall be deemed to have come into full
force and effect on October 31, 2000.
4. This By-law may be cited as the "Amendment to By-law No. 2000-133,
Westario Transfer By-law".
READ a FIRST, SECOND, and THIRD time and DEEMED TO BE PASSED
this 30th day October, 2000.
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Mayor
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Clerk
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