Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member for Baffin South that Bill 1, Power Corporation Act be read for the second time.

This bill repeals the Northwest Territories Power Corporation Act and provides for the continuation of the Northwest Territories Power Corporation under the Canada Business Corporations Act. The bill authorizes the Minister to hold shares in the Corporation and to transfer shares to the Interim Commissioner of Nunavut. The Government of the Northwest Territories is authorized to make guarantees on behalf of the Corporation, to make loans and contributions to the Corporation and to invest in the Corporation. Consequential amendments are made to five Acts to reflect the change of status of the Corporation.

Thank you, Mr. Speaker.