Thank you, Mr. Speaker. Presently, under the NWTPC Act, the directors of the NWT Power Corporation must act in accordance with directions and policy guidelines from the

Executive Council. Under the CBCA, the directors are obligated to act in the best interest of the corporation. There are no restrictions or definitions of the directors' duties in the Power Corporation Act or any of the companion documents, other than what is contained in the CBCA itself. The directors, officers and employees are not presently subject to liability where they reasonably believe their actions were required or authorized by the NWTPC Act or any other act. The NWT Power Corporation may, with the permission of the Minister, indemnify any person sued by reason of their position within the corporation. The CBCA does not expressly limit the liability of directors, officers or employees; the CBCA specifically imposes liability on directors for such things as unpaid employee wages (up to six months) and improper corporate distributions. A CBCA corporation may indemnify directors and officers, in certain circumstances, where they are sued in their capacity as such. The proposed by-laws impose an obligation on the new Power Corporation to indemnify the directors or officers when they are sued in their capacity as such. The specific liabilities imposed by the CBCA remain in effect.

The directors and officers of the present NWT Power Corporation are subject to the Conflict of Interest Act. The conflict provisions contained in the CBCA are limited when compared to the territorial legislation. The continued Power Corporation would operate under the conflict of interest guidelines contained in the CBCA, unless conflict of interest provisions were incorporated into the companion documents.

I would now like to ask Mr. Picco to continue. Thank you.