Thank you. Clause 1, Business Corporations Act. Agreed?

Thank you. Clause 2, Document Registry Act. Agreed?

Thank you. Clause 3, Personal Property Security Act. Agreed?

Thank you. Clause 4, Securities Act. Agreed?

Thank you. The bill as a whole. Agreed?

Thank you. Does the committee agree that Bill 3 is ready for third reading? Agreed?

Thank you. Bill 3 is now ready for third reading. Next we have Bill 4, Northwest Territories Power Corporation Division Measures Act. Thank you, Mr. Arlooktoo, and witnesses. I will ask Mr. Dent if he would please introduce his bill.

Thank you, Madam Chair.

I am pleased to be here today to review the Northwest Territories Power Corporation Division Measures Act. This bill is companion legislation to the Nunavut Power Utilities Statutes Amendment Act, the Act to Amend the Public Utilities Act and the Transition Agreement and are the result of considerable discussions and negotiations regarding the future of the Northwest Territories Power Corporation. These negotiations included the Government of the Northwest Territories, the Office of the Interim Commissioner, Nunavut Tunngavik Incorporated and the Western Coalition.

Members will recall that we have introduced this bill on two separate occasions over the last year, but we have been unable to move forward with the legislation because we could not finalize all aspects of the Transition Agreement between Nunavut and the Northwest Territories. I will not reiterate the history of these negotiations except to say that I am pleased to inform Members that we have resolved the outstanding issues with respect to the agreement. Indeed, Madam Chair, the Transition Agreement with respect to the Northwest Territories Power Corporation has been approved by all the parties, and is currently in the process of receiving Governor in Council approval as required by the Nunavut Act.

This agreement provides an interim or status quo arrangement by allowing for the current corporation to continue to provide power in both territories for a two-year period. These legislative amendments and the Transition Agreement will allow for the continued operation of the existing Power Corporation in both territories.

Madam Chair, the agreement that we have reached with Nunavut will allow for the continuation of a joint power corporation for a period of one year to March 31, 2000. This will allow time for the Government of the Northwest Territories and the Government of Nunavut to pursue a lasting agreement on a shared Power Corporation. If an agreement cannot be reached during that period, the corporation will continue as a joint entity for a further one-year period to March 31, 2001, to allow for an orderly wind-down.

The agreement ensures that the Government of Nunavut will continue to have adequate representation on the Board of Directors of the corporation during the transition period. Three of the current board members are from Nunavut and this will continue for the life of the agreement.

Madam Chair, this agreement also provides some certainty for NTPC employees who reside in Nunavut. For the life of this Transition Agreement, they will continue to be employed by the joint corporation. Most importantly, Madam Chair, the Transition Agreement includes a methodology for the equitable division of the assets and liabilities of the Northwest Territories Power Corporation should the corporation divide.

Finally, we have reached agreement on a formula for the allocation of dividends during the two-year transition period, based on the split of equity in the corporation, a portion to each territory.

Madam Chair, I would like to extend my appreciation to the Western Coalition and its hard-working staff for their efforts in working towards an agreement that ensures a safe, reliable and cost-effective power supply in both Nunavut and the Northwest Territories. I would also like to thank the Acting Interim Commissioner of Nunavut and Nunavut Tunngavik Incorporated and their staff for the work during this process.

Thank you, Madam Chair. I would be pleased to answer any questions that the committee may have on this bill.

Thank you, Mr. Dent. I am going to now ask Mr. Erasmus, Chairman of the Standing Committee on Government Operations, to present the committee's review of the bill.

Thank you, Mr. Erasmus. Does the committee agree that we should allow the Minister to bring witnesses? Agreed?

Thank you. Mr. Dent, would you please bring in your witnesses and Mr. Sergeant-at-Arms, would you please escort them in. Mr. Dent, could you please introduce your witnesses for the record.

Thank you, Madam Chair. On my left is Rebecca Veinott, who is Legislative Counsel for Justice. On my right is Mr. Rick Bargery, who is with the Division Secretariat.

Thank you, Mr. Dent. General comments on the bill. Clause by clause. Bill 4, Northwest Territories Power Corporation Division Measures Act, clause 1. Agreed?

Thank you. Clause 2. Agreed?