Federal law now authorizes the winding-down and dissolution of the Freshwater Fish Marketing Corporation

Plain-language summary · AI-assisted · not legal advice

New provisions added to the Freshwater Fish Marketing Act give the federal Minister broad authority — with Governor in Council approval — to sell or dispose of the Corporation's assets, amalgamate or dissolve it, appoint a liquidator, and create or acquire successor entities. If a liquidator is appointed, the Corporation's board and president immediately lose their offices. Upon dissolution, remaining debts become federal Crown liabilities, surplus property reverts to the Crown, and all legal proceedings carry over to His Majesty in right of Canada. Board members lose any right to compensation when their offices are abolished. Separate provisions (not yet in force) will formally dissolve the Corporation and repeal the entire Act once triggered.

Who this affects: Freshwater Fish Marketing Corporation directors and officers · commercial freshwater fish harvesters and suppliers · entities holding contracts with the Corporation · federal government departments that may receive transferred assets