Federal Security Interests Research Study and Report 2000


Summary of legislative and regulatory provisions relating to railways and rolling stocks

Canada Transportation Act, 1996, c. 10, s. 104-106.

Section 104 provides that any mortgage, hypothec or assignment issued by a railway company must be deposited in the office of the Registrar General of Canada and notice is to be published without delay.; Furthermore, there is no requirement that the security be deposited or notice be given under any other statute respecting real or personal property.; Section 106 provides that insolvent railway companies may file a scheme of arrangement with the Federal Court and the Court may restrain any action against the company that the Court considers appropriate.; Security interests are unaffected by any order of the Court, unless within 60 days of the filing of the arrangement, the railway company agrees to perform all of its obligations under the security arrangement or any default is cured.

CN Commercialization Act, 1995, c. 24, s.12.

This provision permits the Minister, with the approval of the Minister of Finance, to enter into an agreement with CN or any other person respecting the management of any debt, obligation incurred by, or security interest in CN.; Furthermore, the Minister is authorized to enter into any arrangement to dispose of or manage CN’s shares, as well as to pay out of the Consolidated Revenue Fund, or out of any other proceeds of any security interests in CN, amounts relating to the management of CN’s security interests.

Next Annual Meeting

2020 Annual Meeting

Place to be Announced

August 9 – 13, 2020