The Government of Sask. has introduced legislation to change the definition of "privatize" on Oct. 26, 2016.
The Government of Saskatchewan has introduced legislation to provide a legal definition for the term “privatize”, specifically when it comes to Crown corporations.
“These changes clarify the meaning of the term when used in future and existing Saskatchewan Acts and regulations,” Justice Minister and Attorney General Gordon Wyant said in a news release. “This definition explains actions that would be considered privatization and recognizes the necessary flexibility for government to restructure Crown corporations while maintaining ownership.”
Privatize will now be defined as the transfer to the private sector of all or most of the assets, transfer of operational control, or transfer of a controlling interest of the Crown corporation under The Interpretation Amendment Act, 2016.
The definition does not include dissolution of a Crown corporation or any other restructuring.
Previously, the lack of a legal definition had resulted in some uncertainty about the scope of The Crown Corporations Public Ownership Act. The act lays out the legal steps government must follow for cases of privatization.
The government says the new definition does not change their commitment to The Crown Corporations Public Ownership Act.
The legislation also contains amendments to ensure that the death of a Monarch will not create undue legal problems or complications in provincial legislation.