Government of Sask. changes definition of ‘privatize’ when it comes to Crown corps.
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.