The authorized stock of the Authority consists
of the following shares with a par value of $10 each:
- 4,500 Class A, available only to the Crown
- 1,000 Class B, available only to municipalities
(defined as including improvement districts, metis settlements, municipal
districts, counties, special areas and specialized municipalities)
and to regional airport authorities (includes
drainage districts, irrigation districts, regional airport authorities and
regional services commissions), and health authorities (includes approved
hospitals, mental health hospitals, regional health authorities and provincial
health boards)
- 750 Class C, available only to cities
- 750 Class D, available only to towns and villages
- 500 Class E, available only to educational authorities(includes
school districts and divisions, colleges, technical institutes, universities
and Northland School Division)
The business of the Authority is administered by
a Board of Directors. The Lieutenant Governor
in Council appoints up to five directors to represent the Class A common shareholder.
Each of the other four classes of shareholders elects one director to the Board.
