Dean MacDonald and Brian Tobin gave birth to the mess below. Danny Williams did not protest and certainly supported Dean. So you can see what's coming next.
Part of the Shareholders Agreement among NL Hydro, Hydro-Quebec, and CFLCo June 18th 1999
Article 3 Board of Directors
3.4 Special Majority Decisions of the Board of Directors
The following decisions will require the approval of a majority of the directors on the Board of Directors, including at least one director nominated by NL Hydro and one director nominated by Hydro-Quebec on the Board of Directors:
3.4.6
...the entering into, amendment or termination of any Material Contract to which CFLCo or any Subsidiary of CFLCo is a party or to which CFLCo or any Subsidiary of CFLCo may become a party, unless such entering into, amendment or termination has been previously approved in a budget approved under Section 3.4.2 or 3.4.3;
Material Contract defined: "Material Contract" means (i) any contract involving a monetary commitment of CFLCo or having a value to CFLCo of $10 million or more in the aggregate and (ii) any contract which restricts CFLCo from carrying on its Business, including the contracts listed on Schedule E;
Business defined: "Business" means the business of CFLCo which shall be limited to the following purposes and objects:
(a) to produce or otherwise acquire and to transmit and to sell electricity;
(b) to harness or otherwise make use of water for the purpose of producing hydroelectric and hydraulic power and for any other purpose;
This only scratches the surface of the latest mess we are into. There are 13 other articles and I have just given you one part of one article.
I want to hear Danny Williams condemn either Dean or Brian on this mess. I'm waiting...
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