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Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Assented to 2007-06-22

Marginal note:Canada Deposit Insurance Corporation Act

 The amendment to the Canada Deposit Insurance Corporation Act made by section 103 of this Act applies only to a federal member institution in respect of which an order under subsection 39.13(1) of that Act is made on or after the day on which the amendment comes into force.

Marginal note:Companies’ Creditors Arrangement Act

 An amendment to the Companies’ Creditors Arrangement Act made by section 104 or 106 of this Act applies only to a debtor company in respect of which proceedings under that Act are commenced on or after the day on which the amendment comes into force.

Marginal note:Payment Clearing and Settlement Act

 An amendment to the Payment Clearing and Settlement Act made by any of sections 110 to 112 of this Act applies only to a party to a netting agreement who, on or after the day on which the amendment comes into force,

  • (a) is a person described in any of paragraphs 117(a) to (d);

  • (b) is a person described in section 118;

  • (c) is a person in respect of whom proceedings have been commenced under the Companies’ Creditors Arrangement Act;

  • (d) is a person in respect of whom winding up proceedings have been commenced under the Winding-up and Restructuring Act; or

  • (e) is a person subject to an order of a court made pursuant to an administration of a reorganization, arrangement or receivership involving insolvency.

Marginal note:Winding Up and Restructuring Act

 An amendment to the Winding-up and Restructuring Act made by any of sections 113 to 116 of this Act applies only to companies in respect of which winding up proceedings under that Act are commenced on or after the day on which the amendment comes into force.

Coordinating Amendments

Marginal note:2005, c. 47
  •  (1) In this section, “other Act” means An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts, being chapter 47 of the Statutes of Canada, 2005.

  • (2) If subsection 124(1) of the other Act comes into force before section 104 of this Act, section 104 of this Act is replaced by the following:

    • 104. (1) Subsection 2(1) of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:

      “eligible financial contract”

      « contrat financier admissible »

      “eligible financial contract” means

      • (a) a currency or interest rate swap agreement,

      • (b) a basis swap agreement,

      • (c) a spot, future, forward or other foreign exchange agreement,

      • (d) a cap, collar or floor transaction,

      • (e) a commodity swap,

      • (f) a forward rate agreement,

      • (g) a repurchase or reverse repurchase agreement,

      • (h) a spot, future, forward or other commodity contract,

      • (i) an agreement to buy, sell, borrow or lend securities, to clear or settle securities transactions or to act as a depository for securities,

      • (j) any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to (i),

      • (k) any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (j),

      • (l) any master agreement in respect of a master agreement referred to in paragraph (k),

      • (m) a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (l), or

      • (n) any agreement of a kind prescribed;

      “financial collateral”

      « garantie financière »

      “financial collateral” means any of the following that is subject to an interest, or in the province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement:

      • (a) cash or cash equivalents, including negotiable instruments and demand deposits,

      • (b) securities, a securities account, a securities entitlement or a right to acquire securities, or

      • (c) a futures agreement or a futures account;

      “net termination value”

      « valeurs nettes dues à la date de résiliation »

      “net termination value” means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions;

      “title transfer credit support agreement”

      « accord de transfert de titres pour obtention de crédit »

      “title transfer credit support agreement” means an agreement under which a debtor company has provided title to property for the purpose of securing the payment or performance of an obligation of the debtor company in respect of an eligible financial contract;

    • (2) The definition “eligible financial contract” in subsection 2(1) of the Act, as enacted by subsection (1), is replaced by the following:

      “eligible financial contract”

      « contrat financier admissible »

      “eligible financial contract” means an agreement of a prescribed kind;

  • (3) If subsection 124(1) of the other Act comes into force on the same day as section 104 of this Act, section 104 of this Act is deemed to have come into force before subsection 124(1) of the other Act.

  • (4) If section 128 of the other Act comes into force before section 106 of this Act, or if those provisions come into force on the same day, section 106 of this Act is repealed and is deemed never to have had effect.

 

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