Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

Coming into Force

Marginal note:Retroactive effect
  •  (1) Subsection 224(1) is deemed to have come into force on the second Sunday before the day on which this Act receives royal assent.

  • Marginal note:September 12, 2010

    (2) Subsection 224(2) comes into force on September 12, 2010.


Division 1R.S., c. F-11Financial Administration Act

 The Financial Administration Act is amended by adding the following after section 60.1:


Marginal note:Definitions
  • 60.2 (1) The following definitions apply in this section.

    “debt obligation”

    « titre de créance »

    “debt obligation” means a bond, debenture, note or other evidence of indebtedness of an entity, whether secured or unsecured.


    « entité »

    “entity” means an entity that, in the Minister’s opinion, is operating in Canada.

    “financial markets”

    « marchés financiers »

    “financial markets” includes markets for money, bonds, equities, derivatives, foreign exchange and commodities.

    “financial system”

    « système financier »

    “financial system” includes financial institutions, financial markets and payment systems as defined in section 36 of the Canadian Payments Act.


    « titre »

    “security” means

    • (a) in relation to a corporation, a share, a class of shares or a debt obligation of the corporation, and includes any conversion or exchange privilege, option or other right to acquire a share of the corporation; and

    • (b) in relation to any other entity, any ownership interest in or debt obligation of the entity.

  • Marginal note:Contracts

    (2) Subject to subsection (3), the Minister may, with the Governor in Council’s authorization, enter into, on behalf of Her Majesty in right of Canada, any contract that in the Minister’s opinion is necessary to promote the stability or maintain the efficiency of the financial system in Canada, including such a contract to

    • (a) purchase, acquire, hold, lend or sell or otherwise dispose of securities of an entity;

    • (b) create a charge on, or right or interest in, securities of an entity held by the Minister;

    • (c) make a loan to an entity;

    • (d) provide a line of credit to an entity;

    • (e) guarantee any debt, obligation or financial asset of an entity; or

    • (f) provide loan insurance or credit insurance for the benefit of an entity in respect of any debt, obligation or financial asset of the entity.

  • Marginal note:Non-application to certain entities

    (3) Paragraph (2)(a) does not apply to

    • (a) shares, as defined in subsection 973.2(15) of the Bank Act, of a bank or bank holding company, as defined in section 2 of that Act;

    • (b) shares, as defined in subsection 459.9(14) of the Cooperative Credit Associations Act, of an association as defined in section 2 of that Act;

    • (c) shares, as defined in subsection 1016.7(15) of the Insurance Companies Act, of a company or insurance holding company, as defined in subsection 2(1) of that Act; or

    • (d) shares, as defined in subsection 527.9(15) of the Trust and Loan Companies Act, of a company as defined in section 2 of that Act.

  • Marginal note:Section 90 does not apply

    (4) Section 90 does not apply if the Minister purchases, acquires or sells or otherwise disposes, under paragraph (2)(a), of shares within the meaning of that section.

  • Marginal note:Section 61 and Surplus Crown Assets Act do not apply

    (5) Section 61 and the Surplus Crown Assets Act do not apply if the Minister holds, loans or sells or otherwise disposes of securities under paragraph (2)(a).

  • Marginal note:Payments out of C.R.F.

    (6) Any amount payable under or in connection with a contract entered into under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner that the Minister considers appropriate.

  • Marginal note:Retroactive effect

    (7) This section applies to any contract entered into on or after November 30, 2008.