Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
Full Document:
Assented to 2014-12-16
Coming into Force
Marginal note:September 30, 2015
210. Section 196, subsections 197(1), (2) and (4) and section 198 come into force on September 30, 2015.
Division 121995, c. 28Business Development Bank of Canada Act
211. (1) The definition “Executive Committee” in section 2 of the Business Development Bank of Canada Act is repealed.
(2) The definition “person” in section 2 of the Act is replaced by the following:
“person”
« personne »
“person” includes a trust, a partnership, a joint venture and an association of natural persons or corporations;
(3) Section 2 of the Act is amended by adding the following in alphabetical order:
“joint venture”
« coentreprise »
“joint venture” means an association of persons, when the relationship among those associated persons does not, under the laws of Canada, constitute a corporation, partnership or trust;
212. Section 6 of the Act is amended by adding the following after subsection (1):
Marginal note:Absence or incapacity
(1.1) If the Chairperson is absent or unable to act or the office of Chairperson is vacant, the Board may authorize one of the other directors to act as Chairperson, but that person is not authorized to act as Chairperson for a period of more than 180 days without the approval of the Governor in Council.
213. Subsections 7(3) and (4) of the Act are replaced by the following:
Marginal note:Committees of Board
(3) The Board may establish any committee of the Board that it considers advisable and may determine the committee’s composition and duties and the tenure of its members.
Marginal note:Delegation of powers and specification of duties
(4) The Board may delegate power to, and specify the duties and authority of, any committee of the Board to act in all matters that are not by this Act or any by-law or resolution specifically reserved to be done by the Board.
214. Section 9 of the Act is replaced by the following:
Marginal note:Duties of President
9. (1) The President is the chief executive officer of the Bank and has, on behalf of the Board, responsibility for the direction and management of the business and affairs of the Bank with authority to act in all matters that are not by this Act or any by-law or resolution specifically reserved to be done by the Board or a committee of the Board.
Marginal note:Absence or incapacity
(2) If the President is absent or unable to act or the office of President is vacant, the Board may authorize an officer or employee of the Bank to act as President, but that person is not authorized to act as President for a period of more than 180 days without the approval of the Governor in Council.
Marginal note:2011, c. 21, s. 4(E)
215. Sections 11 and 12 of the Act are replaced by the following:
Marginal note:Delegation of powers and specification of duties
11. The Board may delegate power to, and specify the duties and authority of, any officer, employee or agent or mandatary of the Bank to act in all matters that are not by this Act or any by-law or resolution specifically reserved to be done by the Board or a committee of the Board.
Marginal note:Confidentiality
12. All directors, officers and employees of the Bank or of any subsidiary, and all agents or mandataries, advisers and consultants whose services are engaged by the Bank or any subsidiary, must, before commencing their duties, take an oath or make a solemn affirmation of office and confidentiality in the form set out in the schedule before a commissioner of oaths or other person having authority to administer the oath or solemn affirmation in the place where it is taken or made.
Marginal note:2003, c. 22, par. 224(h)(E)
216. Subsection 13(1) of the French version of the Act is replaced by the following:
Marginal note:Rémunération des administrateurs
13. (1) La Banque verse au président du conseil et aux autres administrateurs — à l’exception du président et des administrateurs qui font partie de l’administration publique fédérale — la rémunération fixée par le gouverneur en conseil pour le temps qu’ils consacrent aux réunions du conseil ou d’un comité du conseil et pour l’exécution des fonctions que leur confère la présente loi.
217. (1) Subsections 14(1) and (2) of the Act are replaced by the following:
Marginal note:Loans, investments, etc.
14. (1) The Bank may
(a) make loans to, or investments in, any person;
(b) give guarantees in relation to any person; or
(c) extend credit or provide liquidity to, or in relation to, any person through a category of transactions that is prescribed by the regulations.
Marginal note:How services may be provided
(2) The services referred to in subsection (1) may be
(a) provided directly;
(b) provided through arrangements with other persons; or
(c) provided by the Bank as a member of a financing syndicate.
(2) The portion of subsection 14(3) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Critères
(3) Les prêts et investissements ne peuvent se faire, ou les garanties se donner, que si, de l’avis du conseil ou d’un comité ou cadre autorisé par le conseil, les conditions suivantes sont réunies :
Marginal note:2011, c. 21, s. 6
(3) Subsections 14(4) and (5) of the Act are replaced by the following:
Marginal note:Enterprises outside Canada — loans and guarantees
(4) Despite paragraph (3)(a), loans may be made to, or guarantees given in relation to, a person that is engaged or about to be engaged in an enterprise outside Canada if
(a) the person is a corporation, trust, partnership or joint venture in which at least one third of the voting interests are held by Canadians or is an association of natural persons or corporations of which at least half the members are Canadians; and
(b) at least one of the Canadians referred to in paragraph (a) is also engaged or about to be engaged in an enterprise in Canada.
Marginal note:Enterprises outside Canada — investments
(5) Despite paragraph (3)(a), investments may be made in a person that is engaged or about to be engaged in an enterprise outside Canada if
(a) the person meets the requirements set out in paragraphs (4)(a) and (b); and
(b) the investment is of a category prescribed by the regulations.
Marginal note:Funds outside Canada — investments
(6) Despite paragraph (3)(a), investments may be made in a person outside Canada if, in the opinion of the Board or any committee or officer designated by the Board,
(a) the person is an investment fund or other investment vehicle of which at least one half of the investment managers reside in Canada; and
(b) that fund or vehicle has an investment strategy that reflects an ongoing commitment to invest in Canada.
Marginal note:Limitation
(7) Paragraph (3)(b) does not apply
(a) to a person that is a trust, a corporation as defined in subsection 2(1) of the Canada Not-for-profit Corporations Act or a corporation incorporated under a provincial statute equivalent to that Act; or
(b) in the case where a loan, investment or guarantee is made or given through an arrangement referred to in paragraph (2)(b).
Marginal note:Complementary to other services
(8) The services referred to in subsection (1) are to fill out or complete services available from commercial financial institutions.
Marginal note:Acquiring and dealing with property
(9) In any circumstances in which the Bank may provide a service to a person under this section, the Bank may
(a) purchase or otherwise acquire real or personal property or immovables or movables including accounts receivable; and
(b) subject to any right of redemption that may exist, hold, lease to the person or subsequently sell, dispose of or otherwise deal with the property or immovables or movables.
Marginal note:Definitions
(10) The following definitions apply in this section.
“Canadian”
« Canadien »
“Canadian” has the same meaning as in paragraph (a), (b) or (d) of the definition “Canadian” in section 3 of the Investment Canada Act.
“voting interest”
« intérêt avec droit de vote »
“voting interest”
(a) with respect to a corporation with share capital, means a voting share;
(b) with respect to a corporation without share capital, means an ownership interest in the assets of the corporation that entitles the owner to rights similar to those enjoyed by the owner of a voting share; and
(c) with respect to a partnership, trust or joint venture, means an ownership interest in the assets of the partnership, trust or joint venture that entitles the owner to receive a share of the profits and to share in the assets on dissolution.
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