Salaries and Expenses
Marginal note:Salaries, etc., of directors
9 (1) Subject to subsection (2), each of the directors not selected from among persons employed in the federal public administration shall be paid by the Corporation such salary, fees or other remuneration as is fixed by the Governor in Council and each director is entitled to be paid by the Corporation reasonable travel and other expenses incurred by him in the course of his duties under this Act.
(2) The Chairperson and, if the President is a person other than the Chairperson, the President shall be paid by the Corporation a salary to be fixed by the Governor in Council.
- R.S., 1985, c. E-20, s. 9;
- 2001, c. 33, s. 13(E);
- 2003, c. 22, s. 224(E).
Purposes and Powers
(1.01) [Repealed, 2009, c. 2, s. 263]
(1.1) Subject to any regulations that may be made under subsection (6), in carrying out its purposes under subsection (1), the Corporation may
(a) acquire and dispose of any interest in any property by any means;
(b) enter into any arrangement that has the effect of providing, to any person, any insurance, reinsurance, indemnity or guarantee;
(c) enter into any arrangement that has the effect of extending credit to any person or providing an undertaking to pay money to any person;
(d) take any security interest in any property;
(e) prepare, compile, publish and distribute information and provide consulting services;
(f) procure the incorporation, dissolution or amalgamation of subsidiaries;
(g) acquire and dispose of any interest in any entity by any means;
(h) make any investment or enter into any transaction, including any transaction whose object is the management of portfolio risks, that is necessary or desirable for the financial management of the Corporation;
(i) act as agent for any person or authorize any person to act as agent for the Corporation;
(j) take such steps and do all such things as to it appear necessary or desirable to protect the interests of the Corporation; and
(k) generally, do all such other things as are incidental or conducive to the exercise of its powers, the performance of its functions and the conduct of its business.
Marginal note:Use of services and facilities of departments, etc.
(2) In exercising its powers under this Act, the Corporation shall, where appropriate, make use of the services and facilities of departments, boards and agencies of the Government of Canada.
Marginal note:Limit of liability
(3) Subject to subsections (3.1) and (4), the contingent liability of the Corporation in respect of the principal amount owing under all outstanding arrangements entered into under paragraph (1.1)(b) shall at no time exceed the greater of
Marginal note:Appropriation Act
(3.1) The amount referred to in paragraph (3)(b) may be varied in an appropriation Act.
(4) The amount of the contingent liability referred to in subsection (3) that the Corporation has insured or reinsured or with respect to which the Corporation has a right, by agreement, to be indemnified shall not be taken into account in calculating the contingent liability under that subsection.
Marginal note:Minister of Finance may prescribe conditions
(5) The Corporation shall, in exercising the powers conferred on it by paragraph (1.1)(h), comply with such conditions of general application as the Minister of Finance may prescribe.
(6) The Governor in Council may, on the recommendation of the Minister and the Minister of Finance, make regulations governing
(a) the disposal by sale or lease of property acquired by the Corporation for the purpose of such disposal;
(b) the entering into by the Corporation of arrangements that
(i) have the effect of
(ii) are made in respect of transactions not relating, directly or indirectly, to the carrying on of business or other activities outside Canada;
(c) the entering into by the Corporation of arrangements that have the effect of extending credit to a person in respect of the acquisition by that person of any interest, other than a security interest, in any entity;
(d) the entering into by the Corporation of arrangements that have the effect of providing to a person any insurance, indemnity or guarantee, in respect of the financing, by that person, of an acquisition by another person of any interest, other than a security interest, in any entity;
(e) the provision by the Corporation of consulting services on a fee basis; and
(f) the acquisition by the Corporation of any interest, other than a security interest or an interest resulting from the realization of a security interest, in any entity.
(7) For greater certainty, the regulations made pursuant to subsection (6) may specify that certain transactions or classes of transactions of the Corporation require the approval of the Minister, the Minister jointly with the Minister of Finance, or the Governor in Council and, where so specified, the Minister, the Minister jointly with the Minister of Finance, or the Governor in Council is authorized to give that approval.
Marginal note:Publication of proposed regulations
(8) Subject to subsection (9), the Minister shall cause to be published in the Canada Gazette at least sixty days before the proposed effective date thereof a copy of every regulation that the Governor in Council proposes to make under this Act and a reasonable opportunity shall be afforded to interested persons to make representations with respect thereto.
(9) The Minister is not required to cause to be published a proposed regulation if the proposed regulation
- R.S., 1985, c. E-20, s. 10;
- 1993, c. 26, s. 4;
- 2001, c. 33, s. 8;
- 2009, c. 2, ss. 260, 263;
- 2010, c. 12, s. 1831.
10.1 (1) Before entering, in the exercise of its powers under subsection 10(1.1), into a transaction that is related to a project, the Corporation must determine, in accordance with the directive referred to in subsection (2),
(2) The Board shall issue a directive respecting the determination referred to in subsection (1), which directive may
(a) define the words and expressions that the Board considers necessary for the application of that subsection, including the words and expressions "transaction", "project", "adverse environmental effects" and "mitigation measures";
(b) establish the criteria that the Corporation must apply in making the determination; and
(c) establish exceptions specifically or by any class, as defined by the Board, to the Corporation’s obligation to make the determination.
Marginal note:Statutory Instruments Act
- 2001, c. 33, s. 9.
- Date modified: