Export Development Act (R.S.C., 1985, c. E-20)

Act current to 2012-05-02 and last amended on 2012-03-16. Previous Versions

Marginal note:Maximum borrowings of Corporation

  • 14. (1) The aggregate amount of borrowings of the Corporation pursuant to sections 12 and 13 and outstanding shall at no time exceed an amount equal to fifteen times the aggregate of

    • (a) the paid-in capital of the Corporation, and

    • (b) the retained earnings of the Corporation, determined in accordance with the most recent statements of accounts of the Corporation for a financial year that have been audited by the Auditor General of Canada.

  • Marginal note:Calculation of maximum borrowings

    (2) For the purpose of calculating the aggregate amount of outstanding borrowings of the Corporation under subsection (1),

    • (a) accumulated deficits, and

    • (b) the retained earnings of the Corporation, where the Corporation and its auditor are unable to agree on the amount of the retained earnings,

    shall not be taken into account.

  • R.S., 1985, c. E-20, s. 14;
  • 1993, c. 26, s. 5.
Marginal note:Reserves or provisions

15. The Corporation may establish one or more reserves or provisions out of which may be paid any losses sustained by the Corporation in the conduct of its business.

  • R.S., c. E-18, s. 15;
  • 1980-81-82-83, c. 47, s. 14.

BY-LAWS

Marginal note:By-laws

16. The Board may make by-laws

  • (a) for the regulation of its proceedings, including the delegation of any of its powers and duties to any committee of the Board and the fixing of quorums for meetings of the Board and any committee of the Board;

  • (b) prescribing the duties of any officers and employees of the Corporation;

  • (c) delegating to the President the conduct of any business of the Board;

  • (d) delegating, subject to any terms and conditions specified in the by-laws and despite any delegation of such authority to any committee of the Board, to any one or more officers of the Corporation, jointly or severally, any authority to authorize the Corporation to exercise a power under this Act that is given specifically to the Board by any provision of this Act;

  • (d.1) respecting

    • (i) the establishment, management and administration of a pension plan for the officers and employees of the Corporation and their dependants,

    • (ii) the contributions to be made by the Corporation to the associated pension fund,

    • (iii) the provision of benefits under the pension plan,

    • (iv) the payment of pensions, and

    • (v) the investment of the assets of the fund; and

  • (e) generally, for the conduct and management of its activities.

  • R.S., 1985, c. E-20, s. 16;
  • 2001, c. 33, s. 10.