Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2017-06-05 and last amended on 2016-12-15. Previous Versions

Marginal note:Delegation

 The Minister may delegate to any officer of the Department of Finance any of the powers, duties and functions of the Minister under this Part, except the power to delegate under this section.

  • 1999, c. 26, s. 24.

PART IV.1Stability and Efficiency of the Financial System

Marginal note:Definitions
  •  (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. (titre de créance)

    entity

    entité

    entity means an entity that, in the Minister’s opinion, is operating in Canada. (entité)

    financial markets

    marchés financiers

    financial markets includes markets for money, bonds, equities, derivatives, foreign exchange and commodities. (marchés financiers)

    financial system

    système financier

    financial system includes financial institutions, financial markets and payment systems as defined in section 36 of the Canadian Payments Act. (système financier)

    security

    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. (titre)

  • 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.

  • 2009, c. 2, s. 232.

PART VPublic Property

Marginal note:Transfers, etc., of public property
  •  (1) Subject to any other Act of Parliament, no transfer, lease or loan of public property shall be made except under the Federal Real Property and Federal Immovables Act in the case of federal real property or a federal immovable as defined in that Act, or under subsection (2) in the case of other public property.

  • Marginal note:Regulations

    (2) The Governor in Council, on the recommendation of the Treasury Board, may authorize or make regulations authorizing the transfer, lease or loan of public property other than federal real property and federal immovables as defined in the Federal Real Property and Federal Immovables Act.

  • R.S., 1985, c. F-11, s. 61;
  • 1991, c. 50, s. 27;
  • 2001, c. 4, s. 160;
  • 2015, c. 3, s. 93(F).
Marginal note:Management of public property

 The deputy head of every department shall maintain adequate records in relation to public property for which the department is responsible and shall comply with regulations of the Treasury Board governing the custody and control of public property.

  • R.S., c. F-10, s. 53.

PART VIPublic Accounts

Marginal note:Accounts of Canada
  •  (1) Subject to regulations of the Treasury Board, the Receiver General shall cause accounts to be kept in such manner as to show

    • (a) the expenditures made under each appropriation;

    • (b) the revenues of Canada; and

    • (c) the other payments into and out of the Consolidated Revenue Fund.

  • Marginal note:Assets and liabilities

    (2) The Receiver General shall cause accounts to be kept to show such of the assets and direct and contingent liabilities of Canada and shall establish such reserves with respect to the assets and liabilities as, in the opinion of the President of the Treasury Board and the Minister, are required to present fairly the financial position of Canada.

  • Marginal note:Accounts in Canadian currency

    (3) The accounts of Canada shall be kept in the currency of Canada.

  • R.S., 1985, c. F-11, s. 63;
  • 1999, c. 31, s. 111(F).
Marginal note:Submission of Public Accounts to Parliament
  •  (1) A report, called the Public Accounts, shall be prepared by the Receiver General for each fiscal year and shall be laid before the House of Commons by the President of the Treasury Board on or before December 31 next following the end of that fiscal year or, if the House of Commons is not then sitting, on any of the first fifteen days next thereafter that the House of Commons is sitting.

  • Marginal note:Contents of Public Accounts

    (2) The Public Accounts shall be in such form as the President of the Treasury Board and the Minister may direct, and shall include

    • (a) a statement of

      • (i) the financial transactions of the fiscal year,

      • (ii) the expenditures and revenues of Canada for the fiscal year, and

      • (iii) such of the assets and liabilities of Canada as, in the opinion of the President of the Treasury Board and the Minister, are required to show the financial position of Canada as at the termination of the fiscal year;

    • (b) the contingent liabilities of Canada;

    • (c) the opinion of the Auditor General of Canada as required under section 6 of the Auditor General Act; and

    • (d) such other accounts and information relating to the fiscal year as are deemed necessary by the President of the Treasury Board and the Minister to present fairly the financial transactions and the financial position of Canada or as are required by this Act or any other Act of Parliament to be shown in the Public Accounts.

  • R.S., 1985, c. F-11, s. 64;
  • 1999, c. 31, s. 112(F).
 
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