Crown Corporation General Regulations, 1995 (SOR/95-226)

Regulations are current to 2014-10-27

Crown Corporation General Regulations, 1995

SOR/95-226

FINANCIAL ADMINISTRATION ACT

Registration 1995-05-02

Regulations Respecting Restricted Transactions, Disposal of Property, Remuneration, By-Laws, Deemed Transactions to Borrow Money and Exemptions from a Provision of the Financial Administration Act in Respect of Borrowing Transactions for Crown Corporations

P.C. 1995-711  1995-05-02

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Treasury Board, pursuant to subsections 93(2), 99(4), 108(3), 114(4) and 127(4) of the Financial Administration Act, is pleased hereby to repeal the Crown Corporation Borrowing Regulations, made by Order in Council P.C. 1984-3093 of August 31, 1984Footnote *, and the Crown Corporation General Regulations, made by Order in Council P.C. 1984-3094 of August 31, 1984Footnote **, and to make the annexed Regulations respecting restricted transactions, disposal of property, remuneration, by-laws, deemed transactions to borrow money and exemptions from a provision of the Financial Administration Act in respect of borrowing transactions for Crown corporations, in substitution therefor.

SHORT TITLE

 These Regulations may be cited as the Crown Corporation General Regulations, 1995.

INTERPRETATION

 In these Regulations,

“Act”

“Act” means the Financial Administration Act; (Loi)

“working day”

“working day” means a day that is not a Saturday or a holiday. (jour ouvrable)

NOTIFICATION

 For the purposes of subsection 93(1) of the Act,

  • (a) the prescribed persons to be notified are the appropriate Minister for the parent Crown corporation and the President of the Treasury Board; and

  • (b) the prescribed manner in which those persons are to be notified is by the subsequent corporate plan or corporate plan amendment to be submitted by the parent Crown corporation.

DISPOSAL OF PROPERTY BY AGENT CORPORATIONS

 For the purposes of subsection 99(2) of the Act, an agent corporation that is a parent Crown corporation or that is a wholly-owned subsidiary of a parent Crown corporation may sell or otherwise dispose of personal property on the condition that the property is sold or otherwise disposed of at fair market value in the ordinary course of business in a transaction that is consistent with the most recently approved corporate plan or amended corporate plan of the parent Crown corporation.

 For the purposes of subsection 99(2) of the Act, an agent corporation that is a parent Crown corporation named in Schedule III to the Act or that is a wholly-owned subsidiary of such a parent Crown corporation may sell or otherwise dispose of

  • (a) real property that has a fair market value of $200,000 or less; and

  • (b) real property that has a fair market value of more than $200,000, on the condition that the property is sold or otherwise disposed of at not less than fair market value in the ordinary course of business in a transaction that is consistent with the most recently approved corporate plan or amended corporate plan of the parent Crown corporation.

  • SOR/99-103, s. 1.

 For the purposes of subsection 99(2) of the Act, an agent corporation that is a parent Crown corporation or that is a wholly-owned subsidiary of a parent Crown corporation may retain and use all or any part of the proceeds of any disposition of property in a manner that is consistent with the most recently approved corporate plan or amended corporate plan of the parent Crown corporation.

REMUNERATION

 For the purposes of section 108 of the Act, “remuneration” means a salary, a fee, an allowance or any other form of monetary compensation, except monetary compensation payable under the provisions of a registered pension plan as defined in the Income Tax Act, whether payable on or during the course of the appointment or on or by reason of termination of the appointment.

  • SOR/99-103, s. 2.