R.S., c. C-8CANADA PENSION PLAN

Marginal note:1996, c. 11, par. 95(b)

1. Section 91 of the Canada Pension Plan and the heading before it are replaced by the following:

2. Subsection 108(4) of the Act is replaced by the following:

3. The Act is amended by adding the following after section 108:

• 4. (1) Subsection 109(1) of the Act is repealed.

• (2) Subsection 109(2) of the Act is replaced by the following:

  • Marginal note:Amounts to be charged and credited to Account

    (2) There shall be paid out of the Consolidated Revenue Fund and charged to the Canada Pension Plan Account the cost of all securities purchased by the Minister of Finance under section 110, and there shall be paid into the Consolidated Revenue Fund and credited to the Canada Pension Plan Account the proceeds of redemption in whole or in part of any securities purchased by that Minister under that section.

  • Marginal note:Matured securities — amounts to be charged to Fund

    (3) Where, on the maturity of a security of a province held to the credit of the Canada Pension Plan Investment Fund that was issued before January 1, 1998, the Minister of Finance does not purchase another security under subsection 110(3) or uses only a portion of the principal amount of the matured security to purchase another security, the principal amount of the matured security or the unused portion, as the case may be, shall be charged to the Canada Pension Plan Investment Fund.

  • Marginal note:Redemption before maturity — amounts to be charged to Fund

    (4) Where the Minister of Finance, under subsection 110(6.4), redeems a security in whole or in part before maturity, the principal amount of the redeemed security, or the amount of the part that is redeemed, shall be charged to the Canada Pension Plan Investment Fund.

• (3) Subsections 109(2) to (4) of the Act are repealed.

Marginal note:1997, c. 40, s. 90(1)

• 5. (1) The portion of subsection 110(1) of the Act before the definition “appropriate provincial Minister” is replaced by the following:

  Marginal note:Definitions

  • 110. (1) In this section and sections 113 and 117,

• Marginal note:1997, c. 40, s. 90(3)

  (2) The definitions “Investment Board” and “operating balance” in subsection 110(1) of the Act are repealed.

• (3) Subsection 110(1) of the Act is repealed.

• (4) Subsection 110(2) of the Act is replaced by the following:

  • Marginal note:Interest shall be charged to Account

    (2) The Minister of Finance shall charge interest to the Canada Pension Plan Account at market rates, as determined by that Minister, on any amount paid out of the Consolidated Revenue Fund under subsection 108(3) that exceeds the balance to the credit of the Canada Pension Plan Account. Interest shall be charged for the period beginning on the day on which the amount is paid out of the Consolidated Revenue Fund under subsection 108(3) and ending on the day on which the Investment Board pays that amount into the Consolidated Revenue Fund under section 56 of the Canada Pension Plan Investment Board Act.

• Marginal note:R.S., c. 30 (2nd Supp.), s. 55(2)

  (5) Subsection 110(2.1) of the Act is repealed.

• Marginal note:1997, c. 40, s. 90(4)

  (6) Subsection 110(3) of the Act is replaced by the following:

  • Marginal note:Replacement security

    (3) On the maturity of a security of a province held to the credit of the Canada Pension Plan Investment Fund that was issued before January 1, 1998, the Minister of Finance shall purchase another security issued by the province if requested to do so, in writing, by the appropriate provincial Minister of that province at least 30 days before the date of maturity.

• (7) Subsections 110(3) to (6.1) of the Act are repealed.

• Marginal note:1997, c. 40, s. 90(4)

  (8) Subsections 110(6.2) and (6.3) of the Act are repealed.

• Marginal note:2000, c. 14, s. 45

  (9) The portion of subsection 110(6.4) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Redemption at request of province

    (6.4) The Minister of Finance shall redeem a security in whole or in part before maturity if

• (10) Subsections 110(6.4) to (7) of the Act are repealed.

• (11) Subsection 110(8) of the Act is repealed.

Marginal note:1997, c. 40, s. 91

6. Section 111 of the Act is repealed.

Marginal note:1997, c. 40, s. 91

7. Section 111.1 of the Act is replaced by the following:

Marginal note:1997, c. 40, s. 91

8. Paragraphs 112(1)(a) and (b) of the Act are replaced by the following:

• 9. (1) Paragraph 113(1)(b) of the Act is replaced by the following:

  • (b) the Minister of Finance shall pay an amount calculated as provided in subsection (2) to the government of that province, by the transfer to that government in the first instance and to the extent necessary for that purpose, of securities of that province that are designated securities as defined in section 2 of the Canada Pension Plan Investment Board Act, and in the second instance and to the extent necessary for that purpose, of securities of Canada that are designated securities as defined in section 2 of that Act, and by the payment to that government of any balance then remaining in any manner that may be prescribed.

• (2) Section 113 of the Act is amended by adding the following after subsection (1):

  • Marginal note:Payment by Investment Board

    (1.1) The Minister of Finance may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay to that Minister any amount that the Minister considers necessary for the purposes of subsection (1).

  • Marginal note:Rights in securities extinguished

    (1.2) For greater certainty, where the Minister of Finance transfers to the government of a province a security of that province or of Canada, any right, title or interest of the Investment Board in the security is extinguished.

• (3) Subsections 113(1.1) and (1.2) of the Act are replaced by the following:

  • Marginal note:Transfer by Investment Board

    (1.1) The Minister of Finance may, by notice, and in accordance with any agreement entered into under section 111.1, require the Investment Board to pay to that Minister any amount, and to transfer to that Minister any securities of the province or of Canada referred to in paragraph (1)(b), that are necessary for the purposes of subsection (1).