15. Section 37 of the Act is replaced by the following:

16. Section 50 of the Act is replaced by the following:

17. Subsection 51(1) of the Act is replaced by the following:

• 18. (1) Section 56 of the Act is replaced by the following:

  Marginal note:Duty of Board

  56. The Board shall pay into the Consolidated Revenue Fund, for credit to the Canada Pension Plan Account established under subsection 108(1) of the Canada Pension Plan, any amount required under subsection 108.1(2) or 113(1.1) of that Act.

• (2) Section 56 of the Act is renumbered as subsection 56(1) and is amended by adding the following:

  • Marginal note:Transfer of securities

    (2) The Board shall transfer to the Minister any designated securities of a province or of Canada that the Minister requires under subsection 113(1.1) of the Canada Pension Plan.

TRANSITIONAL PROVISIONS

Marginal note:Transfer of securities to the Board

• 19. (1) On the first day of each month after the coming into force of this section, 1/36 of the right, title or interest of the Minister of Finance in each security that was purchased by the Minister under section 110 of the Canada Pension Plan, and that is held by that Minister on the first day of the first month following the coming into force of this section, is transferred to the Canada Pension Plan Investment Board established under section 3 of the Canada Pension Plan Investment Board Act (“the Board”).

• Marginal note:Transfer of replacement securities

  (2) If a security referred to in subsection (1) is replaced within the 36-month period beginning on the first day of the first month following the coming into force of this section,

  • (a) the Board is deemed to have acquired a right, title or interest in the replacement security in the same proportion as the right, title or interest it had acquired in the security being replaced; and

  • (b) on the first day of each month after the day on which the replacement security is purchased, for each month then remaining in the 36-month period, an equal portion of the right, title or interest of the Minister of Finance in the replacement security is transferred to the Board, so that the replacement security is fully transferred to the Board on the same day as the security that it replaced would have been fully transferred.

• Marginal note:Rights extinguished

  (3) If a security referred to in subsection (1) is redeemed during the 36-month period referred to in subsection (2) and is not replaced, any right, title or interest of the Board in the security is extinguished.

COMING INTO FORCE

Marginal note:Coming into force

• 20. (1) Subject to subsection (2), the provisions of this Act, and the provisions of any Act as enacted by this Act, come into force in accordance with subsection 114(4) of the Canada Pension Plan on a day or days to be fixed by order of the Governor in Council.

• Marginal note:Exception

  (2) Despite subsection 114(4) of the Canada Pension Plan,

  • (a) subsections 4(1) and (3), 5(3), (5), (7) and (10) and 9(1) and (3), sections 10 and 11, subsection 12(2), section 14 and subsection 18(2) come into force on the day that is three years after the day on which section 19 comes into force; and

  • (b) section 8 comes into force on the day that is four years after the day on which section 19 comes into force.