114. Section 100 of the Act is amended by adding the following after subsection (2):

115. Section 101 of the Act is amended by adding the following after subsection (2):

116. The Act is amended by adding the following after section 101:

Transitional Provisions

Marginal note:Bankruptcy and Insolvency Act

117. An amendment to the Bankruptcy and Insolvency Act made by any of sections 91, 92, 94 to 96 and 99 to 101 of this Act applies only to a person who, on or after the day on which the amendment comes into force, is described in one of the following paragraphs:

• (a) the person becomes bankrupt;

• (b) the person files a notice of intention;

• (c) the person files a proposal without having filed a notice of intention; or

• (d) a proposal is made in respect of the person without the person having filed a notice of intention.

Marginal note:Canada Deposit Insurance Corporation Act

118. The amendment to the Canada Deposit Insurance Corporation Act made by section 103 of this Act applies only to a federal member institution in respect of which an order under subsection 39.13(1) of that Act is made on or after the day on which the amendment comes into force.

Marginal note:Companies’ Creditors Arrangement Act

119. An amendment to the Companies’ Creditors Arrangement Act made by section 104 or 106 of this Act applies only to a debtor company in respect of which proceedings under that Act are commenced on or after the day on which the amendment comes into force.

Marginal note:Payment Clearing and Settlement Act

120. An amendment to the Payment Clearing and Settlement Act made by any of sections 110 to 112 of this Act applies only to a party to a netting agreement who, on or after the day on which the amendment comes into force,

• (a) is a person described in any of paragraphs 117(a) to (d);

• (b) is a person described in section 118;

• (c) is a person in respect of whom proceedings have been commenced under the Companies’ Creditors Arrangement Act;

• (d) is a person in respect of whom winding up proceedings have been commenced under the Winding-up and Restructuring Act; or

• (e) is a person subject to an order of a court made pursuant to an administration of a reorganization, arrangement or receivership involving insolvency.

Marginal note:Winding Up and Restructuring Act

121. An amendment to the Winding-up and Restructuring Act made by any of sections 113 to 116 of this Act applies only to companies in respect of which winding up proceedings under that Act are commenced on or after the day on which the amendment comes into force.

Coordinating Amendments

Marginal note:2005, c. 47

• 122. (1) In this section, “other Act” means An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts, being chapter 47 of the Statutes of Canada, 2005.

• (2) If subsection 124(1) of the other Act comes into force before section 104 of this Act, section 104 of this Act is replaced by the following:

  • 104. (1) Subsection 2(1) of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:

    “eligible financial contract”

    « contrat financier admissible »

    “eligible financial contract” means

    • (a) a currency or interest rate swap agreement,

    • (b) a basis swap agreement,

    • (c) a spot, future, forward or other foreign exchange agreement,

    • (d) a cap, collar or floor transaction,

    • (e) a commodity swap,

    • (f) a forward rate agreement,

    • (g) a repurchase or reverse repurchase agreement,

    • (h) a spot, future, forward or other commodity contract,

    • (i) an agreement to buy, sell, borrow or lend securities, to clear or settle securities transactions or to act as a depository for securities,

    • (j) any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to (i),

    • (k) any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (j),

    • (l) any master agreement in respect of a master agreement referred to in paragraph (k),

    • (m) a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (l), or

    • (n) any agreement of a kind prescribed;

    “financial collateral”

    « garantie financière »

    “financial collateral” means any of the following that is subject to an interest, or in the province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement:

    • (a) cash or cash equivalents, including negotiable instruments and demand deposits,

    • (b) securities, a securities account, a securities entitlement or a right to acquire securities, or

    • (c) a futures agreement or a futures account;

    “net termination value”

    « valeurs nettes dues à la date de résiliation »

    “net termination value” means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions;

    “title transfer credit support agreement”

    « accord de transfert de titres pour obtention de crédit »

    “title transfer credit support agreement” means an agreement under which a debtor company has provided title to property for the purpose of securing the payment or performance of an obligation of the debtor company in respect of an eligible financial contract;

  • (2) The definition “eligible financial contract” in subsection 2(1) of the Act, as enacted by subsection (1), is replaced by the following:

    “eligible financial contract”

    « contrat financier admissible »

    “eligible financial contract” means an agreement of a prescribed kind;

• (3) If subsection 124(1) of the other Act comes into force on the same day as section 104 of this Act, section 104 of this Act is deemed to have come into force before subsection 124(1) of the other Act.

• (4) If section 128 of the other Act comes into force before section 106 of this Act, or if those provisions come into force on the same day, section 106 of this Act is repealed and is deemed never to have had effect.

Coming into Force

Marginal note:Order in council

123. Subsections 91(2), 103(2), 104(2) and 113(2) come into force on a day or days to be fixed by order of the Governor in Council.

PART 10PAYMENTS TO PROVINCES AND TERRITORIES

Payment to British Columbia

Marginal note:Maximum payment of $30,000,000

124. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding thirty million dollars to the Province of British Columbia to promote fair and equitable economic development, in an environmentally sustainable and ecologically integrated manner, of First Nations in the Spirit Bear Rainforest area of British Columbia and the Queen Charlotte Islands of British Columbia.

Clean Air and Climate Change Trust Fund

Marginal note:Maximum payment of $1,519,000,000

• 125. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding one billion, five hundred and nineteen million dollars, to a trust established to provide provinces and territories with funding to support provincial and territorial projects that will result in reductions in greenhouse gas emissions and air pollutants. Territories may also use those funds to adapt to a changing climate.

• Marginal note:Provincial or territorial share

  (2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust referred to in subsection (1).

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.