Borrowing Authority Act

Marginal note:Maximum amount that may be borrowed

4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $1,831,000,000,000:

• (a) the total amount of money borrowed by the Minister under section 3, the Financial Administration Act and the borrowing authority Acts listed in the schedule,

• (b) the total amount of money borrowed by way of the issue and sale of Canada Mortgage Bonds that are guaranteed by the Canada Mortgage and Housing Corporation, and

• (c) the total amount of money borrowed by all agent corporations, by way of the issue and sale of their securities or otherwise, other than

  • (i) amounts that they borrowed from Her Majesty in right of Canada, and

  • (ii) amounts that they are deemed under any other Act of Parliament to have borrowed.