Budget Implementation Act, 2024, No. 1 (S.C. 2024, c. 17)

Marginal note:Loan guarantees

• 261 (1) A corporation that is to be incorporated as a wholly owned subsidiary of the Canada Development Investment Corporation for the purpose of providing loan guarantees as part of an Indigenous loan guarantee program is authorized to provide such guarantees. The aggregate of the principal and interest in respect of all the guarantees must not exceed $5,000,000,000, or any greater amount that may be authorized by the Governor in Council on the recommendation of the Minister of Finance.

• Marginal note:Consolidated Revenue Fund

  (2) The Minister of Finance must pay out of the Consolidated Revenue Fund any amounts to the subsidiary that are necessary for the payment of the principal and interest in respect of the guarantees referred to in subsection (1) and all other amounts required by the subsidiary to discharge its obligations under those guarantees or to exercise any rights or protect the interests of His Majesty in right of Canada.