Business Development Bank of Canada Act

Marginal note:Authorized capital

• 23 (1) The authorized capital of the Bank consists of an unlimited number of common shares with a par value of $100 each and an unlimited number of preferred shares without par value, but the paid-in capital of the Bank, together with any contributed surplus relating to it and any proceeds referred to in paragraph 30(2)(d) that have been prescribed as equity, must not at any time exceed $1.5 billion.

• Marginal note:Issuance of shares

  (2) The shares of the Bank may be issued only to the Designated Minister to be held in trust for the Crown.

• Marginal note:Subscription by Designated Minister

  (3) Where the Board recommends that the Designated Minister subscribe for unissued shares of the Bank, the Designated Minister may, if the Minister of Finance concurs, subscribe for the amount that the Designated Minister considers desirable.

• Marginal note:Payment out of Consolidated Revenue Fund

  (4) The amount of the subscription is to be paid to the Bank out of the Consolidated Revenue Fund at any time and in any amount that the Board may require.