Canada Development Investment Corporation Act (S.C. 2026, c. 3, s. 386)

Marginal note:Copy of order provided to Director

• The following provision is not in force.

  25 (1) The designated Minister must provide the Director, as defined in subsection 2(1) of the Canada Business Corporations Act, with a copy of the order made under section 388 of the Budget 2025 Implementation Act, No. 1.

• The following provision is not in force.

  Marginal note:Deeming

  (2) For the purposes of the Canada Business Corporations Act, the copy of the order is deemed to be a satisfactory notice referred to in subsection 188(7) of that Act.

Marginal note:Transfer of shares

26 If the designated Minister is not the Minister of Finance, the Minister of Finance must transfer all the shares of the former Corporation to the designated Minister to hold in trust for His Majesty in right of Canada.

Marginal note:Rights preserved

27 For greater certainty,

• The following provision is not in force.

  (a) subject to subsection 13(5), the directors of the former Corporation, including the chairperson and chief executive officer, who hold office immediately before the day on which this section comes into force continue to hold that office in the Corporation for the remainder of the term for which they were appointed;

• The following provision is not in force.

  (b) the property and rights of the former Corporation are the property and rights of the Corporation;

• The following provision is not in force.

  (c) the Corporation is liable for the obligations of the former Corporation;

• The following provision is not in force.

  (d) unless the context otherwise requires, every reference to the former Corporation in any contract, instrument or act or other document executed or signed by the former Corporation is to be read as a reference to the Corporation;

• The following provision is not in force.

  (e) an existing cause of action, claim or liability to prosecution relating to the former Corporation is unaffected;

• The following provision is not in force.

  (f) a civil, criminal or administrative action or proceeding pending by or against the former Corporation may be continued by or against the Corporation;

• The following provision is not in force.

  (g) a conviction against, or ruling, order or judgment in favour of or against, the former Corporation may be enforced by or against the Corporation; and

• The following provision is not in force.

  (h) the by-laws of the former Corporation continue as the by-laws of the Corporation.

Marginal note:Retroactivity

28 Section 8 and subsection 17(2) are deemed to have applied to the subsidiary referred to in section 261 of the Budget Implementation Act, 2024, No. 1 as of December 16, 2024.