Capital and Shares
Marginal note:Authorized capital
(a) for the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, the amount that the Minister of Finance determines during that period, or, if that Minister redetermines the amount during that period, the most recently determined amount; and
(b) on and after October 1, 2020, an amount equal to the amount determined by the Minister of Finance under paragraph (a), or, if that Minister redetermined the amount under that paragraph, an amount equal to the last amount so determined.
Each share has a par value of $100.
Marginal note:Publication in Canada Gazette
Marginal note:Subscription and payment for shares
(2) Where the Board recommends that the Minister subscribe for unissued shares of the Corporation, the Minister may, if the Minister of Finance concurs, subscribe at par for such number of shares as he considers desirable and the amount of each subscription shall be paid to the Corporation out of the Consolidated Revenue Fund at such times and in such amounts as the Board requires.
Marginal note:Shares not transferable
(3) The shares of the capital stock of the Corporation are not transferable and shall be held in trust for Her Majesty.
- R.S., 1985, c. E-20, s. 11
- 2009, c. 2, s. 261
- 2020, c. 5, s. 18
12 The Corporation may borrow money by any means, including issuing and selling bonds, debentures, notes and other evidences of indebtedness of the Corporation.
- R.S., c. E-18, s. 12
- 1980-81-82-83, c. 163, s. 7
- 1984, c. 31, s. 14
Marginal note:Loans to Corporation
13 At the request of the Corporation, the Minister of Finance may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as are fixed by him.
- R.S., c. E-18, s. 13
Marginal note:Maximum borrowings of Corporation
Marginal note:Calculation of maximum borrowings
(2) For the purpose of calculating the aggregate amount of outstanding borrowings of the Corporation under subsection (1),
(a) accumulated deficits, and
(b) the retained earnings of the Corporation, where the Corporation and its auditor are unable to agree on the amount of the retained earnings,
shall not be taken into account.
- R.S., 1985, c. E-20, s. 14
- 1993, c. 26, s. 5
Marginal note:Reserves or provisions
15 The Corporation may establish one or more reserves or provisions out of which may be paid any losses sustained by the Corporation in the conduct of its business.
- R.S., c. E-18, s. 15
- 1980-81-82-83, c. 47, s. 14
16 The Board may make by-laws
(a) for the regulation of its proceedings, including the delegation of any of its powers and duties to any committee of the Board and the fixing of quorums for meetings of the Board and any committee of the Board;
(b) prescribing the duties of any officers and employees of the Corporation;
(c) delegating to the President the conduct of any business of the Board;
(d) delegating, subject to any terms and conditions specified in the by-laws and despite any delegation of such authority to any committee of the Board, to any one or more officers of the Corporation, jointly or severally, any authority to authorize the Corporation to exercise a power under this Act that is given specifically to the Board by any provision of this Act;
(i) the establishment, management and administration of a pension plan for the officers and employees of the Corporation and their dependants,
(ii) the contributions to be made by the Corporation to the associated pension fund,
(iii) the provision of benefits under the pension plan,
(iv) the payment of pensions, and
(v) the investment of the assets of the fund; and
(e) generally, for the conduct and management of its activities.
- R.S., 1985, c. E-20, s. 16
- 2001, c. 33, s. 10
(2) The Corporation shall obtain the approval of the Minister and the Minister of Foreign Affairs before establishing any office outside Canada.
(3) The approval may be of a limited duration and may be subject to conditions.
(4) Either the Minister or the Minister of Foreign Affairs may, if he or she considers it appropriate, revoke the approval by giving notice to the Corporation of the revocation and of its effective date.
- R.S., 1985, c. E-20, s. 17
- 1993, c. 26, s. 6
- 2010, c. 12, s. 1832
Marginal note:Agent of Her Majesty
18 The Corporation is for all purposes an agent of Her Majesty in right of Canada.
- R.S., c. E-18, s. 18
- 1984, c. 31, s. 14
Marginal note:Terms and conditions
19 The Board may, subject to this Act and any by-law of the Board, determine the terms and conditions on which the Corporation may exercise any power under this Act.
- R.S., 1985, c. E-20, s. 19
- 1993, c. 26, s. 7
20 The Corporation may employ such officers and employees and such consultants and advisers as it deems necessary to carry out its purposes and shall fix the terms and conditions of their employment and their remuneration, which shall be paid by the Corporation.
- R.S., c. E-18, s. 20
Marginal note:Report re directive
(2) As auditor of the Corporation, the Auditor General must, at least once every five years, audit the design and the implementation of the directive referred to in subsection 10.1(2) and submit a report on the audit to the Board and to the Minister. The Auditor General must submit the report to each House of Parliament on any of the first thirty days on which it is sitting after the report is completed.
- R.S., 1985, c. E-20, s. 21
- 2001, c. 33, s. 11
Marginal note:Exemption from income tax
- R.S., c. E-18, s. 22
- 1970-71-72, c. 43, s. 3, c. 63, s. 4
Marginal note:Authorization of the Minister
23 (1) If the Corporation advises the Minister that it will not, without an authorization made under this section, enter into any transaction or class of transactions that it has the power to enter into under subsection 10(1.1) and the Minister is of the opinion that it is in the national interest that the Corporation enter into any such transaction or class of transactions, the Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to do so.
Marginal note:Amendment without authorization
(2) The Corporation may amend any agreement entered into pursuant to an authorization of the Minister made under subsection (1), without further authorization of the Minister, if the amendment in no way results in the agreement being inconsistent with the Minister’s authorization.
Marginal note:Moneys required to discharge obligations to be paid out of C.R.F.
(3) All moneys required by the Corporation to discharge its obligations under any transaction entered into under this section shall be paid to the Corporation by the Minister of Finance out of the Consolidated Revenue Fund.
Marginal note:Separate account
(4) The Corporation shall maintain a separate account of all moneys received by way of receipts and recoveries, and of all disbursements made, in connection with all transactions entered into under this section and shall, subject to subsections (5) and (6), pay to the Receiver General all such receipts and recoveries.
Marginal note:Expenses and overhead
(5) The Minister of Finance may authorize the Corporation to retain from any receipts and recoveries described in subsection (4) such part thereof as the Minister of Finance considers to be required to meet the expenses and overhead of the Corporation arising out of transactions described in that subsection.
Marginal note:Financial management
(6) The Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to make any investment or enter into any transaction or any class of transactions — including the forgiveness in whole or in part of any debt or obligation — that is necessary or desirable for the management of assets and liabilities arising out of any transaction that may be entered into under this section.
- R.S., 1985, c. E-20, s. 23
- 1993, c. 26, s. 8
- 2010, c. 12, s. 1833
- 2020, c. 5, s. 19
- Date modified: