Export Development Act

Marginal note:Limit of liability

• 24 (1) Subject to subsection (2), in respect of transactions entered into under section 23, the total of the following shall at no time exceed $20,000,000,000:

  • (a) the contingent liability of the Corporation in respect of the principal amount owing under all outstanding arrangements giving rise to contingent liabilities,

  • (b) the obligation of the Corporation to advance funds in respect of any outstanding arrangement that has the effect of extending credit or to pay money to any person in respect of any outstanding arrangement, and

  • (c) the outstanding principal amount of obligations owed to the Corporation in respect of any arrangement that has the effect of extending credit.

• Marginal note:Exclusion

  (2) The amount of

  • (a) the contingent liability referred to in paragraph (1)(a) that the Corporation has insured or reinsured or with respect to which the Corporation has a right, by agreement, to be indemnified, and

  • (b) the obligations referred to in paragraphs (1)(b) and (c) that the Corporation has sold, assigned or otherwise transferred on a non-recourse basis

  shall not be taken into account in calculating the total liabilities and obligations under subsection (1).