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 liabilities and obligations shall at no time exceed the amount referred to in paragraph (1.1)(a) or (b), as the case may be:

  • (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:Determination of amount

  (1.1) The amount which the total liabilities and obligations referred to in subsection (1) shall at no time exceed is

  • (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.

• Marginal note:Publication in Canada Gazette

  (1.2) As soon as feasible after determining or redetermining an amount under paragraph (1.1)(a), the Minister of Finance shall publish a notice of that amount in the Canada Gazette.

• 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).