Financial Administration Act

Marginal note:Incorporation

• 60.3 (1) If, in the Minister’s opinion, it is necessary to promote the stability or maintain the efficiency of the financial system in Canada, the Minister may, during the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, with the Governor in Council’s authorization, procure the incorporation of a corporation, all of the shares of which are held by the Minister on behalf of Her Majesty in right of Canada.

• Marginal note:Not agent of Her Majesty

  (2) The corporation is not an agent of Her Majesty in right of Canada unless it is declared to be an agent of Her Majesty under an Act of Parliament.

• Marginal note:Application of Part X

  (3) Subject to any regulations made under subsection (4), Part X does not apply to the corporation.

• Marginal note:Regulations

  (4) The Minister may make regulations respecting the governance of the corporation, including regulations that adapt any provisions of this Act or the Canada Business Corporations Act and any regulations made under those Acts for the purpose of applying those provisions as adapted to the corporation.

• Marginal note:Directives

  (5) The Minister may give a directive to the corporation.

• Marginal note:Implementation

  (6) The directors of the corporation shall ensure that a directive is implemented in a prompt and efficient manner.

• Marginal note:Best interests

  (7) Compliance by the corporation with a directive is deemed to be in the best interests of the corporation.

• Marginal note:Terms and conditions

  (8) The Minister may, by order, establish terms and conditions in accordance with which the corporation shall enter into financial transactions.

• Marginal note:Contract with Her Majesty

  (9) The corporation may enter into a contract with Her Majesty in right of Canada.

• Marginal note:Payments out of C.R.F.

  (10) The Minister may make payments to the corporation out of the Consolidated Revenue Fund, at the times and in the manner that the Minister considers appropriate.

• Marginal note:Loans to corporation

  (11) The Minister may, out of the Consolidated Revenue Fund, lend money to the corporation on any terms and conditions that the Minister may fix.

• Marginal note:Powers of Minister

  (12) The Minister may merge, sell, wind-up or dissolve the corporation, dispose of any or all shares of the corporation or take other similar measures in respect of the corporation.

• Marginal note:Statutory Instruments Act

  (13) The Statutory Instruments Act does not apply to a directive given under subsection (5) or to an order made under subsection (8).

• Marginal note:Publication in Canada Gazette

  (14) The Minister shall publish a directive given under subsection (5) or an order made under subsection (8) in the Canada Gazette.