Financial Administration Act

Marginal note:Borrowing

• 101 (1) No agent corporation shall borrow money otherwise than from the Crown, unless the corporation is both

  • (a) empowered by an Act of Parliament to so borrow money; and

  • (b) specifically authorized by any Act of Parliament, including an appropriation Act, to so borrow money.

• Marginal note:Leases

  (2) Despite any regulations made under paragraph 127(4)(b), subsection (1) does not apply in respect of leases, as defined in the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time.