Financial Administration Act

Marginal note:Authority to borrow money

46.1 In any fiscal year, the Governor in Council may by order authorize the Minister to borrow money for

• (a) the payment of any amount that is required to be paid in that fiscal year in respect of any money borrowed under the authority of this Act or any other Act of Parliament;

• (b) the extinguishment or reduction of any liability of Canada, if the Minister is of the opinion that the liability should be extinguished or reduced; or

• (c) the payment, by Her Majesty, of any amount in extraordinary circumstances, including in the event of a natural disaster or to promote the stability or maintain the efficiency of the financial system in Canada, if the Minister is of the opinion that the borrowing of money is necessary in those circumstances.