Budget Implementation Act, 2016, No. 2 (S.C. 2016, c. 12)
Assented to 2016-12-15
119 The Act is amended by adding the following after section 6.3:
Marginal note:$350 non-circulation coins
6.31 Non-circulation coins of the currency of Canada in the denomination of $350 that are dated 1999, 2000, 2001, 2002, 2003, 2004, 2005 or 2006 are current and legal tender in Canada as of the year that they are dated.
Marginal note:R.S., c. 35 (3rd Supp.), s. 10
120 Subsection 12(1) of the Act is repealed.
DIVISION 6Funds Management
R.S., c. F-11Financial Administration Act
121 The Financial Administration Act is amended by adding the following after section 42.1:
PART III.2Financial Transactions Related to Asset Management
42.2 The following definitions apply in this Part.
- fiscal agent
fiscal agent means a fiscal agent appointed under this Part and includes the Bank of Canada. (agent financier)
registrar means a registrar appointed under this Part and includes the Bank of Canada. (agent comptable)
Marginal note:Lending of funds
42.3 (1) The Minister may, for the sound and efficient management of the Consolidated Revenue Fund, lend money by way of an auction on any terms and conditions that the Minister considers appropriate.
(2) However, the Minister is not to make a loan that exceeds the surplus of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada at the time of the making of the loan.
(3) For the purposes of subsection (2), the amount of the surplus is determined by the Bank of Canada.
Marginal note:Part of Consolidated Revenue Fund
(4) Any loans made under subsection (1) may only be paid out of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada.
Marginal note:Powers related to loans
(5) Despite section 42.5, the Minister may enter into any contract or agreement related to the loans and do any other thing relating to the loans that the Minister considers appropriate.
42.4 (1) If the Minister lends money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to any of the following:
Marginal note:Rules not statutory instruments
(2) Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.
Marginal note:Management of risks
42.5 The Governor in Council may authorize the Minister, subject to any terms and conditions that the Governor in Council may specify, to enter into any contract or agreement of a financial nature, including options, derivatives, swaps and forwards, on any terms and conditions that the Minister considers necessary for the management of risks related to the financial position of the Government of Canada.
Marginal note:Registrars and fiscal agents
42.6 The Minister may
(a) appoint one or more registrars or fiscal agents to perform any services that the Minister may specify in respect of financial transactions entered into under this Part; and
(b) fix the remuneration or compensation of any registrar or fiscal agent appointed under this section.
Marginal note:Payment of related expenses
42.7 With the authorization of the Governor in Council, there may be paid out of the Consolidated Revenue Fund
(a) the remuneration and compensation of registrars and fiscal agents appointed under section 42.6;
(b) all costs, expenses and charges incurred in the management of financial transactions referred to in this Part, including the negotiation, entering into and execution of those transactions;
(c) all money required to be paid under contracts and agreements entered into under subsection 42.3(5) or section 42.5;
(d) all money required to be paid under contracts and agreements entered into under this Act before the coming into force of this Part that could also have been entered into under this Part if this Part had been in force when these contracts and agreements were entered into; and
(e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the lending of money under subsection 42.3(5).
42.8 The Minister may delegate to any officer of the Department of Finance any of the Minister’s powers, duties or functions under this Part, except the power to delegate under this section.
122 Section 55 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):
(e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the borrowing of money under subsection 44(3).
R.S., c. B-2Bank of Canada Act
Marginal note:2014, c. 20, s. 108
123 Paragraph 18(m.1) of the Bank of Canada Act is replaced by the following:
(m.1) act as a custodian of the financial assets of the Canada Deposit Insurance Corporation and of those of the Canada Mortgage and Housing Corporation;
124 Section 24 of the Act is amended by adding the following after subsection (2):
(2.1) If the Minister may, under any other Act of Parliament that expressly authorizes him or her to do so, lend, at the request of an agent corporation as defined in subsection 83(1) of the Financial Administration Act, money out of the Consolidated Revenue Fund to that corporation on any terms and conditions that he or she may fix, the Minister may authorize the Bank to manage the lending of money to that corporation on his or her behalf, on any terms and conditions that he or she may establish.
R.S., c. C-7Canada Mortgage and Housing Corporation Act
125 The Canada Mortgage and Housing Corporation Act is amended by adding the following after section 34:
Coming into Force
Marginal note:Order in council
126 Section 121 comes into force on a day to be fixed by order of the Governor in Council.
- Date modified: