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Business Development Bank of Canada Act

Version of section 23 from 2020-03-25 to 2024-05-28:


Marginal note:Authorized capital

  •  (1) The authorized capital of the Bank consists of an unlimited number of common shares with a par value of $100 each and an unlimited number of preferred shares without par value, but the paid-in capital of the Bank, together with any contributed surplus relating to it and any proceeds referred to in paragraph 30(2)(d) that have been prescribed as equity, must not at any time exceed

    • (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

    (1.1) As soon as feasible after determining or redetermining an amount under paragraph (1)(a), the Minister of Finance shall publish a notice of that amount in the Canada Gazette.

  • Marginal note:Issuance of shares

    (2) The shares of the Bank may be issued only to the Designated Minister to be held in trust for the Crown.

  • Marginal note:Subscription by Designated Minister

    (3) Where the Board recommends that the Designated Minister subscribe for unissued shares of the Bank, the Designated Minister may, if the Minister of Finance concurs, subscribe for the amount that the Designated Minister considers desirable.

  • Marginal note:Payment out of Consolidated Revenue Fund

    (4) The amount of the subscription is to be paid to the Bank out of the Consolidated Revenue Fund at any time and in any amount that the Board may require.

  • 1995, c. 28, s. 23
  • 2009, c. 2, s. 264
  • 2017, c. 33, s. 260
  • 2020, c. 5, s. 55

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