Hyperlawhypertext legal database Canadian Commercial Bank Financial Assistance Act current to 2019-06-21

C-13.7 Canadian Commercial Bank Financial Assistance Act

Current to 2019-06-21 · last amended 2002-12-31

Contents
Provision

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

s. 1 — Short title

This Act may be cited as the Canadian Commercial Bank Financial Assistance Act.

Financial Assistance

s. 2 — Agreement to provide financial assistance
s. 2(1)

The Minister of State (Finance) may, on behalf of Her Majesty, enter into one or more agreements to provide financial assistance to the Canadian Commercial Bank in furtherance of the points of agreement, and other matters agreed on only in principle, that are set out in the Memorandum of Intent tabled in the House of Commons by the Minister on March 28, 1985 and recorded as sessional paper number 331-7/11.

s. 2(2) — Powers

The Minister of State (Finance) may, for the purpose of carrying out the terms of an agreement entered into under subsection (1),

s. 2(2)(a)

acquire, hold or dispose of participation certificates in a portfolio of assets of the Canadian Commercial Bank comprising loans and securities relating thereto;

s. 2(2)(b)

acquire, hold or dispose of transferable rights or warrants to purchase common shares of the Canadian Commercial Bank;

s. 2(2)(c)

acquire, hold or dispose of bank debentures issued by the Canadian Commercial Bank; and

s. 2(2)(d)

enter into any agreement or arrangement necessary or incidental to any activity referred to in paragraph (a), (b) or (c) or enter into any agreement or arrangement in order to comply with conditions set out in the Memorandum of Intent referred to in subsection (1).

s. 3 — Moneys

There is hereby appropriated, for the purposes of section 2, seventy-five million dollars to be paid out of the Consolidated Revenue Fund from time to time as required.