F-11 Financial Administration Act

The Governor in Council may, by order,

The Governor in Council may, by order, amend Schedule I.1 by striking out the reference in column II thereof opposite the name of a division or branch of the federal public administration in column I thereof and by substituting therefor another reference in column II thereof opposite that name.

The Governor in Council may, by order, delete from Schedule I.1 the name of any division or branch of the federal public administration that has been changed and shall thereupon add the new name of the division or branch to that Schedule.

The Governor in Council may, by order, delete from Schedule I.1 the name of any division or branch of the federal public administration that has ceased to exist, become part of another department or otherwise ceased to be a separate division or branch of the federal public administration and the reference to the appropriate Minister.

The Governor in Council may, by order,

The Governor in Council may, by order, delete from Part I or II of Schedule III the name of any parent Crown corporation that should appear in the other Part and shall, by the same order, add the name of that corporation to the other Part.

The name of a parent Crown corporation shall not be added to Schedule III, if the Governor in Council is satisfied that the corporation meets the criteria described in paragraph (1)(a.1).

The name of a parent Crown corporation shall not be added to Part II of Schedule III, unless the Governor in Council is satisfied that

The Governor in Council may, by order,

The Governor in Council may, by order, add to Schedule IV or V the name of any portion of the federal public administration

The Governor in Council may, by order, delete the name of any portion of the federal public administration named in Schedule IV or V, in which case the Governor in Council must add the name of that portion to the other one of those two schedules, but the Governor in Council need not do so if that portion

The exclusion of a corporation from the operation of Part I of the Canada Labour Code ceases to have effect if the corporation’s name is deleted from Schedule IV or V without a corresponding addition to the other one of those two schedules.

The Governor in Council may, by order,

Every order made pursuant to subsection 3(3) that deletes the name of a corporation from Part I of Schedule III and adds it to Part II of that Schedule shall be laid before each House of Parliament within the first fifteen days on which that House is sitting after the order is made.

An order laid before a House of Parliament pursuant to subsection (1) stands referred to such committee of that House as may be designated or established by that House for the purpose.

An order laid before a House of Parliament pursuant to subsection (1) shall come into force on the thirty-first sitting day after the order has been laid before both Houses of Parliament or on such later day as is specified in the order.

In this section, sitting day means a day on which either House of Parliament is sitting.

There is hereby established a committee of the Queen’s Privy Council for Canada called the Treasury Board over which the President of the Treasury Board appointed by Commission under the Great Seal shall preside.

The Treasury Board shall, in addition to the President of the Treasury Board, consist of the Minister and four other members of the Queen’s Privy Council for Canada to be nominated from time to time by the Governor in Council.

The Governor in Council may nominate such additional members of the Queen’s Privy Council for Canada as he sees fit to be alternates to serve in the place of members of the Treasury Board.

Subject to this Act and any directions of the Governor in Council, the Treasury Board may determine its own rules and procedures.

The President of the Treasury Board holds office during pleasure and presides over meetings of the Treasury Board.

The Governor in Council may appoint an officer called the Secretary of the Treasury Board to hold office during pleasure, which officer ranks as and has the powers of a deputy head of a department.

The Governor in Council may appoint an officer called the Chief Human Resources Officer to hold office during pleasure, who ranks as and has the powers of a deputy head of a department.

The Governor in Council may appoint an officer called the Comptroller General of Canada to hold office during pleasure, which officer ranks as and has the powers of a deputy head of a department.

The Governor in Council may appoint an officer called the Chief Information Officer of Canada to hold office during pleasure, who ranks as and has the powers of a deputy head of a department.

The Treasury Board may delegate to the President of the Treasury Board, to the Secretary of the Treasury Board, to the Comptroller General of Canada or to the deputy head or chief executive officer of any portion of the federal public administration any of the powers or functions it is authorized to exercise under any Act of Parliament or by any order made by the Governor in Council. It may make the delegation subject to any terms and conditions that it considers appropriate.

The Treasury Board may, subject to any terms and conditions that it considers appropriate, delegate to the Chief Human Resources Officer

The Treasury Board may, subject to any terms and conditions that it considers appropriate, delegate to the Chief Information Officer of Canada any of the powers or functions that it is authorized to exercise under any Act of Parliament or by any order made by the Governor in Council, including powers or functions in relation to information technology.

The President of the Treasury Board is responsible and accountable for the coordination of the activities of the Secretary of the Treasury Board, the Chief Human Resources Officer, the Comptroller General of Canada and the Chief Information Officer of Canada and may, subject to any terms and conditions that the President of the Treasury Board considers appropriate, delegate that responsibility to the Secretary of the Treasury Board or to any person under the President of the Treasury Board’s jurisdiction.

Subsections (4), (4.1) and (4.11) do not apply in respect of the Treasury Board’s power to delegate under those subsections or to its power to make regulations.

Any person to whom powers or functions are delegated under subsection (4), (4.1) or (4.11) may, subject to and in accordance with the delegation, sub-delegate any of those powers or functions to any person under their jurisdiction.

The other officers and employees that are necessary for the proper conduct of the business of the Treasury Board are to be appointed in the manner authorized by the Public Service Employment Act.

The Treasury Board may act for the Queen’s Privy Council for Canada on all matters relating to

The Treasury Board may exercise the powers, other than powers of appointment, of the Governor in Council under

The Governor in Council may, by order, authorize the Treasury Board to exercise all or any of the powers of the Governor in Council under section 41 or subsection 122(1) or (6) and specify the circumstances in which those powers may be exercised.

The Treasury Board may, in carrying out its responsibilities under subsection (1), provide services to departments and Crown corporations. With the authorization of the Governor in Council, it may also provide these services to a provincial government, a municipality in Canada, a provincial or municipal public body or any other public body performing a function of government in Canada.

For greater certainty, for the purposes of the Access to Information Act, the records of an entity to which the Treasury Board provides services under subsection (4) that are, on behalf of that entity, contained in or carried on the Treasury Board’s information technology systems are not under the control of the Treasury Board.

For greater certainty, for the purposes of the Privacy Act, personal information that is collected by an entity to which the Treasury Board provides services under subsection (4) and that is, on behalf of that entity, contained in or carried on the Treasury Board’s information technology systems is not under the control of the Treasury Board.

The Treasury Board may establish or modify any group insurance or other benefit programs for employees of the federal public administration and any other persons or classes of persons it may designate to be members of those programs, may take any measure necessary for that purpose, including contracting for services, may set any terms and conditions in respect of those programs, including those relating to premiums, contributions, benefits, management, control and expenditures and may audit and make payments in respect of those programs, including payments relating to premiums, contributions, benefits and other expenditures.

This Act, other than this section, does not apply to any contributions or other payments made or premiums paid by the Treasury Board or the members in respect of any program established or modified pursuant to subsection (1) or any benefits received by the members of such a program.

On the recommendation of the National Joint Council of the Public Service, the President of the Treasury Board may issue letters patent of incorporation that take effect on the date stated in them for a corporation without share capital that is charged with the administration of any group insurance or benefit program described in subsection 7.1(1).

The letters patent must set out

The President of the Treasury Board may, on the recommendation of the National Joint Council of the Public Service, after consulting with the board of directors, issue supplementary letters patent amending the corporation’s letters patent and the supplementary letters patent take effect on the date stated in them.

The corporation’s letters patent and supplementary letters patent are not regulations within the meaning of the Statutory Instruments Act. However, they must be published in the Canada Gazette.

The corporation has, subject to its letters patent and this Act, the capacity of a natural person.

The corporation is neither a Crown corporation nor an agent of Her Majesty.

The Treasury Board may prescribe from time to time the manner and form in which the accounts of Canada and the accounts of the several departments shall be kept, and may direct any person receiving, managing or disbursing public money to keep any books, records or accounts that the Board considers necessary.

The Treasury Board may

The Treasury Board may require from any public officer or any agent of Her Majesty any account, return, statement, document, report or information that the Board considers necessary for the due performance of its duties.

The Treasury Board may require any public officer or agent of Her Majesty to provide a department with such information from any account, return, record, statement, document or report as may be required

The following definitions apply in this section and sections 11.1 to 13.

The Governor in Council may designate any position to be the position of deputy head in respect of

In the exercise of its human resources management responsibilities under paragraph 7(1)(e), the Treasury Board may

The powers of the Treasury Board in relation to any of the matters specified in subsection (1)

The Governor in Council may delegate to the minister of the Crown responsible for a separate agency, or to its deputy head, any of the powers or functions of the Governor in Council or the Treasury Board in relation to human resources management in that separate agency, subject to any terms and conditions that the Governor in Council directs.

Any person to whom powers or functions are delegated under subsection (1) may, subject to and in accordance with the delegation, sub-delegate any of those powers or functions to any person under their jurisdiction.

Subject to paragraphs 11.1(1)(f) and (g), every deputy head in the core public administration may, with respect to the portion for which he or she is deputy head,

Subject to any terms and conditions that the Governor in Council may direct, every deputy head of a separate agency, and every deputy head designated under paragraph 11(2)(b), may, with respect to the portion of the federal public administration for which he or she is deputy head,

Disciplinary action against, or the termination of employment or the demotion of, any person under paragraph (1)(c), (d) or (e) or (2)(c) or (d) may only be for cause.

A deputy head may delegate to any person any of the deputy head’s powers or functions in relation to human resources management, subject to any terms and conditions that he or she directs.

Any person to whom powers or functions are delegated under subsection (1) may, subject to and in accordance with the delegation, sub-delegate any of those powers or functions to any other person.

Despite any other Act of Parliament, if the employment of an employee is terminated under paragraph 12(1)(f), agreements of the National Joint Council, other than agreements of the National Joint Council that are related to work force adjustment, cease to apply to the employee immediately before the termination of employment, unless the termination of employment was the result of the transfer of any work, undertaking or business from the core public administration to any body or corporation that is

Her Majesty in right of Canada, as represented by the Treasury Board, continues to be responsible for any obligation of Her Majesty in respect of benefits arising out of agreements of the National Joint Council that had accrued to employees of a body or corporation immediately before the date of the transfer referred to in subsection (1).

Subject to subsection (2), nothing in this Act or any other Act of Parliament is to be construed as limiting or affecting the right or power of the Governor in Council to suspend or dismiss, on the basis of a security assessment, any person employed in the public service.

If a person has made a complaint with respect to a security assessment to the National Security and Intelligence Review Agency, that person may not be dismissed by the Governor in Council until after the completion of the investigation in relation to that complaint.

For the purpose of subsection (1), any order made by the Governor in Council is conclusive proof of the matters stated therein in relation to the suspension or dismissal of any person in the interest of the safety or security of Canada or any state allied or associated with Canada.

The Minister may establish advisory and other committees and provide for their membership, duties, functions and operation.

Members of a committee may be paid for their services the remuneration and expenses that the Governor in Council may determine.

A person who does not occupy a position in the federal public administration but who meets the qualifications established by directive of the Treasury Board may be appointed to an audit committee by the Treasury Board on the recommendation of the President of the Treasury Board.

A member of an audit committee so appointed holds office during pleasure for a term not exceeding four years, which may be renewed for a second term.

A member of an audit committee so appointed shall be paid the remuneration and expenses fixed by the Treasury Board.

Within the framework of the appropriate minister’s responsibilities and his or her accountability to Parliament, and subject to the appropriate minister’s management and direction of his or her department, the accounting officer of a department named in Part I of Schedule VI is accountable before the appropriate committees of the Senate and the House of Commons for

Within the framework of the appropriate minister’s responsibilities under the Act or order constituting the department and his or her accountability to Parliament, the accounting officer of a department named in Part II or III of Schedule VI is accountable before the appropriate committees of the Senate and the House of Commons for

The obligation of an accounting officer under this section is to appear before the appropriate committee of the Senate or the House of Commons and answer questions put to him or her by members of the committee in respect of the carrying out of the responsibilities and the performance of the duties referred to in subsection (1) or (2), as the case may be.

Where the appropriate minister and the accounting officer for a department named in Part I or II of Schedule VI are unable to agree on the interpretation or application of a policy, directive or standard issued by the Treasury Board, the accounting officer shall seek guidance in writing on the matter from the Secretary of the Treasury Board.

Where guidance is provided under subsection (1) and the matter remains unresolved, the appropriate minister shall refer the matter to the Treasury Board for a decision.

A decision by the Treasury Board shall be in writing and a copy shall be provided to the Auditor General of Canada.

The copy of a decision provided to the Auditor General of Canada is a confidence of the Queen’s Privy Council for Canada for the purposes of any Act of Parliament.

Subject to this Part, all public money shall be deposited to the credit of the Receiver General.

The Receiver General may establish, in the name of the Receiver General, accounts for the deposit of public money with

Every person who collects or receives public money shall keep a record of receipts and deposits thereof in such form and manner as the Treasury Board may prescribe by regulation.

Subject to any regulations made under subsection (5), every person employed in the collection or management of, or charged with the receipt of, public money and every other person who collects or receives public money shall pay that money to the credit of the Receiver General.

The Treasury Board may make regulations

In this section, collection agency means a person, other than an employee of a department, who

Subject to the direction of the Treasury Board, fees or commissions may be paid out of the Consolidated Revenue Fund to a collection agency for the collection of any amount that was owed to

The Governor in Council may, on the recommendation of the Treasury Board,

Fees and charges for a service or the use of a facility provided by or on behalf of Her Majesty in right of Canada that are prescribed under subsection (1) or the amount of which is adjusted under section 19.2 may not exceed the cost to Her Majesty in right of Canada of providing the service or the use of the facility to the users or class of users.

For greater certainty, users includes

A regulation or order under section 19 or 19.1 may prescribe rules for the adjustment, by such amounts or ratios as are referred to in the regulation or order, of the amount of the fee or charge, for such period as is specified in the regulation or order, but no such rules may provide for the consideration of any factors of adjustment that are not specified in the rules.

Notwithstanding that a regulation or order provides for the adjustment of the amount of a fee or charge for a period, its amount for the period is equal to its amount for the immediately preceding period unless the appropriate Minister, before the beginning of the period, publishes a notice in the Canada Gazette specifying the adjusted amount and the manner in which it was determined.

Where money is received by a public officer from any person as a deposit to ensure the doing of any act or thing, the public officer shall hold or dispose of the money in accordance with regulations of the Treasury Board.

Where money is paid by any person to a public officer for any purpose that is not fulfilled, the money may, in accordance with regulations of the Treasury Board, be returned or repaid to that person, less such sum as in the opinion of the Board is properly attributable to any service rendered.

Money paid to the credit of the Receiver General that is not public money may be returned or repaid in accordance with regulations of the Treasury Board.

Money referred to in paragraph (d) of the definition public money in section 2 that is received by or on behalf of Her Majesty for a special purpose and paid into the Consolidated Revenue Fund may be paid out of the Consolidated Revenue Fund for that purpose, subject to any statute applicable thereto.

Subject to any other Act of Parliament, interest may be allowed and paid from the Consolidated Revenue Fund in respect of money to which subsection (1) applies, in accordance with and at rates fixed by the Minister with the approval of the Governor in Council.

In this section,

The Governor in Council may, on the recommendation of the appropriate Minister, remit any tax or penalty, including any interest paid or payable thereon, where the Governor in Council considers that the collection of the tax or the enforcement of the penalty is unreasonable or unjust or that it is otherwise in the public interest to remit the tax or penalty.

The Governor in Council may, on the recommendation of the Treasury Board, remit any other debt, including any interest paid or payable thereon, where the Governor in Council considers that the collection of the other debt is unreasonable or unjust or that it is otherwise in the public interest to remit the other debt.

A remission pursuant to this section may be total or partial or conditional or unconditional and may be granted

A remission pursuant to this section may be granted

Where a remission is granted pursuant to this section subject to a condition and the condition is not fulfilled, the tax, penalty or other debt may be enforced, or all proceedings may be had, as if there had been no remission.

A conditional remission, on fulfilment of the condition, and an unconditional remission have effect as if the remission were made after the tax, penalty or other debt in respect of which it was granted had been sued for and recovered.

No tax paid to Her Majesty on any goods shall be remitted by reason only that, after the payment of the tax and after release from the control of customs or excise officers, the goods were lost or destroyed.

Where a penalty imposed by any law relating to the revenue has been wholly and unconditionally remitted pursuant to this section, the remission has the effect of a pardon for the offence for which the penalty was incurred, and thereafter the offence has no legal effect prejudicial to the person to whom the remission was granted.

Remissions granted under this Act or any other Act of Parliament may be paid out of the Consolidated Revenue Fund.

Remissions granted under this or any other Act of Parliament during a fiscal year shall be reported in the Public Accounts for that year in such form as the Treasury Board may direct.

Subject to subsection (2), no debt or obligation

No debt or obligation referred to in paragraph (1)(a) shall be forgiven unless the amount to be forgiven is included as a budgetary expenditure in an appropriation Act or any other Act of Parliament.

Where a debt or obligation is forgiven pursuant to subsection (1),

Subject to subsection (2), the Treasury Board may make regulations respecting the writing off, in whole or in part, of any debt or obligation due to Her Majesty or any claim by Her Majesty, and without restricting the generality of the foregoing, may make regulations prescribing

No debt, obligation or claim that is included in the statement of assets and liabilities of Canada referred to in subparagraph 64(2)(a)(iii), the writing off of which would result in a charge to an appropriation, shall be written off unless the amount to be written off is included as a budgetary expenditure in an appropriation Act or any other Act of Parliament.

The writing off of any debt, obligation or claim pursuant to this section does not affect any right of Her Majesty to collect or recover the debt, obligation or claim.

Any debt, obligation or claim written off under this or any other Act of Parliament during a fiscal year shall be reported in the Public Accounts for that year in such form as the Treasury Board may direct.

Where a guarantee has been given under the authority of Parliament by or on behalf of Her Majesty for the payment of any debt or obligation, any amount required to be paid by the terms of the guarantee may, subject to the Act authorizing the guarantee, be paid out of the Consolidated Revenue Fund.

An authority referred to in subsection (1) may be contained in an appropriation Act.

A departmental corporation may expend during a fiscal year, for the purposes of the departmental corporation, any revenues that it receives in that fiscal year through the conduct of its operations.

A department may, in respect of its approved programs or authorized expenditures, be authorized by an appropriation Act

The purposes and drawdown limit of a revolving fund referred to in subsection (2) may be amended by means of an appropriation Act.

The operation of a revolving fund and the spending of revenues pursuant to this or any other Act of Parliament is, in addition to any limitation imposed by statute, subject to such terms and conditions as the Treasury Board may direct.

A department may provide internal support services to and receive internal support services from one or more other departments, and the provision of those services may be through collaboration among departments.

Any department providing internal support services to another department must enter into an agreement in writing with that department respecting those services.

Subsection (1) does not authorize a department to provide internal support services if, under an Act of Parliament, order of the Governor in Council or direction of Treasury Board,

In this section, internal support services means administrative activities that support

Subject to subsection (1.1), where a payment is urgently required for the public good

The Governor in Council shall not, in the 60 days referred to in subsection (1), direct the preparation of a special warrant referred to in that subsection when Parliament is not in session on any of those days by virtue of the fact that it is prorogued.

A special warrant issued pursuant to this section shall for the purposes of this Act be deemed to be an appropriation for the fiscal year in which the warrant is issued.

Every warrant issued under this section shall be published in the Canada Gazette within 30 days after it is issued, and a statement showing all warrants issued under this section and the amounts of those warrants shall be laid by the President of the Treasury Board before the House of Commons within 15 days after the commencement of the next ensuing session of Parliament.

Where a special warrant has been issued pursuant to this section, the amounts appropriated thereby shall be deemed to be included in and not to be in addition to the amounts appropriated by the Act of Parliament enacted next thereafter for granting to Her Majesty sums of money to defray expenses of the federal public administration for a fiscal year.

At the commencement of each fiscal year or at such other times as the Treasury Board may direct, the deputy head or other person charged with the administration of a service for which there is an appropriation by Parliament or an item included in estimates then before the House of Commons shall, unless otherwise directed by the Board, prepare a division of the appropriation or item into allotments in the form detailed in the estimates submitted to Parliament for the appropriation or item or in such other form as the Board may prescribe and shall submit the division to the Board.

Where a division required to be submitted to the Treasury Board pursuant to subsection (1) is approved by the Board, the allotments shall not be varied or amended without the approval of the Board.

The deputy head or other person charged with the administration of a service for which a division is required to be prepared pursuant to subsection (1) shall ensure by an adequate system of internal control and audit that the allotments provided in that division are not exceeded.

No contract or other arrangement providing for a payment shall be entered into unless, to discharge any debt that will be due under the contract or other arrangement during the fiscal year in which the contract or other arrangement is entered into, there is a sufficient unencumbered balance available out of

The deputy head or other person charged with the administration of a program for which there is an appropriation by Parliament or an item included in estimates then before the House of Commons shall, as the Treasury Board may prescribe, establish procedures and maintain records respecting the control of financial commitments chargeable to each appropriation or item.

No charge shall be made against an appropriation except on the requisition of the appropriate Minister of the department for which the appropriation was made or of a person authorized in writing by that Minister.

Every requisition for a payment out of the Consolidated Revenue Fund shall be in such form, accompanied by such documents and certified in such manner as the Treasury Board may prescribe by regulation.

No requisition shall be made pursuant to subsection (1) for a payment that

The appropriate Minister may transmit to the Treasury Board any requisition with respect to which that Minister desires the direction of the Board, and the Board may order that payment be made or refused.

No payment shall be made in respect of any part of the federal public administration unless, in addition to any other voucher or certificate that is required, the deputy of the appropriate Minister, or another person authorized by that Minister, certifies

The Treasury Board may prescribe policies and procedures to be followed to give effect to the certification and verification required under subsection (1).

In this section and section 36, instruction for payment means an instrument or other instruction for the payment of money, but does not include a requisition under section 33.

Every payment out of the Consolidated Revenue Fund shall be made under the direction and control of the Receiver General by the issuance of an instruction for payment, in such form and authenticated in such manner as the Treasury Board may direct.

An amount set out in an instruction for payment issued under subsection (2), less any amount charged back as a result of a reconciliation pursuant to section 36, may be paid out of the Consolidated Revenue Fund where

The Receiver General may prescribe the manner of making a claim for settlement and the evidence that must accompany the claim.

Where a payment out of the Consolidated Revenue Fund is made in respect of a claim for settlement, the Receiver General shall examine the claim and make a reconciliation between the claim and

The Treasury Board may, on the recommendation of the Receiver General and with the approval of the Auditor General of Canada, make regulations governing

Subject to such directions as the Treasury Board may make, a debt incurred by Her Majesty for work performed, goods received or services rendered before the end of a fiscal year, and any amount due or owing under a contract, contribution or other similar arrangement entered into before the end of the fiscal year that remains unpaid at the end of the fiscal year, shall be recorded as a charge against the appropriation to which it relates.

Subject to subsection (3), in such period as the Treasury Board may specify or, if no such period is specified, at any time, a payment may be made for the purpose of settling any debt or other amount due or owing that has been recorded as a charge against an appropriation pursuant to subsection (1).

The discharge or settlement of a debt or other amount due or owing that has been recorded as a charge against an appropriation pursuant to subsection (1), or any part thereof, and that was in excess of the balance then remaining in the appropriation

Where, despite paragraph 33(3)(b), a payment is made that results in an expenditure that is in excess of an appropriation,

The Treasury Board may make regulations

Any accountable advance or any portion thereof that is not repaid, accounted for or recovered in accordance with the regulations may be recovered out of any moneys payable by Her Majesty to the person to whom the advance was made or, where the person is deceased, out of any moneys payable by Her Majesty to the estate of that person.

Every accountable advance that is not repaid, accounted for or recovered by the end of the fiscal year in which it was made shall be reported in the Public Accounts for that year.

It is a term of every contract providing for the payment of any money by Her Majesty that payment under that contract is subject to there being an appropriation for the particular service for the fiscal year in which any commitment under that contract would come in course of payment.

It is a term of every contract for public opinion research entered into by any person with Her Majesty that a written report will be provided by that person.

The Governor in Council may make regulations with respect to the conditions under which contracts may be entered into and, notwithstanding any other Act of Parliament,

Subsection (1) does not apply in respect of Crown corporations, the Canada Revenue Agency or the Invest in Canada Hub.

The Governor in Council may make regulations fixing terms that are deemed to be expressly set out in contracts, or classes of contracts, that provide for the payment of any money by Her Majesty or a Crown corporation — or in documents, or classes of documents, relating to such contracts and their formation — including terms

Regulations made under subsection (1) may not infringe on the powers of the Auditor General under section 7.1 of the Auditor General Act.

The Governor in Council may, in respect of contracts for public opinion research, make regulations

The following definitions apply in this section.

Subject to and except as otherwise provided in any directives issued by the Treasury Board, every department shall conduct a review every five years of the relevance and effectiveness of each ongoing program for which it is responsible.

In this section, program means a program of grants or contributions made to one or more recipients that are administered so as to achieve a common objective and for which spending authority is provided in an appropriation Act.

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.

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.

For the purposes of subsection (2), the amount of the surplus is determined by the Bank of Canada.

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.

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.

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:

Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.

Notwithstanding any statement in any other Act of Parliament to the effect that this Act or any portion or provision of it does not apply, no money shall be borrowed by or on behalf of Her Majesty in right of Canada except as provided by or under

No securities shall be issued by or on behalf of Her Majesty in right of Canada without the authority of Parliament.

When by this Act or any other Act of Parliament authority is given to raise money by Her Majesty, the Governor in Council may, subject to the Act authorizing the raising of the money, authorize the Minister to borrow the money by any means that the Minister considers appropriate.

The aggregate principal amount of money borrowed by the Minister under this section in any fiscal year may not exceed the amount that is specified by order of the Governor in Council for that fiscal year.

Any money borrowed under section 47 is not to be taken into account for the purpose of calculating the aggregate principal amount of money borrowed by the Minister under this section in any fiscal year.

Subject to any terms and conditions that the Governor in Council may specify, the Minister may enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate.

Regulations and directions made under subsection 41(1) do not apply in respect of contracts entered into under subsection (3).

Subsection (3) applies with respect to anything done in relation to borrowings under this section, as it read immediately before the coming into force of this subsection, as though the borrowing were done under subsection (1).

If the Minister borrows money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to

Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.

Any amounts raised by way of loan under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be repaid in the currency or currencies of any country or countries and securities issued under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be made payable in the currency or currencies of any country or countries.

Where an Act of Parliament, whether enacted before or after the coming into force of this subsection, authorizes

For the purpose of any limitation in respect of an amount

After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House of Parliament, within the first 30 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the following:

The Minister shall cause to be tabled in each House of Parliament for every fiscal year, not later than the 30th day on which that House is sitting after the start of the fiscal year to which the report relates, a report on the Minister’s plans in relation to the following:

The Minister shall cause to be tabled in each House of Parliament a report on the money borrowed or to be borrowed under an order made under paragraph 46.1(c) within the first 30 days on which that House is sitting after the day on which the Governor in Council’s authorization is given under that paragraph.

The Minister shall cause to be tabled in each House of Parliament a report on the money borrowed or to be borrowed under paragraph 47(b) within the first 30 days on which that House is sitting after the day on which the Minister first borrows money under that paragraph.

Security certificates evidencing securities issued under the authority of this Part shall be signed by the Deputy Minister of Finance or an officer of the Department of Finance designated by the Governor in Council to sign on behalf of the Deputy Minister of Finance, and shall be countersigned by such officer of the Department of Finance or other person as the Governor in Council designates for that purpose.

The Minister may direct that there be substituted for signatures in the proper handwriting of one or both of the persons authorized to sign or countersign security certificates under subsection (1), facsimiles of those signatures.

The Governor in Council may

The Governor in Council may authorize the Minister to do anything referred to in paragraphs (1)(a) to (c) for any period that the Governor in Council considers appropriate.

The Minister shall cause to be maintained a system of books and records

Every fiscal agent and registrar shall annually, and as often as required by the Minister, give to the Minister an accounting, in such form and terms and containing such information as the Minister prescribes, of all his transactions as fiscal agent or registrar.

Where it is provided by a prospectus or other official notice issued by or under the authority of the Minister that a subscriber may purchase securities by payments to an authorized agent or by deductions from the remuneration of the subscriber by his employer, the amount of any such payment or deduction that has not been accounted for by the delivery of securities to the subscriber or repaid to the subscriber shall be deemed to be money received in trust for Her Majesty by the agent or employer for which the agent or employer is accountable to Her Majesty under section 76.

Where money paid or deducted pursuant to subsection (1) cannot be identified among the assets of the employer or agent, a portion of those assets equal in value to the amount of the payment or deduction shall be deemed to be segregated and held in trust for Her Majesty.

The Governor in Council may make such regulations as he deems necessary to provide for the management of the public debt of Canada and the payment of interest thereon and, without limiting the generality of the foregoing, may make regulations

The register maintained pursuant to subsection (1) may be in a bound or loose-leaf form or in a photographic film form or may be maintained by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time.

The register maintained pursuant to subsection (1) is deemed to be a record for the purposes of the Canada Evidence Act and every employee of the Bank of Canada who supervises the inscription or registration of securities in the register is deemed to be a manager of the Bank of Canada for the purposes of that Act.

If a regulation is made under paragraph (1)(g) or (h), the Minister may authorize, subject to any terms and conditions that the Minister considers appropriate,

The following definitions apply in this Part.

Subject to subsection (3), the Minister may, with the Governor in Council’s authorization, enter into, on behalf of Her Majesty in right of Canada, any contract that in the Minister’s opinion is necessary to promote the stability or maintain the efficiency of the financial system in Canada, including such a contract to

Paragraph (2)(a) does not apply to

Section 90 does not apply if the Minister purchases, acquires or sells or otherwise disposes, under paragraph (2)(a), of shares within the meaning of that section.

Section 61 and the Surplus Crown Assets Act do not apply if the Minister holds, loans or sells or otherwise disposes of securities under paragraph (2)(a).

Any amount payable under or in connection with a contract entered into under this section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister, at the times and in the manner that the Minister considers appropriate.

This section applies to any contract entered into on or after November 30, 2008.

If, in the Minister’s opinion, it is necessary to promote the stability or maintain the efficiency of the financial system in Canada, the Minister may, during the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, with the Governor in Council’s authorization, procure the incorporation of a corporation, all of the shares of which are held by the Minister on behalf of Her Majesty in right of Canada.

The corporation is not an agent of Her Majesty in right of Canada unless it is declared to be an agent of Her Majesty under an Act of Parliament.

Subject to any regulations made under subsection (4), Part X does not apply to the corporation.

The Minister may make regulations respecting the governance of the corporation, including regulations that adapt any provisions of this Act or the Canada Business Corporations Act and any regulations made under those Acts for the purpose of applying those provisions as adapted to the corporation.

The Minister may give a directive to the corporation.

The directors of the corporation shall ensure that a directive is implemented in a prompt and efficient manner.

Compliance by the corporation with a directive is deemed to be in the best interests of the corporation.

The Minister may, by order, establish terms and conditions in accordance with which the corporation shall enter into financial transactions.

The corporation may enter into a contract with Her Majesty in right of Canada.

The Minister may make payments to the corporation out of the Consolidated Revenue Fund, at the times and in the manner that the Minister considers appropriate.

The Minister may, out of the Consolidated Revenue Fund, lend money to the corporation on any terms and conditions that the Minister may fix.

The Minister may merge, sell, wind-up or dissolve the corporation, dispose of any or all shares of the corporation or take other similar measures in respect of the corporation.

The Statutory Instruments Act does not apply to a directive given under subsection (5) or to an order made under subsection (8).

The Minister shall publish a directive given under subsection (5) or an order made under subsection (8) in the Canada Gazette.

If, in the Minister’s opinion, it is necessary to promote the stability or maintain the efficiency of the financial system in Canada, the Minister may, during the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, with the Governor in Council’s authorization, establish an entity, other than a corporation, on any terms and conditions that the Minister considers appropriate.

The Minister may make payments to the entity out of the Consolidated Revenue Fund, at the times and in the manner that the Minister considers appropriate.

The Minister may, out of the Consolidated Revenue Fund, lend money to the entity on any terms and conditions that the Minister may fix.

Subject to any other Act of Parliament, no transfer, lease or loan of public property shall be made except under the Federal Real Property and Federal Immovables Act in the case of federal real property or a federal immovable as defined in that Act, or under subsection (2) in the case of other public property.

The Governor in Council, on the recommendation of the Treasury Board, may authorize or make regulations authorizing the transfer, lease or loan of public property other than federal real property and federal immovables as defined in the Federal Real Property and Federal Immovables Act.

Subject to regulations of the Treasury Board, the Receiver General shall cause accounts to be kept in such manner as to show

The Receiver General shall cause accounts to be kept to show such of the assets and direct and contingent liabilities of Canada and shall establish such reserves with respect to the assets and liabilities as, in the opinion of the President of the Treasury Board and the Minister, are required to present fairly the financial position of Canada.

The accounts of Canada shall be kept in the currency of Canada.

A report, called the Public Accounts, shall be prepared by the Receiver General for each fiscal year and shall be laid before the House of Commons by the President of the Treasury Board on or before December 31 next following the end of that fiscal year or, if the House of Commons is not then sitting, on any of the first fifteen days next thereafter that the House of Commons is sitting.

The Public Accounts shall be in such form as the President of the Treasury Board and the Minister may direct, and shall include

Every department shall cause to be prepared, in the form and manner provided for by the Treasury Board, a quarterly financial report for each of the first three fiscal quarters of each fiscal year.

The report shall contain

The appropriate Minister shall cause the report to be made public within 60 days after the end of the fiscal quarter to which the report relates.

The Treasury Board may, by regulation, exempt a department from the requirement set out in subsection (1) or provide that any of the content referred to in subsection (2) be excluded from its report.

Subject to this section, an assignment may be made of

The assignment referred to in subsection (1) is valid only if

The assignment referred to in subsections (1) and (2) is effectual in law, subject to all equities that would have been entitled to priority over the right of the assignee if this section had not been enacted, to pass and transfer, from the date service on the Crown of notice of the assignment is effected,

An assignment made in accordance with this Part is subject to all conditions and restrictions in respect of the right of transfer that relate to the original Crown debt or that attach to or are contained in the original contract.

Notwithstanding subsection (1), any amount due or becoming due by the Crown as or on account of salary, wages, pay or pay and allowances is not assignable and no transaction purporting to be an assignment of any such amount is effective to confer on any person any rights or remedies in respect of that amount.

The notice referred to in paragraph 68(2)(c) shall be given to the Crown by serving on or sending by registered mail to the Receiver General or a paying officer, in prescribed form, notice of the assignment, together with a copy of the assignment accompanied by such other documents completed in such manner as may be prescribed.

Service of the notice referred to in subsection (1) shall be deemed not to have been effected until acknowledgment of the notice, in prescribed form, is sent to the assignee, by registered mail, under the hand of the appropriate paying officer.

Where an amount is due to the Crown under the provisions of a payment bond, a person who

The amount that may be recovered by a person referred to in subsection (1) shall be equal to the lesser of the amount due to that person for the labour or services performed or material supplied by him under the contract and the amount due to the Crown under the provisions of the payment bond.

A person who is an assignee of the right of the Crown to recover an amount under a payment bond may, in his own name, exercise the right that, but for this Act, the Crown would have had to bring action to enforce payment under the payment bond in accordance with its terms and conditions and the Crown shall be neither a party to, nor liable for any costs in connection with, that action.

A copy of a payment bond certified by the officer of the Crown having custody of the original payment bond shall be provided by that officer to any person who files with him an affidavit setting out that the person has performed labour or services or supplied material in connection with the contract for which the bond is held and that he has not been paid in full therefor.

A document purporting to be a copy of a payment bond certified by the officer of the Crown having custody of the original payment bond is, without proof of the signature of the officer, admissible in evidence in any court of justice, or before a person having by law or by consent of parties authority to hear, receive and examine evidence in any action taken by a person under this Part, and has the same probative force as the original document would have if it were proven in the ordinary way.

Where the appropriate Minister or the Receiver General believes on reasonable grounds that any person

Where a person does not comply with a notice served under subsection (1), the appropriate Minister or the Receiver General, as the case may be, shall state an account between that person and Her Majesty showing the amount of money not duly paid over, accounted for or applied, as the case may be, and may charge interest on the whole or any part of that amount from such date as the appropriate Minister or the Receiver General may determine and at such rate as may be prescribed pursuant to subsection 155.1(6).

In any proceedings for the recovery of money referred to in subsection (2), a copy of the account stated and certified by the appropriate Minister or the Receiver General is evidence that the amount stated in the account, together with interest, is due and payable to Her Majesty, without proof of the signature of the appropriate Minister or the Receiver General or the official character of the office.

Any amount of money referred to in subsection (1) and the interest on that amount may be recovered as a debt due to Her Majesty.

Every officer or person acting in any office or employment connected with the collection, management or disbursement of public money who

Every officer or person acting in any office or employment connected with the collection, management or disbursement of public money who, by deceit, falsehood or other fraudulent means, defrauds Her Majesty of any money, securities, property or service is guilty of an indictable offence and liable on conviction,

In this Part,

For the purposes of this Part, a corporation is wholly owned directly by the Crown if

For the purposes of subsection (2), shares held by a corporation that is an agent of the Crown

For the purposes of this Part, a corporation is wholly owned by one or more other corporations if

For the purposes of this Part,

For the purposes of this Part, a corporation is a subsidiary of another corporation if it is controlled by that other corporation.

For the purposes of this Part, a corporation with share capital is controlled by a person if

For the purposes of this Part, a corporation without share capital is controlled by a person if that person is able to appoint the majority of the directors of the corporation, whether or not he does so.

For the purposes of this Part, a person is deemed to be appointed by another person or group of persons if that person is appointed on the direction of that other person or group, whether or not he is actually appointed by that other person or group.

Where, in the opinion of the Governor in Council, a parent Crown corporation or a wholly-owned subsidiary of a parent Crown corporation carries on, or a parent Crown corporation and any wholly-owned subsidiary of the corporation carry on, more than one business or activity, the parent Crown corporation shall, with the approval of the Governor in Council, classify the businesses or activities for the purposes of this Part.

Divisions I to IV, except for sections 89.8 to 89.92, 131.1 and 154.01, do not apply to the Bank of Canada.

Divisions I to IV, except for section 154.01, do not apply to the Canada Pension Plan Investment Board.

Divisions I to IV, except for sections 89.8 to 89.92, subsection 105(2) and sections 113.1, 119, 131 to 148 and 154.01, do not apply to the Canada Council for the Arts, the Canadian Broadcasting Corporation, the International Development Research Centre or the National Arts Centre Corporation.

Divisions I to IV, except for sections 89.8 to 89.92, subsection 105(2) and sections 113.1, 119, 131 to 148 and 154.01 and subject to subsection 21(2) of the Telefilm Canada Act, do not apply to Telefilm Canada.

Divisions I to IV do not apply to any Crown corporation incorporated or acquired, with the written authorization of the appropriate Minister,

Divisions I to IV do not apply to a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act, any shares of which are held by the Canada Deposit Insurance Corporation as the result of the granting of an exemption referred to in section 10.01 of that Act.

Each parent Crown corporation shall take such steps in relation to the articles, by-laws and management of each wholly-owned subsidiary of the corporation, if any, as are necessary to ensure that the businesses, activities and other affairs of the subsidiary are carried on in accordance with this Part and the regulations.

The Governor in Council may declare any provision of this Part that applies only to parent Crown corporations to apply to a wholly-owned subsidiary, and the provision applies, with such modifications as the circumstances require, to that wholly-owned subsidiary as if it were a parent Crown corporation.

The Governor in Council may, on the recommendation of the appropriate Minister, give a directive to any parent Crown corporation, if the Governor in Council is of the opinion that it is in the public interest to do so.

Before a directive is given to a parent Crown corporation, the appropriate Minister shall consult the board of directors of the corporation with respect to the content and effect of the directive.

The appropriate Minister shall cause a copy of any directive given to a parent Crown corporation to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the directive is given.

Forthwith after implementing a directive and completing any actions required to be taken in connection therewith, a parent Crown corporation shall notify the appropriate Minister that the directive has been implemented.

No directive shall be given to the Standards Council of Canada with respect to

The directors of a parent Crown corporation to which a directive is given shall ensure that the directive is implemented in a prompt and efficient manner and, if in so doing they act in accordance with section 115, they are not accountable for any consequences arising from the implementation of the directive.

Compliance by a parent Crown corporation with a directive is deemed to be in the best interests of the corporation.

In this section, directive means

Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive pursuant to subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the WTO Agreement that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make such regulations in relation to that corporation as the Governor in Council considers necessary for the purpose of implementing any provision of the WTO Agreement that pertains to that corporation.

In subsections (1) and (2), WTO Agreement has the meaning given to the word Agreement by subsection 2(1) of the World Trade Organization Agreement Implementation Act.

Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the Canada-Chile Free Trade Agreement that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make such regulations in relation to that corporation as the Governor in Council considers necessary for the purpose of implementing any provision of the Canada-Chile Free Trade Agreement that pertains to that corporation.

In subsections (1) and (2), Canada-Chile Free Trade Agreement has the meaning given to the word Agreement by subsection 2(1) of the Canada-Chile Free Trade Agreement Implementation Act.

Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the Canada–Colombia Free Trade Agreement that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make any regulations in relation to that corporation that the Governor in Council considers necessary for the purpose of implementing any provision of the Canada–Colombia Free Trade Agreement that pertains to that corporation.

In subsections (1) and (2), Canada–Colombia Free Trade Agreement has the same meaning as Agreement in section 2 of the Canada–Colombia Free Trade Agreement Implementation Act.

Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the Canada — Costa Rica Free Trade Agreement that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make such regulations in relation to that corporation as the Governor in Council considers necessary for the purpose of implementing any provision of the Canada — Costa Rica Free Trade Agreement that pertains to that corporation.

In subsections (1) and (2), Canada — Costa Rica Free Trade Agreement has the meaning given to the word Agreement by subsection 2(1) of the Canada — Costa Rica Free Trade Agreement Implementation Act.

Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the Canada–Peru Free Trade Agreement that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make any regulations in relation to that corporation that the Governor in Council considers necessary for the purpose of implementing any provision of the Canada–Peru Free Trade Agreement that pertains to that corporation.

In subsections (1) and (2), Canada–Peru Free Trade Agreement has the same meaning as Agreement in section 2 of the Canada–Peru Free Trade Agreement Implementation Act.

Despite subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of a free trade agreement set out in Schedule VII that pertains to that Crown corporation.

The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make any regulations in relation to that corporation that the Governor in Council considers necessary for the purpose of implementing any provision of a free trade agreement set out in Schedule VII that pertains to that corporation.

The Governor in Council may, by order, direct a Crown corporation to have its negotiating mandate approved by the Treasury Board for the purpose of the Crown corporation entering into a collective agreement with a bargaining agent for a bargaining unit.

If the Governor in Council directs a Crown corporation to have its negotiating mandate approved, the Treasury Board may impose any requirement on the Crown corporation with respect to that negotiating mandate.

If the Governor in Council directs a Crown corporation to have its negotiating mandate approved, the Treasury Board may require that an employee under the jurisdiction of the Secretary of the Treasury Board attend and observe the collective bargaining between the Crown corporation and the bargaining agent, in which case that employee is entitled to do so.

A Crown corporation that is subject to an order made under subsection (1) may enter into a collective agreement referred to in the order only with the Treasury Board’s approval.

The Governor in Council may, by order, direct a Crown corporation to obtain the Treasury Board’s approval before the Crown corporation fixes the terms and conditions of employment of its non-unionized employees who are not appointed by the Governor in Council.

If the Governor in Council directs a Crown corporation to obtain the Treasury Board’s approval, the Treasury Board may impose any requirement on the Crown corporation with respect to the terms and conditions of employment of those employees.

The directors of a Crown corporation that is subject to an order made under subsection 89.8(1) or 89.9(1) shall ensure that subsection 89.8(4), the order and any requirement imposed under subsection 89.8(2) or 89.9(2) are complied with and, if in so doing they act in accordance with section 115, they are not accountable for any consequences arising from that compliance.

Compliance by a Crown corporation with subsection 89.8(4), the order or the requirement is deemed to be in the best interests of the corporation.

No person shall, unless authorized by an Act of Parliament,

No parent Crown corporation shall, unless authorized by an Act of Parliament, sell or otherwise dispose of all or substantially all of the assets of the corporation.

Subject to subsection (2), no corporation, or corporations, in a related group shall, unless authorized by an Act of Parliament, sell or otherwise dispose of any of the assets of the corporation or corporations, if the assets to be sold or otherwise disposed of constitute all or substantially all of the total assets of the group.

For the purposes of paragraphs (1)(a) and (b), shares held by a corporation that is an agent of the Crown

For the purposes of this section and sections 91 to 94,

Subject to section 90, no parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall, unless authorized by the Governor in Council,

Subject to section 90 and subsection (3), no corporation, or corporations, in a related group shall, unless authorized by the Governor in Council, sell or otherwise dispose of any of the assets of the corporation or corporations used in any major business or activity of the corporation or corporations, if the assets to be sold or otherwise disposed of constitute all or substantially all of the total assets of the group used in that major business or activity.

Subject to section 90, no wholly-owned subsidiary shall, unless authorized by the Governor in Council,

Subject to section 90, no person shall, unless authorized by the Governor in Council, apply for articles in respect of a parent Crown corporation.

Where a parent Crown corporation sets out the details of a proposed transaction in a corporate plan submitted pursuant to section 122, the Governor in Council, in addition to approving the plan under that section, may authorize a person to undertake the transaction for the purposes of this section.

No person shall be authorized under this section to undertake a transaction unless the Governor in Council is satisfied that the person is otherwise empowered to undertake the transaction.

The Governor in Council may, in any authorization under this section, specify such terms and conditions as the Governor in Council deems appropriate and may make the authorization either one of general application or in respect of any specified transaction or transactions.

Sections 90 and 91 do not apply in respect of

Paragraphs 90(1)(b) and 91(1)(b) do not apply in respect of the nomination or appointment of a person to the board of directors or membership of a corporation, except where

The Governor in Council may make regulations exempting a specified parent Crown corporation or wholly-owned subsidiary or a parent Crown corporation or wholly-owned subsidiary of a specified class from the application of section 91, either generally or in respect of any transaction of a specified class.

Where a person undertakes a transaction referred to in section 90 or 91, that person shall notify the prescribed person in accordance with the regulations.

For the purposes of subsection (1), the Governor in Council may make regulations prescribing the person to be notified and the time within which and manner in which that person is to be notified.

Notwithstanding section 90, where a parent Crown corporation is not named in Schedule III within a period of sixty days after its incorporation or acquisition, the directors and shareholders of the corporation shall forthwith after the expiration of that period take all steps necessary to dissolve the corporation.

Notwithstanding section 91, the Governor in Council may direct that

No parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall carry on any business or activity that is not consistent with the objects or purposes for which the parent Crown corporation is incorporated, or the restrictions on the businesses or activities that it may carry on, as set out in its charter.

Subsection (1) shall not be construed as prohibiting or restricting a parent Crown corporation or wholly-owned subsidiary from continuing to carry on any business or activity that it carried on immediately before September 1, 1984.

Where the title to property is held in the name of an agent corporation, that property is the property of the Crown.

Subject to this section and sections 90, 91 and 130, an agent corporation may sell or otherwise dispose of or lease any property held by the corporation and may retain and use the proceeds of the disposal or lease, but only

Subsection (2) does not apply in respect of any sale or other disposal or lease of property by an agent corporation established by an Act of Parliament, if the corporation is specifically empowered by that Act or any other Act of Parliament

For the purposes of subsection (2), the Governor in Council may make regulations

The Governor in Council may, in any authorizing order under subsection (2), specify any terms and conditions that the Governor in Council considers appropriate, including terms and conditions respecting the retention and use of all or any part of the proceeds of the disposal or lease by the agent corporation.

Section 61 of this Act, the Surplus Crown Assets Act, and the Federal Real Property and Federal Immovables Act, except paragraphs 16(1)(g) and (h) and (2)(g) and subsection 18(6), do not apply to an agent corporation.

Subject to subsection (2), no agent corporation, for the purposes of securing payment of a debt or performance of an obligation, shall charge, mortgage, hypothecate, cede and transfer, pledge or otherwise create an interest in or charge on any property held by the corporation.

Subject to any terms and conditions set out in the designation, an agent corporation designated by the Minister may pledge any securities or cash that it holds, or give deposits, as security for the payment or performance of any obligation of the corporation arising out of any derivative that it enters into or guarantees for the management of financial risks.

No agent corporation shall borrow money otherwise than from the Crown, unless the corporation is both

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.

A Crown corporation may not assert against a person dealing with the corporation or with any person who has acquired rights from the corporation that

A certificate stating that

The absence of any authorization, direction or approval referred to in subsection (2) does not affect any right or remedy otherwise available to any person, except where the person knows of such absence.

No action of a Crown corporation, including a transfer of property, is invalid by reason only that the corporation was without the capacity or power to so act.

No person dealing with a Crown corporation or with any person who has acquired rights from a Crown corporation shall be deemed to have notice or knowledge of the contents of a document, other than an Act of Parliament or any instrument required to be published in the Canada Gazette pursuant to the Statutory Instruments Act, concerning the corporation by reason only that the document has been made public.

Each director, other than an officer-director, of a parent Crown corporation shall be appointed by the appropriate Minister, with the approval of the Governor in Council, to hold office during pleasure for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors of the corporation.

No officer or employee of a Crown corporation or any of its affiliates, other than the chief executive officer of a parent Crown corporation, shall be a director of the parent Crown corporation.

Any officer or employee of a Crown corporation or any of its affiliates, other than the chief executive officer of a parent Crown corporation, who was a director of the parent Crown corporation immediately before the day on which this subsection comes into force may continue as a director of that corporation for six months after that day or, if it is shorter, the remainder of his or her term.

A director of a parent Crown corporation is eligible for re-appointment on the expiration of his term of office.

Despite subsection (1), if a director of a parent Crown corporation is not appointed to take office on the expiration of the term of an incumbent director, other than an officer-director, the incumbent director continues in office until his or her successor is appointed.

Each officer-director of a parent Crown corporation shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

Before an officer-director of a parent Crown corporation is appointed, the appropriate Minister shall consult the board of directors of the corporation with respect to the appointment.

Subject to any other Act of Parliament that was in force on September 1, 1984, the board of directors of a parent Crown corporation is responsible for the appointment of officers of the corporation, other than officer-directors.

Nothing in this section is to be construed as empowering the appointment or re-appointment as a director or officer-director of a parent Crown corporation, or the continuation in office as a director of a parent Crown corporation, of any person who does not meet any qualifications for the appointment, re-appointment or continuation established by any other Act of Parliament.

This section does not apply to an ex officio director or officer-director of a parent Crown corporation.

A resignation of a director, chairperson or chief executive officer of a parent Crown corporation becomes effective at the time the corporation receives a written resignation from him or at the time specified in the resignation, whichever is later.

A parent Crown corporation shall send a copy of the resignation to the Clerk of the Privy Council within fifteen days after the parent Crown corporation receives it.

The rate of any remuneration paid to a director, chairperson or chief executive officer of a parent Crown corporation for his services in respect of that office and, in the case of a chairperson or chief executive officer, any other office of the corporation or an affiliate thereof shall be fixed by the Governor in Council.

Any benefits, other than remuneration, provided to a director, chairperson or chief executive officer of a parent Crown corporation for his services in respect of that office and, in the case of a chairperson or chief executive officer, any other office of the corporation or an affiliate thereof shall be fixed by the board of directors of the corporation in accordance with the regulations.

The rate of any remuneration paid to a director, chairperson or chief executive officer of a wholly-owned subsidiary who is not also an officer-director of the parent Crown corporation for the director’s, chairperson’s or officer’s services in respect of that subsidiary shall be fixed by the board of directors of the parent Crown corporation.

For the purposes of this section, the Governor in Council may make regulations

A resolution in writing, signed by all the directors of a Crown corporation entitled to vote on that resolution at a meeting of the board of directors or a committee of directors of the corporation is as valid as if it had been passed at a meeting of the board of directors or a committee of directors, as the case may be.

A copy of every resolution referred to in subsection (1) shall be kept with the minutes of the proceedings of the board of directors or committee of directors, as the case may be.

A director of a Crown corporation who is present at a meeting of the board of directors or a committee of directors of the corporation is deemed to have consented to any resolution passed or action taken at that meeting unless the director

A director of a Crown corporation who votes for or consents to a resolution is not entitled to dissent in respect of that resolution pursuant to subsection (1).

The board of directors of a parent Crown corporation shall hold a public meeting within 18 months after the day on which the board holds its first meeting or, if it is later, the day on which this section comes into force and, subsequently, within 15 months after the day on which the last preceding public meeting was held.

The meeting shall be held in Canada in the manner provided for in the by-laws or, if no manner is provided for, in the manner determined by the board of directors.

The corporation shall publish a notice of the meeting at least 30 days before the day on which the meeting is to be held. The notice shall indicate the location, if any, and the date and time of the meeting, the means of participating in the meeting and how copies of the corporation’s most recent annual report may be obtained.

One or more directors of the corporation and its chief executive officer, whether or not he or she is a director of the corporation, shall participate in the meeting to answer questions from the public.

The board of directors of a parent Crown corporation may, by resolution, make, amend or repeal any by-laws that regulate the business or affairs of the corporation, unless the charter or by-laws of the corporation otherwise provide.

The board of directors of a parent Crown corporation shall, after making, amending or repealing a by-law, send a copy of that by-law to the appropriate Minister and the President of the Treasury Board.

The Governor in Council may direct the board of directors of a parent Crown corporation to make, amend or repeal a by-law within such period as is specified in the direction.

The Governor in Council may make regulations

No direction shall be given pursuant to subsection (3) to the Standards Council of Canada with respect to

Section 103 of the Canada Business Corporations Act does not apply in respect of any parent Crown corporation established under that Act.

Every director and every officer of a Crown corporation in exercising his powers and performing his duties shall

Every director and every officer of a parent Crown corporation or of a wholly-owned subsidiary of a parent Crown corporation shall comply with this Part, the regulations, the charter and by-laws of the corporation or subsidiary and any directive given to the corporation.

A director or officer is not liable for a breach of his duty under subsection (1) or (2) if he relies in good faith on

A director or officer of a Crown corporation who

The disclosure required by subsection (1) shall be made, in the case of a director,

The disclosure required by subsection (1) shall be made, in the case of an officer who is not a director,

If a material contract or proposed material contract is one that, in the ordinary course of the business or activity of the Crown corporation, would not require approval by the board of directors, a director or officer shall disclose in writing to the corporation or request to have entered in the minutes of a meeting of the board of directors the nature and extent of his interest forthwith after the director or officer becomes aware of the contract or proposed contract.

A director referred to in subsection (1) shall not vote on any resolution to approve the contract unless the contract is

For the purposes of this section, a general notice to the board of directors by a director or officer, declaring that he is a director or officer of or has a material interest in a person and is to be regarded as interested in any contract made with that person, is a sufficient declaration of interest in relation to any contract so made.

In this section and section 117, board of directors includes a committee of directors.

Where a director or an officer of a Crown corporation fails to disclose his interest in a material contract in accordance with section 116, a court may, on application of the corporation or on behalf of the Crown, set aside the contract on such terms as it thinks fit.

In this section, court means

The Treasury Board shall, in accordance with the regulations, if any, indemnify a present or former director or officer of a Crown corporation or a person who acts or acted at the request of a Minister or a Crown corporation as a director or officer of another corporation, and his or her heirs and legal representatives, against the costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, that are reasonably incurred by him or her in respect of any civil, criminal, administrative or investigative action or proceeding to which he or she is a party by reason of being or having been such a director or officer, if he or she

The Treasury Board shall, in accordance with the regulations, if any, advance moneys to any individual referred to in subsection (1) for the costs, charges and expenses of an action or proceeding referred to in that subsection unless there are reasonable grounds to believe that the individual does not fulfil the conditions set out in paragraph (1)(a) or (b). The individual shall repay the moneys if he or she does not fulfil those conditions.

Despite anything in this section, a director or officer referred to in subsection (1) is, and his or her heirs and legal representatives are, entitled to indemnity, in accordance with the regulations, if any, from the Treasury Board in respect of the costs, charges and expenses reasonably incurred by him or her in connection with the defence of any civil, criminal, administrative or investigative action or proceeding to which he or she was made a party by reason of being or having been such a director or officer, if he or she

The Treasury Board may make regulations

Any amount payable in respect of indemnification under this section may be paid out of the Consolidated Revenue Fund.

The financial year of a parent Crown corporation is the calendar year, unless the Governor in Council otherwise directs.

Notwithstanding subsection (1), the financial year of a parent Crown corporation that was in effect on September 1, 1984 continues in effect, unless the Governor in Council has directed or directs otherwise.

Each parent Crown corporation shall annually submit a corporate plan to the appropriate Minister for the approval of the Governor in Council on the recommendation of the appropriate Minister and, if required by the regulations, on the recommendation of the Minister of Finance.

The corporate plan of a parent Crown corporation shall encompass all the businesses and activities, including investments, of the corporation and its wholly-owned subsidiaries, if any.

The corporate plan of a parent Crown corporation shall include a statement of

The corporate plan of a parent Crown corporation shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation and its wholly-owned subsidiaries, if any.

No parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall carry on any business or activity in any period in a manner that is not consistent with the last corporate plan of the parent Crown corporation or any amendment thereto approved pursuant to this section in respect of that period.

Where a parent Crown corporation, or a wholly-owned subsidiary of a parent Crown corporation, proposes to carry on any business or activity in any period in a manner that is not consistent with the last corporate plan of the corporation or any amendment thereto approved pursuant to this section in respect of that period, the corporation shall, before that business or activity is so carried on, submit an amendment to the corporate plan to the appropriate Minister for approval as described in subsection (1).

The Governor in Council may specify such terms and conditions as the Governor in Council deems appropriate for the approval of a corporate plan or an amendment to a corporate plan.

The Governor in Council may make regulations prescribing, for the purposes of this section, the circumstances in which the recommendation of the Minister of Finance is required for the approval of a corporate plan or an amendment thereto.

Each parent Crown corporation named in Part I of Schedule III shall annually submit an operating budget for the next following financial year of the corporation to the appropriate Minister for the approval of the Treasury Board on the recommendation of the appropriate Minister.

The operating budget of a parent Crown corporation shall encompass all the businesses and activities, including investments, of the corporation and its wholly-owned subsidiaries, if any.

The operating budget of a parent Crown corporation shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation and its wholly-owned subsidiaries, if any.

Where a parent Crown corporation anticipates that the total amount of expenditures or commitments to make expenditures in respect of any major business or activity in a financial year will vary significantly from the total amount projected for that major business or activity in an operating budget of the corporation or any amendment thereto that is approved pursuant to this section for that year, the corporation shall submit an amendment to the budget to the appropriate Minister for the approval of the Treasury Board on the recommendation of the appropriate Minister.

The Treasury Board may specify such terms and conditions as it deems appropriate for the approval of an operating budget or an amendment to an operating budget.

Each parent Crown corporation shall annually submit a capital budget for the next following financial year of the corporation to the appropriate Minister for the approval of the Treasury Board on the recommendation of the appropriate Minister.

The capital budget of a parent Crown corporation shall encompass all the businesses and activities, including investments, of the corporation and its wholly-owned subsidiaries, if any.

The Treasury Board may approve any item in a capital budget submitted pursuant to subsection (1) for any financial year or years after the financial year for which the budget is submitted.

The capital budget of a parent Crown corporation shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation and its wholly-owned subsidiaries, if any.

No parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall incur, or make a commitment to incur, a capital expenditure in any financial year for which the corporation is required to submit a budget pursuant to this section, unless

Where, by reason of any one or more proposed expenditures or commitments to make expenditures, a parent Crown corporation anticipates that the total amount of expenditures or commitments to make expenditures in respect of any major business or activity in a financial year will vary significantly from the total amount projected for that major business or activity in a capital budget of the corporation or any amendment thereto that is approved pursuant to this section for that year, the corporation shall submit an amendment to the budget to the appropriate Minister for the approval of the Treasury Board on the recommendation of the appropriate Minister, and the expenditure or expenditures shall not be incurred or commitments made before that approval is obtained.

The Minister of Finance may require that his recommendation, in addition to that of the appropriate Minister, be obtained before a capital budget or an amendment to a capital budget is submitted to the Treasury Board for approval under this section.

The Treasury Board may specify such terms and conditions as it deems appropriate for the approval of a capital budget or an amendment to a capital budget.

After a corporate plan, operating budget or capital budget, or an amendment thereto, is approved pursuant to section 122, 123 or 124, the parent Crown corporation shall submit a summary of the plan or budget, or the plan or budget as so amended, to the appropriate Minister for his approval.

A summary shall encompass all the businesses and activities, including investments, of the parent Crown corporation and its wholly-owned subsidiaries, if any, and shall set out the major business decisions taken with respect thereto.

A summary shall be prepared in a form that clearly sets out information according to the major businesses or activities of the parent Crown corporation and its wholly-owned subsidiaries, if any.

The appropriate Minister shall cause a copy of every summary he approves pursuant to this section to be laid before each House of Parliament.

A summary laid before Parliament pursuant to subsection (4) stands permanently referred to such committee of Parliament as may be designated or established to review matters relating to the businesses and activities of the corporation submitting the summary.

Where a parent Crown corporation or a wholly-owned subsidiary of a parent Crown corporation intends to borrow money, the corporation shall so indicate in its corporate plan or an amendment thereto under section 122 for the period in which the corporation or subsidiary intends to borrow and shall give a general indication therein of the borrowing plans and strategy of the corporation or subsidiary for that period.

Where a parent Crown corporation indicates in a corporate plan or an amendment to a corporate plan an intention to borrow money, the Minister of Finance may require that his recommendation, in addition to that of the appropriate Minister, be obtained before the plan or amendment is submitted to the Governor in Council for approval.

No Crown corporation shall enter into any particular transaction to borrow money without the approval of the Minister of Finance with respect to the time and the terms and conditions of the transaction.

The Governor in Council may, on the recommendation of the Minister of Finance, make regulations

Nothing in this section shall be construed as authorizing a Crown corporation to borrow money in excess of any limit established by any other Act of Parliament on the amount of money the corporation may borrow.

Despite any regulations made under paragraph (4)(b), leases — as defined in the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time — that are entered into by a Crown corporation, are not considered to be transactions to borrow money for the purpose of a limit referred to in subsection (5).

A parent Crown corporation shall, if directed by the Minister of Finance with the concurrence of the appropriate Minister, and may, if the Minister of Finance and the appropriate Minister approve, pay or cause to be paid all or any part of the money of the corporation or a wholly-owned subsidiary of the corporation to the Receiver General to be paid into the Consolidated Revenue Fund and credited to a special account in the accounts of Canada in the name of the corporation or subsidiary, and the Receiver General, subject to such terms and conditions as the Minister of Finance may prescribe, may pay out, for the purposes of the corporation or subsidiary, or repay to the corporation or subsidiary, all or any part of the money credited to the special account.

Interest may be paid from the Consolidated Revenue Fund in respect of money credited to a special account pursuant to subsection (1), in accordance with and at rates fixed by the Minister of Finance with the approval of the Governor in Council.

Each parent Crown corporation shall cause

The books, records, systems and practices referred to in subsection (1) shall be kept and maintained in such manner as will provide reasonable assurance that

Each parent Crown corporation shall cause internal audits to be conducted, in respect of itself and each of its wholly-owned subsidiaries, if any, to assess compliance with subsections (1) and (2), unless the Governor in Council is of the opinion that the benefits to be derived from those audits do not justify their cost.

Each parent Crown corporation shall cause financial statements to be prepared annually, in respect of itself and its wholly-owned subsidiaries, if any, in accordance with generally accepted accounting principles as supplemented or augmented by regulations made pursuant to subsection (6), if any.

The financial statements of a parent Crown corporation and of a wholly-owned subsidiary shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation or subsidiary.

The Treasury Board may, for the purposes of subsection (4), make regulations respecting financial statements either generally or in respect of any specified parent Crown corporation or any parent Crown corporation of a specified class, but such regulations shall, in respect of the preparation of financial statements, only supplement or augment generally accepted accounting principles.

Each parent Crown corporation shall, in respect of itself and its wholly-owned subsidiaries, if any, cause to be prepared, in the form and manner provided for by the Treasury Board, a quarterly financial report for each of the first three quarters of each financial year of the parent Crown corporation.

The report shall contain

The parent Crown corporation shall cause the report to be made public within 60 days after the end of the quarter to which the report relates.

The Treasury Board may, by regulation, exempt a parent Crown corporation from the requirement set out in subsection (1) or provide that any of the content referred to in subsection (2) be excluded from its report.

Each parent Crown corporation shall cause an annual auditor’s report to be prepared, in respect of itself and its wholly-owned subsidiaries, if any, in accordance with the regulations, on

A report under subsection (1) shall be addressed to the appropriate Minister and shall

The Treasury Board may make regulations prescribing the form and manner in which the report referred to in subsection (1) is to be prepared.

Notwithstanding any other provision of this Part, the auditor of a parent Crown corporation may prepare separate annual auditor’s reports on the statements referred to in paragraph (1)(a) and on the information referred to in paragraph (1)(b) if, in the auditor’s opinion, separate reports would be more appropriate.

The Treasury Board may require that any quantitative information required to be included in a parent Crown corporation’s annual report pursuant to subsection 150(3) be audited.

The auditor of a parent Crown corporation shall prepare such other reports respecting the corporation or any wholly-owned subsidiary of the corporation as the Governor in Council may require.

An auditor shall make such examination as he considers necessary to enable him to prepare a report under subsection (1) or (6).

An auditor shall, to the extent he considers practicable, rely on any internal audit of the corporation being audited that is conducted pursuant to subsection 131(3).

A director or officer of a Crown corporation shall forthwith notify the auditor and the audit committee of the corporation, if any, of any error or omission of which the director or officer becomes aware in a financial statement that the auditor or a former auditor has reported on or in a report prepared by the auditor or a former auditor pursuant to section 132.

Where an auditor or former auditor of a Crown corporation is notified or becomes aware of any error or omission in a financial statement that the auditor or former auditor has reported on or in a report prepared by the auditor or former auditor pursuant to section 132, he shall forthwith notify each director of the corporation of the error or omission if he is of the opinion that the error or omission is material.

Where an auditor or former auditor of a Crown corporation notifies the directors of an error or omission in a financial statement or report pursuant to subsection (2), the corporation shall prepare a revised financial statement or the auditor or former auditor shall issue a correction to the report, as the case may be, and a copy thereof shall be given to the appropriate Minister.

Subject to subsection (2), the auditor of a Crown corporation shall be appointed annually by the Governor in Council, after the appropriate Minister has consulted the board of directors of the corporation, and may be removed at any time by the Governor in Council, after the appropriate Minister has consulted the board.

The Auditor General of Canada shall be appointed by the Governor in Council as the auditor, or a joint auditor, of each Crown corporation, unless the Auditor General waives the requirement of being so appointed.

Subsections (1) and (2) do not apply in respect of any parent Crown corporation the auditor of which is specified by any other Act of Parliament to be the Auditor General of Canada, but the Auditor General is eligible to be appointed as the auditor, or a joint auditor, of a parent Crown corporation pursuant to subsection (1) and section 135 does not apply to him.

The Governor in Council may make regulations prescribing the criteria to be applied in selecting an auditor for appointment pursuant to subsection (1).

An auditor of a Crown corporation is eligible for re-appointment on the expiration of the auditor’s appointment.

Notwithstanding subsection (1), if an auditor of a Crown corporation is not appointed to take office on the expiration of the appointment of an incumbent auditor, the incumbent auditor continues in office until a successor is appointed.

A person is disqualified from being appointed or re-appointed or continuing as an auditor of a Crown corporation pursuant to section 134 if that person is not independent of the corporation, any of its affiliates, or the directors or officers of the corporation or any of its affiliates.

For the purposes of this section,

An auditor of a Crown corporation who becomes disqualified under this section shall resign immediately after becoming aware of the disqualification.

Each parent Crown corporation shall cause a special examination to be carried out in respect of itself and its wholly-owned subsidiaries, if any, to determine if the systems and practices referred to in paragraph 131(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 131(2)(a) and (c).

A special examination shall be carried out at least once every 10 years and at any additional times that the Governor in Council, the appropriate Minister, the board of directors of the corporation to be examined or the Auditor General of Canada may require.

Before an examiner commences a special examination, he shall survey the systems and practices of the corporation to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the corporation, or if there is no audit committee, to the board of directors of the corporation.

Any disagreement between the examiner and the audit committee or board of directors of a corporation with respect to a plan referred to in subsection (3) may be resolved

An examiner shall, to the extent he considers practicable, rely on any internal audit of the corporation being examined conducted pursuant to subsection 131(3).

An examiner shall, on completion of the special examination, submit a report on his findings to the board of directors of the corporation examined.

The report of an examiner under subsection (1) shall include

The board of directors shall, within 30 days after the day on which it receives the report, submit the report to the appropriate Minister and the President of the Treasury Board.

The board of directors shall, within 60 days after the day on which it receives the report, make the report available to the public.

Subject to subsection (2), a special examination referred to in section 138 shall be carried out by the auditor of a Crown corporation.

Where, in the opinion of the Governor in Council, a person other than the auditor of a Crown corporation should carry out a special examination, the Governor in Council may, after the appropriate Minister has consulted the board of directors of the corporation, appoint an auditor who is qualified for the purpose to carry out the examination in lieu of the auditor of the corporation and may, after the appropriate Minister has consulted the board, remove that qualified auditor at any time.

Subject to subsection (5), sections 135 and 137 apply in respect of an examiner as though the references therein to an auditor were references to an examiner.

The Auditor General of Canada is eligible to be appointed an examiner and section 135 does not apply to the Auditor General of Canada in respect of such an appointment.

On the demand of the auditor or examiner of a Crown corporation, the present or former directors, officers, employees or agents of the corporation shall furnish such

On the demand of the auditor or examiner of a Crown corporation, the directors of the corporation shall

An auditor or examiner of a Crown corporation may reasonably rely on any report of any other auditor or examiner.

The amounts paid to an auditor or examiner of a Crown corporation for preparing any report under section 132, 139, 140 or 141 shall be reported to the President of the Treasury Board.

Where the Auditor General of Canada is the auditor or examiner of a Crown corporation, the costs incurred by him in preparing any report under section 132, 139, 140 or 141 shall be disclosed in the next annual report of the Auditor General and be paid out of the moneys appropriated for his office.

Each parent Crown corporation that has four or more directors shall establish an audit committee composed of not less than three directors of the corporation, none of whom may be officers or employees of the corporation or any of its affiliates.

In the case of a parent Crown corporation that has less than four directors, the board of directors of the corporation constitutes the audit committee of the corporation and shall perform the duties and functions assigned to an audit committee by any provision of this Part and the provision shall be construed accordingly.

The audit committee of a parent Crown corporation shall

The auditor and any examiner of a parent Crown corporation are entitled to receive notice of every meeting of the audit committee and, at the expense of the corporation, to attend and be heard at each meeting, and, if so requested by a member of the audit committee, the auditor or examiner shall attend any or every meeting of the committee held during his term of office.

The auditor or examiner of a parent Crown corporation or a member of the audit committee may call a meeting of the committee.

Where the report referred to in subsection 132(1) is to be prepared in respect of a wholly-owned subsidiary separately, subsections (1) to (5) apply, with such modifications as the circumstances require, in respect of the subsidiary as though

A parent Crown corporation shall provide the Treasury Board or the appropriate Minister with such accounts, budgets, returns, statements, documents, records, books, reports or other information as the Board or appropriate Minister may require.

The chief executive officer of a parent Crown corporation shall, as soon as reasonably practicable, notify the appropriate Minister, the President of the Treasury Board and any director of the corporation not already aware thereof of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the performance of the corporation, including its wholly-owned subsidiaries, if any, relative to the corporation’s objectives or on the corporation’s requirements for funding.

Each parent Crown corporation shall forthwith notify the appropriate Minister and the President of the Treasury Board of the name of any corporation that becomes or ceases to be a wholly-owned subsidiary of the corporation.

Each parent Crown corporation shall, as soon as possible, but in any case within three months, after the termination of each financial year submit an annual report on the operations of the corporation in that year concurrently to the appropriate Minister and the President of the Treasury Board, and the appropriate Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after he receives it.

An annual report laid before Parliament pursuant to subsection (1) stands permanently referred to such committee of Parliament as may be designated or established to review matters relating to the businesses and activities of the corporation submitting the report.

The annual report of a parent Crown corporation shall include

In addition to any other requirements under this Act or any other Act of Parliament, the Treasury Board may, by regulation, prescribe the information to be included in annual reports and the form in which that information is to be prepared.

The President of the Treasury Board shall, as soon as feasible after the end of each fiscal quarter of each fiscal year, make public a consolidated quarterly report on the business and activities of all parent Crown corporations, based on the quarterly financial reports that have been made public under subsection 131.1(3), and the annual reports of those corporations that were laid before Parliament under subsection 150(1), in that fiscal quarter.

The consolidated quarterly report shall include

Nothing in this Part or the Statutory Instruments Act shall be construed as requiring the tabling before either House of Parliament of any information the publication of which, in the opinion of the appropriate Minister, would be detrimental to the commercial interests of a parent Crown corporation or a wholly-owned subsidiary of a parent Crown corporation.

Where information in a directive is not tabled pursuant to subsection (1), the appropriate Minister shall cause that information to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after he is notified that the directive has been implemented.

Before forming an opinion whether the publication of any information would be detrimental as described in subsection (1), the appropriate Minister shall consult the board of directors of the parent Crown corporation concerned or whose wholly-owned subsidiary is concerned, as the case may be.

Subsection (1) does not apply in respect of the annual auditor’s report referred to in subsection 132(1) or the report of an examiner referred to in section 141.

A director, officer or employee of a Crown corporation who, by deceit, falsehood or other fraudulent means, in connection with the collection, management or disbursement of money belonging to the corporation, defrauds the corporation of any money, securities, property or service is guilty of an indictable offence and liable on conviction

A person who is convicted of an offence under subsection (1) in respect of a corporation is, after the time for final appeal has expired, ineligible to be an employee of the corporation.

Where any person is indebted to

Where, in the opinion of the Minister of Finance,

The Receiver General may recover any over-payment made out of the Consolidated Revenue Fund on account of salary, wages, pay or pay and allowances out of any sum of money that may be due or payable by Her Majesty in right of Canada to the person to whom the over-payment was made.

No amount may be retained under subsection (1) without the consent of the appropriate Minister under whose responsibility the payment of the sum of money due or payable referred to in that subsection would but for that subsection be made.

Subject to subsections (4) and (5) and except as otherwise provided by or pursuant to any other Act of Parliament, or any regulation, order, contract or arrangement, interest is payable to Her Majesty in accordance with the regulations on any amount owed to Her Majesty

Subject to subsections (4) and (5) and except as otherwise provided by or pursuant to any other Act of Parliament, or any regulation, order, contract or arrangement, an administrative charge is payable in accordance with the regulations where, in payment or settlement of an amount due to Her Majesty, a person

Any interest or administrative charge payable pursuant to this section is a debt due to Her Majesty and may be recovered pursuant to section 155 or in any court of competent jurisdiction.

No interest or administrative charge is payable pursuant to this section where the appropriate Minister waives the interest or administrative charge in accordance with the regulations.

Where the appropriate Minister, in accordance with the regulations, reduces any interest or administrative charge that would otherwise be payable pursuant to this section, the reduced interest or administrative charge is the amount payable.

The Treasury Board may make regulations prescribing

Any of the matters referred to in paragraphs (6)(a) to (d) may be prescribed with respect to any class of debts or debtors or with respect to any circumstances giving rise to a debt.

If an appropriate Minister — or any person authorized in writing by that Minister — determines, at any time, that an amount owing by a person to Her Majesty in right of Canada for which that Minister is accountable, or that an amount payable by Her Majesty in right of Canada to any person the payment of which requires the requisition of that Minister — or of any person authorized in writing by that Minister — does not exceed the amount established by regulations made under paragraph (2)(a), that amount is deemed to be nil, subject to any regulations made under paragraphs (2)(b) to (d).

The Treasury Board may make regulations

If an amount is not paid because it is deemed to be nil, any requirements that relate to the amount and any terms and conditions that apply to its payment are deemed to be met, and the amount is not subject to interest.

If an amount is not paid because it is accumulating, any requirements that relate to the amount and any terms and conditions that apply to its payment are deemed to be met during the period in which it is accumulating, and the amount is not subject to interest during that period.

Subsections (1), (3) and (4) and regulations made under subsection (2) prevail over any provision of any Act of Parliament, or of any regulation, order, contract or arrangement, to the extent of any inconsistency between them.

Subsections (1) to (5) do not apply to the following amounts:

The appropriate Minister responsible for the recovery or collection of a debt or obligation due or payable to Her Majesty or a claim by Her Majesty may accept any security in respect of the debt, obligation or claim and may realize on the security, assign or sell Her Majesty’s interest in it or discharge, release or otherwise dispose of the security or Her Majesty’s interest in it.

The power to dispose of any security or Her Majesty’s interest in any security pursuant to this section may be exercised with respect to any part of the security or interest.

The Treasury Board may make regulations respecting the acceptance and disposition of security or Her Majesty’s interest in security under subsection (1), including regulations prescribing

In this section, other financial institution means

No bank or other financial institution shall make a charge

Nothing in subsection (2) shall be construed as prohibiting any arrangement between the Government of Canada and a bank or other financial institution concerning compensation for services performed by the bank or institution for the Government of Canada or interest to be paid on any or all deposits of the Government of Canada with the bank or institution.

Any bank or other financial institution of a class prescribed by regulations that accepts for deposit an instrument or instruction for payment described in subsection (2) must disclose any information prescribed by regulations made under subsection 160(2) in any statement of account or other transaction record that is provided to the holder of the account receiving the deposit.

The Governor in Council may make regulations for carrying the purposes and provisions of this Act into effect.

The Governor in Council may make regulations prescribing classes of financial institutions and any information disclosure requirements referred to in subsection 159(4).

The appropriate Minister, any public servant employed in a department, any employee of a Crown corporation or any person acting on behalf of a department or Crown corporation who performs duties relating to the management or protection of computer systems of the department or the Crown corporation may take reasonable measures for such purposes, including the interception of private communications in circumstances specified in paragraph 184(2)(e) of the Criminal Code.

Subject to subsection (3), with respect to an interception referred to in subsection (1), the appropriate Minister shall take reasonable measures to ensure that only data that is essential to identify, isolate or prevent harm to the computer system will be used or retained.

Nothing in this section affects any other lawful authority to intercept, use, retain, access or disclose a private communication.

For the purposes of this section, computer system means a device that, or a group of interconnected or related devices one or more of which,