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His Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to implement certain provisions of the budget tabled in Parliament on
February 16, 1999''.
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Part 1 amends the Federal-Provincial Fiscal Arrangements Act to
implement an $11.5 billion increase in the Canada Health and Social
Transfer for the purpose of health care. The funds will be distributed to
the provinces on a per capita basis. The Minister is authorized to pay
$3.5 billion of these funds into a trust from which they will be
distributed over the three-year period beginning on April 1, 1999. The
other $8 billion will be distributed over the four-year period beginning
on April 1, 2000. It also amends the Act to completely eliminate per
capita disparities of the existing Canada Health and Social Transfer by
the end of March 2002.
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It also makes minor amendments of a technical or housekeeping
nature.
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Part 2 alters the benefit formula contained in the public sector
pension plans covering the Public Service, the Canadian Forces and the
Royal Canadian Mounted Police. There is a change to the average
annual salary used for the calculation of pensions to base it on a retired
plan member's best five-year average salary instead of using a six-year
average. As well, the three plans are harmonized with the Canada
Pension Plan to take into account recent reforms in that Plan.
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Part 3 extends until June 20, 2001 the suspension of binding
arbitration in relation to collective bargaining between the Treasury
Board, as well as separate employers designated by order of the
Governor in Council, and the bargaining agents representing Public
Service employees.
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Part 4 amends the Financial Administration Act to enhance the
effectiveness of debt and risk management. The amendments
modernize the federal government's debt and risk management
capability and clarify its borrowing authority and its authority for
setting the terms of issuance of federal government securities. It also
repeals the Borrowing Authority Act, 1996-97 and provides a new
borrowing authority of $4 billion, the amount that remained
unborrowed under that Act.
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Part 5 enables the Sliammon First Nation to impose a 7%
value-added tax on all sales of fuel and tobacco products on the
Sliammon First Nation's reserves. It also amends Part IV (Westbank
First Nation Tax on Alcohol and Tobacco) of the Budget
Implementation Act, 1997 to enable the Westbank First Nation to
impose a similar tax on fuel. Finally, the Yukon First Nations
Self-Government Act is amended to provide for a refund of tax paid
under Part IX of the Excise Tax Act to self-governing Yukon First
Nations under certain circumstances.
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Part 6 increases the maximum National Child Benefit by $180 per
child effective July 1, 1999 and by a further $170 per child effective July
1, 2000. As of July 1, 2000 the maximum Canada Child Tax Benefit will
be $1,975 for the first child, and $1,775 for each subsequent child. It
also enriches the base benefit under the Canada Child Tax Benefit by
increasing the income threshold at which the benefit begins to be
phased out to $29,590 from its current level of $25,921, effective July
1, 2000.
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Part 7 extends the full Goods and Services Tax Credit single
supplement to eligible individuals who have one or more qualified
dependants and whose income does not exceed $25,921.
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Part 8 authorizes Revenue Canada to share taxpayer information for
the purposes of the administration and enforcement of a law of a
province governing workers' compensation benefits.
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Part 9 amends the Agricultural Marketing Programs Act for the
purpose of providing a guarantee to a lender that is not conditional on
the actions of an administrator under that Act for money an
administrator has borrowed from the lender to pay advances to eligible
producers.
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It amends the European Bank for Reconstruction and Development
Agreement Act to authorize the Minister of Finance to purchase
Canada's quota in the first supplementary subscription of shares in the
capital stock of the European Bank.
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It amends the Patent Act to clarify that agreements referred to in
section 103 of that Act may be in respect of amounts received under an
undertaking as well as under an order, and that the amounts may be paid
out of the Consolidated Revenue Fund.
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Clause 2: Subsections 2(2) and (3) read as follows:
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(2) In Parts I, II and IV, ``province'' does not include the Northwest
Territories or the Yukon Territory.
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(3) For the purposes of this Act, the population of a province for a
fiscal year is the population of the province for that fiscal year as
determined by the Chief Statistician of Canada in prescribed manner.
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Clause 3: (1) The relevant portion of subsection 13(1)
reads as follows:
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13. (1) Subject to this Part, a Canada Health and Social Transfer may
be provided to a province for a fiscal year for the purposes of
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(a) establishing interim arrangements to finance social programs in
a manner that will increase provincial flexibility;
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(2) Subsection 13(2) reads as follows:
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(2) The Canada Health and Social Transfer shall consist of
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(a) a federal income tax reduction in favour of the provinces that
would enable the provinces to impose their own tax measures
without a net increase in taxation; and
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(b) a cash contribution not exceeding the amount computed in
accordance with section 14.
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(3) New.
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Clause 4: Sections 14 and 15 read as follows:
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14. The cash contribution in respect of the Canada Health and Social
Transfer that may be provided to a province for a fiscal year is an
amount equal to the amount, if any, by which the total entitlement in
respect of the Canada Health and Social Transfer applicable to the
province for that fiscal year exceeds the total equalized tax transfer
applicable to the province for that fiscal year.
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15. (1) The total entitlement in respect of the Canada Health and
Social Transfer applicable to the whole of Canada
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(a) for the 1996-97 fiscal year is $26.9 billion; and
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(b) for the 1997-98 fiscal year is $25.1 billion.
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(2) The total entitlement in respect of the Canada Health and Social
Transfer applicable to the whole of Canada
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(a) for each of the 1998-99 and the 1999-2000 fiscal years is $25.1
billion; and
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(b) for each of the 2000-01 to 2002-03 fiscal years is the amount
determined by the formula
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A x (B - C)
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A is the total entitlement that was determined
under this subsection for the immediately preceding
fiscal year,
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B is the cube root of the quotient obtained by
dividing
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(i) the gross domestic product of Canada for the calendar year
ending in the immediately preceding fiscal year
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by
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(ii) the gross domestic product of Canada for the calendar year
ending in the fourth preceding fiscal year, and
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C is
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(i) 0.02 for the 2000-01 fiscal year,
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(ii) 0.015 for the 2001-02 fiscal year, and
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(iii) 0.01 for the 2002-03 fiscal year.
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(3) Where in any of the 1997-98 to 2002-03 fiscal years the sum of
$12.5 billion and the total of all equalized tax transfers applicable to all
provinces calculated under section 16 for that fiscal year exceeds the
total entitlement determined under subsection (1) or (2) for that fiscal
year, the total entitlement in respect of the Canada Health and Social
Transfer applicable to the whole of Canada for that fiscal year shall be
increased by the amount of that excess.
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(4) The total entitlement in respect of the Canada Health and Social
Transfer applicable to a province for the fiscal year beginning on April
1, 1996 is the amount as determined by the Minister, equal to the product
obtained by multiplying
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by
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(b) the quotient obtained by dividing
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(i) the province's total entitlements in respect of the sum of the
amounts established under subsections 15(1) and (2) and sections
23 and 23.1, as they read on March 31, 1996, in respect of the
fiscal year beginning on April 1, 1995 and the contributions
payable under the Canada Assistance Plan in respect of the fiscal
year beginning on April 1, 1994
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(ii) the total of the total entitlements referred to in subparagraph
(i) of all the provinces.
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(5) The total entitlement in respect of the Canada Health and Social
Transfer applicable to a province for each of the 1997-98 to 2002-03
fiscal years is the amount determined by the formula
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F x [(G x H/J) + (1 - G) x K/L]
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where
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F is the total entitlement in respect of the
Canada Health and Social Transfer applicable to the
whole of Canada for the fiscal year determined under
subsections (1) to (3);
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G is
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(a) 1 for the 1997-98 fiscal year,
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(b) 0.9 for the 1998-99 fiscal year,
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(c) 0.8 for the 1999-2000 fiscal year,
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(d) 0.7 for the 2000-01 fiscal year,
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(e) 0.6 for the 2001-02 fiscal year, and
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(f) 0.5 for the 2002-03 fiscal year;
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H is the product obtained by multiplying
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(a) the total entitlements referred to in subparagraph (4)(b)(i) in
respect of the province
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(b) the quotient obtained by dividing
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(i) the population of the province for the fiscal year
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(ii) the population of the province for the 1995-96 fiscal year;
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J is the total of all the values of H for the
fiscal year in respect of all provinces;
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K is the population of the province for the
fiscal year; and
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L is the total of the population of all
provinces for the fiscal year.
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Clause 5: New.
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Clause 6: Subsection 17(2) reads as follows:
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(2) The cash contribution that may be provided to a province under
this Part shall be reduced or withheld for the purposes of giving effect
to
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(a) any order made by the Governor in Council in respect of the
province under section 15 or 16 of the Canada Health Act or section
21 or 22 of this Act; or
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(b) any deduction from the cash contribution pursuant to section 20
of the Canada Health Act.
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Clause 7: The relevant portion of subsection 19(1)
reads as follows:
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19. (1) In order that a province may qualify for a full cash
contribution referred to in section 14 for a fiscal year, the laws of the
province must not
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Clause 8: Subsection 21(1) reads as follows:
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21. (1) Where, on the referral of a matter under section 20, the
Governor in Council is of the opinion that the province does not or has
ceased to comply with section 19, the Governor in Council may, by
order,
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(a) direct that any cash contribution to that province for a fiscal year
be reduced, in respect of each non-compliance, by an amount that the
Governor in Council considers to be appropriate, having regard to
the gravity of the non-compliance; or
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(b) where the Governor in Council considers it appropriate, direct
that the whole of any cash contribution to that province for a fiscal
year be withheld.
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Clause 9: Sections 22 and 23 read as follows:
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22. In the case of a continuing failure to comply with section 19, any
reduction or withholding under section 21 of a cash contribution to a
province for a fiscal year shall be reimposed for each succeeding fiscal
year as long as the Minister is satisfied, after consultation with the
minister responsible for social assistance in the province, that the
non-compliance is continuing.
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23. Any reduction or withholding under section 21 or 22 of a cash
contribution may be imposed in the fiscal year in which the
non-compliance that gave rise to the reduction or withholding occurred
or in the following fiscal year.
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Clause 10: Section 25 and the heading before it read
as follows:
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25. For the purposes of this Part, references to social programs
include programs in respect of health, post-secondary education, social
assistance and social services.
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Clause 11: The definition ``cash contribution'' in
section 2 reads as follows:
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``cash contribution'' means the cash contribution in respect of the
Canada Health and Social Transfer under section 14 of the
Federal-Provincial Fiscal Arrangements Act;
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Clause 12: Section 57 of Schedule III and the heading
before it read as follows:
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57. Subsection 2(2) is repealed and the following substituted
therefor:
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(2) In Parts I, II and IV and in paragraphs 15(1)(a) and (2)(a) and
16(3)(b) and (4)(b) and section 40.1, ``province'' does not include the
Northwest Territories, the Yukon Territory or Nunavut.
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Clause 14: (1) The relevant portion of subsection
15(1) reads as follows:
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15. (1) The amount of any annuity to which a contributor may
become entitled under this Act is an amount equal to the aggregate of
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(ii) the average annual pay received by the contributor during any
six year period of pensionable service selected by or on behalf the
contributor, or during any period so selected consisting of
consecutive periods of pensionable service totalling six years, or
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(iii) in the case of a contributor who has to the contributor's credit
less than six years of pensionable service, the average annual pay
received by the contributor during the period of pensionable
service to the contributor's credit, and
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(2) The definition ``Average Maximum Pensionable
Earnings'' in subsection 15(3) reads as follows:
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``Average Maximum Pensionable Earnings'' means with respect to any
contributor, the average of the Year's Maximum Pensionable
Earnings for the year in which he ceased to be a member of the
regular force and for each of the two preceding years;
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(3) New.
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Clause 15: (1) The relevant portion of subsection
11(1) reads as follows:
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11. (1) The amount of any annuity to which a contributor may
become entitled under this Part is an amount equal to the aggregate of
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(ii) the average annual salary received by the contributor during
any six year period of pensionable service selected by or on
behalf of the contributor, or during any period so selected
consisting of consecutive periods of pensionable service totalling
six years, or
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(iii) in the case of a contributor who has to the contributor's credit
less than six years of pensionable service, the average annual
salary received by the contributor during the period of
pensionable service to the contributor's credit; and
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(2) The definition ``Average Maximum Pensionable
Earnings'' in subsection 11(3) reads as follows:
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``Average Maximum Pensionable Earnings'' means, with respect to any
contributor, the average of the Year's Maximum Pensionable
Earnings for the year in which the contributor
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(a) ceased to be employed in the Public Service, or
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(b) becomes entitled to receive a retirement pension under the
Canada Pension Plan or a provincial plan similar thereto,
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whichever is the earlier, and for each of the two preceding years;
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(3) New.
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Clause 16: (1) The relevant portion of subsection
10(1) reads as follows:
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10. (1) The amount of any annuity to which a contributor may
become entitled under this Part is an amount equal to the aggregate of
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(ii) the average annual pay received by the contributor during any
six year period of pensionable service selected by or on behalf the
contributor, or during any period so selected consisting of
consecutive periods of pensionable service totalling six years, or
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(iii) in the case of a contributor who has to the contributor's credit
less than six years of pensionable service, the average annual pay
received by the contributor during the period of pensionable
service to the contributor's credit, and
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(2) The definition ``Average Maximum Pensionable
Earnings'' in subsection 10(3) reads as follows:
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``Average Maximum Pensionable Earnings'' means, with respect to any
contributor, the average of the Year's Maximum Pensionable
Earnings for the year in which he ceased to be a member of the Force
and for each of the two preceding years;
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(3) New.
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Clause 17: Subsection 9.1(2) reads as follows:
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(2) During the period referred to in section 62 of the Public Service
Staff Relations Act an arbitration board, as defined in subsection 2(1) of
that Act, shall, in rendering an arbitral award, limit the aggregate
amount of any increase in pay and other benefits in respect of any
dispute applicable to employees of the Service to that concluded
through collective bargaining or otherwise by a comparable bargaining
unit in the Public Service, within the meaning of that Act, after the
compensation plan applicable to that bargaining unit ceased to be
continued by virtue of the Public Sector Compensation Act.
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Clause 18: Section 53.1 reads as follows:
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53.1 Notwithstanding any other provision of this Act, during the
period in which the referral of a dispute to arbitration as the process for
the resolution of a dispute under the Public Service Staff Relations Act
is suspended under section 62 of that Act, the Board shall, in rendering
an arbitral award, limit the aggregate amount of any increase in pay and
other benefits in respect of any dispute applicable to employees to that
concluded through collective bargaining or otherwise by a comparable
bargaining unit in the Public Service, within the meaning of that Act,
after the compensation plan applicable to that bargaining unit ceased to
be continued by virtue of the Public Sector Compensation Act.
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Clause 19: (1) Subsection 62(1) reads as follows:
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62. (1) The operation of sections 64 to 75.1 is suspended during the
period of three years following the coming into force of this section.
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(2) New.
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Clause 20: Section 18 reads as follows:
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18. (1) In this section, ``securities'' means securities of or guaranteed
by Canada and includes any other securities described in the definition
``securities'' in section 2.
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(2) The Minister may, when he or she deems it advisable for the
sound and efficient management of public money or the public debt,
purchase or acquire securities, including securities on their issuance,
pay for the securities out of the Consolidated Revenue Fund and hold
the securities.
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(3) The Minister may sell or lend any securities purchased, acquired
or held pursuant to subsection (2), and the proceeds of the sales or
lending shall be deposited to the credit of the Receiver General.
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(4) Any net profit resulting in any fiscal year from the purchase,
holding, sale or lending of securities pursuant to this section shall be
credited to the revenues of that fiscal year, and any net loss resulting in
any fiscal year from that purchase, holding, sale or lending shall be
charged to an appropriation provided by Parliament for the purpose.
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(5) For the purposes of subsection (4), the net profit or loss in any
fiscal year shall be determined by taking into account realized profits
and losses on securities sold or loaned, the amortization applicable to
the fiscal year of premiums and discounts on securities, and interest
applicable to the fiscal year.
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Clause 21: Section 43 reads as follows:
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43. No money shall be borrowed or security issued by or on behalf
of Her Majesty without the authority of Parliament.
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Clause 22: Sections 44 to 46 read as follows:
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44. Where by this Act or any other Act of Parliament authority is
given to raise money, by or on behalf of Her Majesty, by way of loan or
by the issue and sale of securities, the Governor in Council may, subject
to the Act authorizing the raising of that money,
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(a) authorize the raising of all or part of that money by the issue and
sale of treasury bills or treasury notes and authorize the Minister, or
such officer of the Department of Finance as may be designated by
the Minister,
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(i) to determine the date of the issue and the date of maturity of
those bills or notes, the rate of interest thereon, if any, and the
dates of payment of interest, if any,
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(ii) to sell any of those bills or notes for such price or prices and
on such terms and conditions as the Minister considers necessary,
and
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(iii) subject to such terms and conditions as the Governor in
Council may specify, to enter into such contracts or agreements
relating to the issue and sale of those bills or notes on such terms
and conditions as the Minister, or such officer of the Department
of Finance designated by the Minister, considers necessary; or
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(b) authorize the Minister, or such officer of the Department of
Finance as may be designated by the Minister,
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(i) subject to such terms and conditions as the Governor in
Council may specify, to enter into such contracts or agreements
relating to the raising of the money on such terms and conditions
as the Minister, or such officer of the Department of Finance
designated by the Minister, considers necessary,
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(ii) to raise all or part of that money by the issue and sale of
securities other than treasury bills or treasury notes,
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(iii) to issue and sell those securities in a principal amount not
exceeding an amount authorized by the Governor in Council,
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(iv) to determine the rate or rates of interest, not exceeding the
maximum rate or rates of interest authorized by the Governor in
Council, payable in respect of those securities,
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(v) to determine the date, not later than the date authorized by the
Governor in Council, on which the principal amount specified in
those securities is payable, and
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(vi) to sell those securities
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(A) for a price or prices, not less than the minimum price or
prices authorized by the Governor in Council, and
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(B) on such other terms and conditions as the Minister, or such
officer of the Department of Finance designated by the
Minister, considers necessary.
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45. Where an authority is at any time conferred by Parliament to
borrow an amount of money on behalf of Her Majesty, at any time
thereafter, only the amount by which money borrowed on behalf of Her
Majesty that is not then repaid exceeds the aggregate of
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(a) money borrowed on behalf of Her Majesty that was not repaid on
the day the authority became effective or, where no effective date is
specified, the day on which the authority was conferred, and
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(b) money borrowed on behalf of Her Majesty after whichever day
referred to in paragraph (a) is applicable and charged against any
amount authorized to be borrowed by any other authority,
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constitutes a charge against the amount of money so authorized to be
borrowed.
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45.1 The Governor in Council may authorize the Minister, subject to
such terms and conditions as the Governor in Council may specify, to
enter into interest rate exchange agreements and currency exchange
agreements on such terms and conditions as the Minister, or an officer
of the Department of Finance designated by the Minister, considers
necessary.
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46. The Governor in Council may authorize the Minister to borrow
such sums of money as are required for the payment of any securities
that were issued under the authority of Parliament, other than section 47,
and are maturing or have been called for redemption.
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Clause 23: Sections 49 to 55 read as follows:
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49. An annual statement of all borrowing transactions on behalf of
Her Majesty shall be included in the Public Accounts.
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50. (1) 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.
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(2) 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.
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51. The Governor in Council may
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(a) appoint one or more registrars to perform such services in respect
of the registration of loans as the Governor in Council may prescribe;
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(b) appoint one or more fiscal agents to perform such services in
respect of loans as the Governor in Council may prescribe; and
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(c) fix the remuneration or compensation of any registrar or fiscal
agent appointed under this section.
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52. (1) The Minister shall cause to be maintained a system of books
and records
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(a) showing all money authorized by Parliament to be borrowed by
the issue and sale of securities;
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(b) containing a description and record of all money so borrowed and
securities issued; and
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(c) showing all amounts paid in respect of the principal of or interest
on all money so borrowed.
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(2) 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.
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53. The Governor in Council may provide for the creation and
management of a sinking fund with respect to any issue of securities or
with respect to all securities issued.
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54. The payment of all money borrowed and interest thereon and of
the principal of and interest on all securities issued by or on behalf of
Her Majesty with the authority of Parliament is a charge on and payable
out of the Consolidated Revenue Fund.
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55. With the authority of the Governor in Council, there may be paid
out of the Consolidated Revenue Fund
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(a) all money required under section 53 to provide a sinking fund or
other means of securing repayment of securities;
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(b) the remuneration and compensation of registrars and fiscal
agents appointed under section 51; and
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(c) all costs, expenses and charges incurred in the negotiation or
raising of loans or in the issue, redemption, servicing, payment and
management of any loan and any securities issued in respect thereof.
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Clause 24: New.
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Clause 36: New.
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Clause 37: (1) Subsection 52(1) reads as follows:
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52. (1) Notwithstanding section 87 of the Indian Act, the council may
make a by-law imposing a direct tax in respect of the sale of alcoholic
beverages or tobacco products on a reserve to be collected pursuant to
an agreement entered into under subsection 54(1).
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(2) The relevant portion of subsection 52(4) reads as
follows:
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(4) For the purposes of this Part, an alcoholic beverage or a tobacco
product is sold on a reserve if
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Clause 38: The relevant portion of subsection 53(1)
reads as follows:
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53. (1) A by-law made under subsection 52(1)
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(c) shall provide that the rate of tax on the sale of the alcoholic
beverages and tobacco products that are subject to the tax is the rate
at which tax is imposed under subsection 165(1) of the Excise Tax
Act;
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Clause 39: New.
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Clause 40: (1) The amendment would replace
``$25,921'' with ``$29,590''.
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(2) The amendment would replace ``$605'' with
``$955'', ``$605'' with ``$955'', ``$405'' with ``$755''
and ``$330'' with ``$680''.
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(3) The amendment would replace ``12.1%'' with
``11.0%'', ``20.2%'' with ``19.7%'', and ``26.8%'' with
``27.6%''.
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(4) The relevant portion of subsection 122.61(5) reads
as follows:
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(5) Each amount (other than the amounts of $6,250 and $20,921)
expressed in dollars in subsection (1) shall be adjusted so that, where the
base taxation year in relation to a particular month is after 1996, the
amount to be used under that subsection for the month is equal to the
total of
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(5) Subsection 122.61(6) reads as follows:
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(6) The amount of $20,921 referred to in subsection (1) shall be
adjusted so that the amount to be used thereunder for a month in relation
to a base taxation year that is after 1991 is equal to the amount by which
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(a) the amount of $25,921 referred to in subsection (1), as adjusted
and rounded under this section for the year,
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exceeds
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(b) the product obtained by multiplying the amount of $500 referred
to in subsection (1), as adjusted and rounded under this section for
the year, by 10.
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Clause 41: (1) The relevant portion of subsection
122.5(3) reads as follows:
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(3) Where a return of income (other than a return of income filed
under subsection 70(2), paragraph 104(23)(d) or 128(2)(e) or
subsection 150(4)) is filed under this Part for a taxation year in respect
of an eligible individual and the individual applies therefor in writing,
1/4 of the amount, if any, by which the total of
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(e) where the individual has no qualified relation for the year, the
lesser of
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(ii) 2% of the amount, if any, by which
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(A) the individual's income for the year
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(B) the amount determined for the year for the purposes of
paragraph (c) of the description of B in subsection 118(1),
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shall be deemed to be an amount paid by the individual on account of
the individual's tax payable under this Part for the year during each of
the months specified for that year under subsection (4).
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Clause 42: The relevant portion of subsection 295(5)
reads as follows:
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(5) An official may
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Clause 43: The relevant portion of subsection 328(2)
reads as follows:
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(2) Every person
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(a) to whom confidential information has been provided for a
particular purpose pursuant to paragraph 295(5)(b), (c) or (g), or
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Clause 44: The relevant portion of subsection
239(2.21) reads as follows:
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(2) Every person
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(a) to whom taxpayer information has been provided for a particular
purpose under paragraph 241(4)(b), (c), (e), (h) or (k), or
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Clause 45: The relevant portion of subsection 241(4)
reads as follows:
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(4) An official may
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Clause 46: Subsections 5(1.1) and (1.2) are new.
Subsection 5(1) reads as follows:
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5. (1) Subject to the other provisions of this Act, the Minister may
make an agreement with an administrator for the purpose of
guaranteeing the repayment of advances that the administrator makes
to eligible producers from money borrowed for the purpose of making
the advances, together with any interest on the advances.
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Clause 47: Section 6 reads as follows:
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6. A guarantee is not effective unless the administrator complies with
this Act and the advance guarantee agreement.
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Clause 48: Section 8 reads as follows:
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8. A guarantee under the advance guarantee agreement may, with the
approval of the Minister of Finance, be made to the lender instead of to
the administrator if the Minister is satisfied that doing so will reduce the
interest payable to the lender.
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Clause 49: Subsection 10(1.1) reads as follows:
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(1.1) For the purposes of paragraph (1)(h), the producer's eligibility
is not affected by the administrator sharing its security interest with
another lender in accordance with terms and conditions specified in the
advance guarantee agreement.
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Clause 50: The relevant portion of subsection 23(1)
reads as follows:
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23. (1) If a producer is in default under a repayment agreement and
the Minister receives a request for payment from the administrator, the
Minister must, subject to any regulations made under paragraph 40(g),
pay to the lender or the administrator, as specified in the advance
guarantee agreement, an amount equal to the Minister's percentage of
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Clause 51: The relevant portion of subsection 40(1)
reads as follows:
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40. (1) The Governor in Council may make regulations
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Clause 53: Subsection 6(3) is new. Subsection 6(2)
reads as follows:
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(2) The Minister may provide for further payments to the Bank, in the
manner and at the times provided for in the Agreement, in respect of
supplementary subscriptions of shares, from funds authorized for that
purpose in an appropriation by Parliament.
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Clause 54: Section 103 reads as follows:
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103. The Minister may enter into agreements with any province
respecting the distribution to that province of amounts received or
collected by the Receiver General under section 84, less any costs
incurred in relation to the collection and distribution of those amounts.
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