1st Session, 37th Parliament,
49-50 Elizabeth II, 2001

House of Commons of Canada

BILL C-17

An Act to amend the Budget Implementation Act, 1997 and the Financial Administration Act

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

1997, c. 26

BUDGET IMPLEMENTATION ACT, 1997

1. The definition ``eligible project'' in section 2 of the Budget Implementation Act, 1997 is replaced by the following:

``eligible project''
« travaux admissibles »

``eligible project'' means

      (a) a project carried on, or to be carried on, by an eligible recipient for the modernization, acquisition, development, operation or maintenance of research infrastructure by the recipient in Canada; or

      (b) the purchasing by an eligible recipient of access to a world-leading research facility located outside Canada or to a major international collaborative research project, including the purchasing of such access by means of a contribution toward a portion of capital costs.

2. Section 5 of the Act is replaced by the following:

Objects and purposes of foundation

5. The objects and purposes of the foundation are to make grants to eligible recipients for eligible projects to increase Canada's capability of carrying on high quality research.

3. The Act is amended by adding the following after section 94:

$1,250,000,00 0 granted

95. From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister of Finance, be paid and applied a sum of one billion, two hundred and fifty million dollars for the fiscal year beginning on April 1, 2000, for payment to the Canada Foundation for Innovation for its use.

R.S., c. F-11

FINANCIAL ADMINISTRATION ACT

1999, c. 26, s. 21(E)

4. Section 43 of the Financial Administration Act is replaced by the following:

Borrowing of money

43. (1) 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

    (a) this Act;

    (b) any other Act of Parliament that expressly authorizes the borrowing of money; or

    (c) any other Act of Parliament that provides for the borrowing of money from Her Majesty in right of Canada or of a province.

Issuing of securities

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

5. (1) Subsection 60(1) of the Act is amended by striking out the word ``and'' at the end of paragraph (e) and by adding the following after paragraph (f):

    (g) deeming a specified transaction or a transaction of a specified class, including the issuance of securities, to be a transaction to borrow money for the purposes of subsection 43(1); and

    (h) notwithstanding any right provided by or under any other Act of Parliament to borrow money without the Minister's authorization, requiring the Minister's authorization in respect of a specified transaction to borrow money or a transaction of a specified class to borrow money.

(2) Section 60 of the Act is amended by adding the following after subsection (3):

Minister's authorization

(4) 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,

    (a) the specified transaction;

    (b) a particular transaction named by the Minister within the specified class;

    (c) transactions of a particular subclass described by the Minister within the specified class; or

    (d) transactions of the specified class.

1998, c. 17, s. 31

6. (1) Subsection 85(1) of the Act is replaced by the following:

Exempted Crown corporations

85. (1) Divisions I to IV do not apply to the Bank of Canada, the Canada Council, the Canada Pension Plan Investment Board, the Canadian Broadcasting Corporation, the Canadian Film Development Corporation, the International Development Research Centre or the National Arts Centre Corporation.

(2) Subsection (1) is deemed to have come into force on December 31, 1998.