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Bill C-90

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This enactment creates two new securities for use in the debt markets: a depository bill and a depository note. It also establishes a legal regime for the new securities. A depository bill or note is a bill of exchange or promissory note that is intended to be held by a clearing house and traded in a book-entry system operated by a clearing house.

The enactment ensures that a purchaser of a depository bill or note has the same legal rights, with appropriate modifications, as a purchaser of a bill or note under the Bills of Exchange Act, even though the depository bill or note will not actually be delivered to a purchaser.


Financial Administration Act

Clause 20: Section 70 reads as follows:

70. This Part does not apply

    (a) to any negotiable instrument; or

    (b) to any Crown debt incurred by or in the name of a corporation set out in Schedule III.