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Bill C-36

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Total amount of all scholarships	31. (1) The total amount any person may receive as scholarships is $15,000.
Adjustment	(2) The total amount referred to in subsection (1) may be adjusted by the Foundation when the Foundation considers it necessary to do so in order to maintain the value of that total amount.
Notice of adjusted amount	(3) If the total amount is adjusted, the Foundation shall publish a notice of the adjusted amount in any manner that it considers appropriate.
Special considera- tions	32. In determining the amount of a scholarship, the Foundation shall take into account, among other things, whether the person receiving the scholarship will be incurring higher costs because the person will be
	(a) attending an eligible institution outside the person's ordinary region or province of residence; or
	(b) pursuing studies for a limited period outside Canada while enrolled in a program of studies at an eligible institution.
Payment	33. A scholarship may be paid in a lump sum or in periodic payments.
Terms and conditions	34. The Foundation may grant a scholarship on any terms and conditions that it considers appropriate.
	Records
Books of account	35. (1) The Board shall cause books of account and other records to be kept and shall establish financial and management controls, information systems and management practices that will ensure that the business and affairs of the Foundation are carried on, and the financial, human and physical resources of the Foundation are managed, effectively, efficiently and economically.
Information systems	(2) The books of account and other records of the Foundation shall be maintained in such a way that they will show that the assets of the Foundation are properly protected and controlled and that its business and affairs are carried on in compliance with this Part, and in particular, in such a way that they will show
	(a) the description and book value of every investment of the Foundation; and
	(b) the names of persons who have received, or are about to receive, scholarships and the amount of the scholarships.
	Reports and Consideration of Reports
Annual reports	36. The Foundation shall, within six months after the end of each fiscal year, prepare an annual report in both official languages of its activities during the year and include in the report
	(a) its financial statements for the year as approved by the Board and the report of the auditor respecting those statements;
	(b) a detailed statement of its investment activities during the year, its investment portfolio as at the end of the year and its investment policies, standards and procedures;
	(c) a statement of the Foundation's plans for fulfilling its objects and purposes for the year and the next year; and
	(d) an evaluation of the results achieved by the granting of scholarships during the year.
Five year review	37. Within one year after the fourth anniversary of the coming into force of this Part, the Foundation shall cause a review and report to be made of its activities and organization.
Considera- tion of report by members	38. (1) Before a report under section 36 or 37 is distributed to the public, it shall be approved by the Board and by the members at a meeting of the members.
Distribution of report	(2) After a report under section 36 or 37 is approved, it shall be made public and a copy of it shall be sent to the Ministers and to the provincial ministers. The Minister of Human Resources Development shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after that Minister receives it.
Public meeting	39. (1) After it publishes a report under section 36 or 37, the Foundation shall convene a meeting of the members, open to the public, at a city in Canada selected by the Board to consider the report and other matters in relation to the Foundation's activities during the period to which the report relates.
Notice of meeting	(2) At least 30 days before the date of a public meeting, the Foundation shall give notice of the date, time and place of the meeting in accordance with its by-laws.
	Audit
Auditor	40. (1) The members, at their first meeting in each fiscal year, shall appoint an auditor for the Foundation for the fiscal year and fix, or authorize the Board to fix, the auditor's remuneration.
Qualifica- tions of auditor	(2) The auditor shall be
	(a) a natural person who
	(i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,
	(ii) has at least five years experience at a senior level in carrying out audits,
	(iii) is ordinarily resident in Canada, and
	(iv) is independent of the Board, the directors and the officers of the Foundation; or
	(b) a firm of accountants at least one of the members or employees of which is jointly designated by the Board and the firm to conduct on behalf of the firm the audit of the books and records of the Foundation and who meets the qualifications set out in paragraph (a).
Continuation of auditor	(3) If an auditor is not appointed at the first meeting of the members in a fiscal year, the auditor for the preceding fiscal year continues in office until a successor is appointed.
Removal of auditor	(4) The members may, by a special resolution of the members, remove an auditor from office.
Ceasing to hold office	(5) An auditor ceases to hold office when the auditor
	(a) dies;
	(b) resigns; or
	(c) is removed from office under subsection (4).
Replacement	(6) The members, at a meeting of the members, may appoint an auditor to fill any vacancy in the office of the auditor, but if the members fail to fill the vacancy at a meeting, or if no meeting of the members is convened without delay after the vacancy occurs, the Board may appoint an auditor.
Unexpired term	(7) An auditor appointed to fill a vacancy in the office holds office for the unexpired term of the predecessor in the office.
Auditor's report	41. (1) The auditor for a fiscal year shall, as soon as possible after the end of the fiscal year, complete the audit of the financial statements of the Foundation and submit a report of the audit to the members.
Considera- tion of report	(2) A meeting of the members shall be convened to consider the auditor's report and at the meeting the members shall, by resolution, receive the report.
Audit committee	42. (1) The Board shall appoint an audit committee, consisting of not fewer than three directors, and fix the duties and functions of the committee.
Internal audit	(2) In addition to any other duties and functions it is required to perform, the audit committee shall cause internal audits to be conducted to ensure compliance by the officers and employees of the Foundation with management and information systems and controls established by the Board.
	Winding-up
Property to be divided	43. On the winding-up or dissolution of the Foundation, all its property remaining after all its debts and obligations have been satisfied shall be liquidated and the moneys arising from that liquidation shall be distributed among all public eligible institutions, to be used by them for scholarships, in such a way that each institution receives an amount that is the same proportion of those moneys that
	(a) the number of scholarships granted to persons attending that institution in the year immediately before the year in which the Foundation is wound up or dissolved
	is of
	(b) the number of all scholarships granted to persons attending those institutions in the year immediately before the year in which the Foundation is wound up or dissolved.
	General
Both official languages to be used	44. The Foundation shall offer its services in both official languages.
Regulations	45. The Governor in Council may make regulations respecting the maximum remuneration payable to the directors.
	Donation to the Foundation
Donation of $2.5 billion	46. From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister of Finance, be paid and applied for payment to the Foundation the sum of two billion five hundred million dollars.
	PART 2
	AUTHORIZATION OF DIVESTITURE
Meaning of ``Corpora- tion''	47. In this Part, ``Corporation'' means the Canada Development Investment Corporation.
Authority to sell	48. (1) The Governor in Council may, on any terms and conditions that the Governor in Council considers appropriate, by order, authorize
	(a) the Corporation to sell or otherwise dispose of any shares of any of its wholly-owned subsidiaries; or
	(b) any wholly-owned subsidiary of the Corporation to sell or otherwise dispose of all or substantially all of the wholly-owned subsidiary's assets.
Shares	(2) For the purpose of paragraph (1)(b), ``assets'' of a wholly-owned subsidiary of the Corporation include shares of any other corporation held by the wholly-owned subsidiary or by any person on its behalf, or held in trust for it.
Transfer of administra- tion of property	49. (1) The Governor in Council may, by order, transfer or direct to be transferred the administration, management and control of any property, rights or interests held by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.
Transfer of obligations and liabilities	(2) The Governor in Council may, by order, transfer or direct to be the transferred any obligation or liability incurred by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.
Procurement of dissolution	50. (1) The Minister of Finance is hereby authorized to procure the dissolution of the Corporation.
References	(2) On the dissolution of the Corporation, every reference to the Canada Development Investment Corporation in any deed, contract or other document executed by that Corporation shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.
Closing out affairs	(3) The Minister of Finance may do all things and perform all acts necessary for or incidental to closing out the affairs of the Corporation.
Commence- ment of legal proceedings	51. (1) Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation, or by the Minister of Finance in closing out the affairs of that corporation, may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation.
Continuation of legal proceedings	(2) Any action, suit or other legal proceeding to which the Corporation is party pending in any court on the coming into force of this section may be continued by or against Her Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Corporation.
Adjustment of accounts of Canada	52. The Minister of Finance, after consultation with the President of the Treasury Board, shall cause any adjustments to be made in the accounts of Canada that are required as a result of any transaction authorized or required under this Part.
R.S., c. F-8; 1995, c. 17, s. 45(1)	*53. Schedule I to the Federal-Provincial Fiscal Arrangements Act* is amended by striking out the following:**
	Canada Development Investment Corporation
	Corporation d'investissements au déve loppement du Canada
R.S., c. F-11	*54. Part II of Schedule III to the Financial Administration Act* is amended by striking out the following:**
	Canada Development Investment Corporation
	Corporation d'investissements au déve loppement du Canada
R.S., c. M-13	*55. Schedule IV to the Municipal Grants Act* is amended by striking out the following:**
	Canada Development Investment Corporation
	Corporation d'investissements au déve loppement du Canada
Coming into force	56. Sections 53 to 55 come into force on a day to be fixed by order of the Governor in Council.