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Bill C-31

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SUMMARY

This enactment amends the Export Development Act by

    (a) changing the name of the Corporation to Export Development Canada and making consequential amendments to other Acts and to regulations;

    (b) enabling the Board to delegate its powers and duties to committees that it may establish, other than the executive committee;

    (c) requiring the Corporation, before entering into a transaction that is related to a project, to determine, in accordance with a directive established by the Board, whether the project is likely to have adverse environmental effects and, if such is the case, whether the Corporation is justified in entering into the transaction;

    (d) requiring the Auditor General to audit the design and implementation of the directive established by the Board, at least once every five years;

    (e) providing that the Canadian Environmental Assessment Act cannot be made to apply to certain activities of the Corporation;

    (f) providing that an environmental assessment is not required under the Canadian Environmental Assessment Act where the Minister for International Trade, the Minister of Finance or the Governor in Council exercise certain powers with respect to the Corporation; and

    (g) enabling the Board to make by-laws respecting the establishment of a pension plan for the officers and employees of the Corporation and their dependants.

EXPLANATORY NOTES

Export Development Act

Clause 1: The long title reads as follows:

An Act to establish the Export Development Corporation and to support and develop trade between Canada and other countries and Canada's competitiveness in the international market-place

Clause 2: Section 1 reads as follows:

1. This Act may be cited as the Export Development Act.

Clause 3: (1) and (2) The definitions ``Chairman'', ``Corporation'' and ``Vice-Chairman'' in section 2 read as follows:

``Chairman'' means the Chairman of the Board;

``Corporation'' means the Export Development Corporation established by section 3;

``Vice-Chairman'' means the Vice-Chairman of the Board.

(3) New.

Clause 4: Section 3 reads as follows:

3. A corporation is hereby established, to be known as the Export Development Corporation, consisting of a Board of Directors composed of fifteen directors, including a Chairman and a President.

Clause 5: The heading before section 7 reads as follows:

Executive Committee

Clause 6: New.

Clause 7: Subsection 8(2) reads as follows:

(2) The President is the chief executive officer of the Corporation and has on behalf of the Board the direction and management of the business of the Corporation with authority to act in the conduct of the business of the Corporation in all matters that are not by this Act or the by-laws of the Corporation specifically reserved to the Board or the Executive Committee.

Clause 8: Subsection 10(3.1) is new. Subsection 10(3) reads as follows:

(3) Subject to subsection (4), the contingent liability of the Corporation in respect of the principal amount owing under all outstanding arrangements entered into pursuant to paragraph (1.1)(b) shall at no time exceed an amount equal to ten times the authorized capital of the Corporation, or such greater amount as may be specified in an appropriation Act.

Clause 9: New.

Clause 10: (1) and (2) Paragraph 16(d.1) is new. The relevant portion of section 16 reads as follows:

16. The Board may make by-laws

    (a) for the regulation of its proceedings, including the delegation of any of its powers and duties to the Executive Committee and the fixing of quorums for meetings of the Board and the Executive Committee;

    . . .

    (d) delegating, subject to any terms and conditions specified in the by-laws and notwithstanding any delegation of such authority to the Executive Committee pursuant to paragraph (a), to any one or more officers of the Corporation, jointly or severally, any authority to authorize the Corporation to exercise a power under this Act that is given specifically to the Board by any provision of this Act; and

Clause 11: New.

Clause 12: New.

Bretton Woods and Related Agreements Act

Clause 18: (1) Subsection 8.3(7) reads as follows:

(7) The Export Development Corporation may, on the request of the Minister of Finance, act as the Minister of Finance's agent for the purpose of providing financial assistance to any foreign state under this section.

(2) The relevant portion of subsection 8.3(8) reads as follows:

(8) The Minister of Finance may pay out of the Consolidated Revenue Fund any amount that is required

    . . .

    (b) to compensate the Export Development Corporation for its services as agent of the Minister of Finance under subsection (7) in accordance with any agreement between the Export Development Corporation and the Minister of Finance.

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