Bill C-41
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RECOMMENDATION |
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Her 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 amend the Canadian Commercial Corporation Act''.
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SUMMARY |
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This enactment amends the Canadian Commercial Corporation Act
by
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EXPLANATORY NOTES |
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Clause 1: (1) and (2) The definitions ``Board'' and
``President'' in section 2 read as follows:
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``Board'' means the President and the other directors of the
Corporation;
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``President'' means the President of the Corporation.
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Clause 2: Sections 3.1 and 3.2 are new. Section 3 reads
as follows:
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3. (1) There is hereby established a corporation to be known as the
Canadian Commercial Corporation consisting of a President and not
more than nine or less than five other directors.
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(2) The President shall be appointed by the Governor in Council to
hold office during pleasure for such term as the Governor in Council
considers appropriate.
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(3) Each director of the Corporation, other than the President, shall
be appointed by the Minister, with the approval of the Governor in
Council, to hold office during pleasure for such term not exceeding
three years as will ensure, as far as possible, the expiration in any one
year of the terms of office of not more than one-half of the directors.
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(4) The President's remuneration, if the President is not a member of
the public service of Canada, shall be fixed by the Governor in Council.
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Clause 3: Subsection 7(3) reads as follows:
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(3) The President or, in the absence of the President, such person as
may be appointed under the by-laws or by the directors of the
Corporation, shall be chairman of the Board.
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Clause 4: Subsection 8(1) reads as follows:
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8. (1) The Corporation may employ such officers or employees as it
deems necessary to carry out this Act and may determine their
conditions of employment and their remuneration.
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Clause 5: (1) Subsection 11(1.1) is new. Subsection
11(2) reads as follows:
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(2) The Governor in Council may from time to time authorize the
Minister of Finance to advance out of any unappropriated moneys in the
Consolidated Revenue Fund amounts to the Corporation by way of loan
on such terms and conditions as the Governor in Council may
determine, but the aggregate of the loans made under this subsection
outstanding at any time shall not exceed ten million dollars.
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(2) Subsection 11(4) reads as follows:
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(4) In any transactions entered into by the Corporation under any
provisions of this Act for or on behalf of or for the purposes of any
person or any department or agency of the Government of Canada, the
Corporation and that person, department or agency may agree on the
amounts to be paid to the Corporation to compensate it for the costs and
proportioned operating expenses incurred by it in those transactions,
and the compensation may be recovered by the Corporation and shall
be paid to it by that person, department or agency.
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