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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 Canada Pension Plan and the Canada Pension Plan
Investment Board Act''.
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This enactment amends the Canada Pension Plan and the Canada
Pension Plan Investment Board Act to
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(a) permit all amounts held to the credit of the Canada Pension Plan
Account to be transferred to the Canada Pension Plan Investment
Board, by repealing the requirement to maintain in the Account a
three-month operating balance;
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(b) establish a means by which the Investment Board may be
required to transfer funds to the government, to the credit of the
Canada Pension Plan Account, so that the immediate obligations of
the Account can be met;
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(c) transfer to the Investment Board, over a three-year period, the
right, title or interest in each security held by the Minister of Finance,
and establish the conditions on which the securities may be
redeemed or replaced;
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(d) provide that the foreign property limit in the Income Tax Act
applies to the Investment Board and its subsidiaries on a
consolidated basis and to provide that the Investment Board will be
considered to hold the property of its subsidiaries for the purpose of
applying the foreign property limit; and
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(e) make housekeeping amendments to the Investment Board's
reporting requirements.
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