Bill C-43

74. The Act is amended by adding the following after section 25:

75. Section 27 of the Act is replaced by the following:

27. The Foundation is not an agent of Her Majesty and the Chairperson, the President and the other directors, as well as the officers and employees of the Foundation are not, by virtue of their office or employment, part of the public service of Canada.

76. Sections 31 and 32 of the Act are repealed.

77. Section 33 of the Act is replaced by the following:

78. Section 34 of the Act and the heading before it are replaced by the following:

79. Section 35 of the Act is replaced by the following:

35.1 The accounts and financial transactions of the Foundation shall be audited annually and a report of the audit shall be made to the Board.

80. Section 36 of the Act is replaced by the following:

36. (1) The Board shall, within four months after the end of each fiscal year of the Foundation, submit to the Minister a report, in both official languages, of the activities of the Foundation for that year. The report shall include

(a) the financial statements of the Foundation for that year, prepared in accordance with generally accepted accounting principles, and the auditor’s report on those financial statements;

81. Section 37 of the Act is replaced by the following:

82. The English version of the Act is amended by replacing the expressions “Chairman” and “Vice-Chairman” with the expressions “Chairperson” and “Vice-Chairperson”, respectively, wherever they occur in the following provisions:

(a) sections 12 to 14;

(b) section 16; and

(c) section 22.

Coordinating Amendments

83. (1) On the later of the coming into force of section 69 of this Act and section 224 of the Public Service Modernization Act, chapter 22 of the Statutes of Canada, 2003 (in this section referred to as the “other Act”), section 16.1 of the English version of the Asia-Pacific Foundation of Canada Act is replaced by the following:

16.1 A director who is part of the federal public administration does not have the right to vote on any matter before the Board or a committee of the Board.

(2) On the later of the coming into force of section 75 of this Act and section 224 of the other Act, section 27 of the English version of the Asia-Pacific Foundation of Canada Act is replaced by the following:

27. The Foundation is not an agent of Her Majesty and the Chairperson, the other directors, the President and the officers and employees of the Foundation are not, by virtue of their office or employment, part of the federal public administration.

PART 10

AMENDMENT TO THE BUDGET IMPLEMENTATION ACT, 1998

84. Paragraph 27(1)(a) of the Budget Implementation Act, 1998 is replaced by the following:

(a) are Canadian citizens or permanent residents within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act or protected persons within the meaning of subsection 95(2) of that Act;

PART 11

PAYMENTS FOR INFRASTRUCTURE

85. For the fiscal year 2005-2006, pursuant to the Government of Canada’s five-year initiative commonly known as “A New Deal for Cities and Communities”, the Minister of State (Infrastructure and Communities) may, subject to the terms and conditions to be approved by the Treasury Board, make payments from and out of the Consolidated Revenue Fund in an aggregate amount of not more than six hundred million dollars to provinces, territories and first nations for the purpose of providing funding to municipal and regional governments and related entities, including transit authorities and commissions and first nation communities, for environmentally sustainable infrastructure projects.

86. The Minister of State (Infrastructure and Communities) shall not make a payment to a province, territory or first nation under section 85 unless the Government of Canada has entered into a bilateral agreement with the recipient province, territory or first nation.

PART 12

NOVA SCOTIA AND NEWFOUNDLAND AND LABRADOR ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS

Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act

87. The Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act is enacted as follows:

An Act respecting additional fiscal equalization offset payments for Nova Scotia and Newfoundland and Labrador relating to revenues from offshore petroleum resources

SHORT TITLE

1. This Act may be cited as the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act.

INTERPRETATION

2. The following definitions apply in this Act.

“Canada–Newfoundland and Labrador Arrangement” means the Arrangement between the Government of Canada and the Government of Newfoundland and Labrador on Offshore Revenues signed on February 14, 2005.

“Canada–Nova Scotia Arrangement” means the Arrangement between the Government of Canada and the Government of Nova Scotia on Offshore Revenues signed on February 14, 2005.

“Minister” means the Minister of Finance.

PURPOSE

3. The purpose of this Act is to implement the Canada–Newfoundland and Labrador Arrangement and the Canada–Nova Scotia Arrangement.

PART 1

ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS FOR NOVA SCOTIA

4. The following definitions apply in this Part.

“additional fiscal equalization offset payment” means the payment that may be made under section 6, 7 or 12.

“fiscal equalization offset payment” means the fiscal equalization offset payment that may be made to the Province for a fiscal year under Part V of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act.

“fiscal equalization payment” means the fiscal equalization payment that may be made to the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.

“offshore revenue” in respect of any fiscal year means the aggregate of the following amounts paid to the Province for that fiscal year:

(a) amounts paid under paragraph 219(2)(b) of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act;

(b) amounts paid with respect to the portion of tax under subsection 165(2) and sections 218.1, 220.05, 220.06 and 220.08 of the Excise Tax Act that is attributable to offshore activity in the Nova Scotia offshore area, within the meaning of subsection 123(1) of that Act; and

(c) amounts paid with respect to tax that would be payable under Part III of the Income Tax Act (Nova Scotia), R.S.N.S. 1989, c. 217, as amended from time to time, on taxable capital of a corporation employed in the offshore area within the meaning of section 2 of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act if that area were in the land portion of the Province, unless those amounts have been included in paragraph (a).

“petroleum” has the same meaning as in section 2 of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act.

“Province” means the Province of Nova Scotia.

5. The Minister shall make a payment to the Province in the amount of $830 million, to allow the Province to reduce its outstanding debt.

6. (1) For the 2004-2005 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $30.5 million.

(2) For the 2005-2006 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $26.6 million.

7. For each fiscal year between April 1, 2006 and March 31, 2012, the Minister shall make an additional fiscal equalization offset payment to the Province calculated in accordance with section 8.

8. The additional fiscal equalization offset payment that shall be made to the Province for a fiscal year corresponds to the amount determined by the Minister in accordance with the formula

(A - B) - C

where

A      is the fiscal equalization payment that may be made to the Province for the fiscal year under the equalization formula in effect at that time, calculated as if the Province did not have any offshore revenue or petroleum production;

B      is the fiscal equalization payment that may be made to the Province for that fiscal year under the equalization formula in effect at that time; and

C      is the fiscal equalization offset payment for that fiscal year.

9. Despite any other provision of this Act, no payment shall be made under sections 6 to 8 except to the extent that the aggregate of the payments determined under those sections for the fiscal year and the preceding applicable fiscal years exceeds $830 million.

10. For any given fiscal year between April 1, 2006 and March 31, 2012, the Province will not receive the additional fiscal equalization offset payment provided for in section 7 if it does not receive a fiscal equalization payment for that fiscal year.

11. (1) For each fiscal year between April 1, 2006 and March 31, 2011 in which the Province does not receive a fiscal equalization payment, the Minister shall make a transitional payment to the Province equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue.

(2) If the Province does not receive a fiscal equalization payment for the 2011-2012 fiscal year, the Minister shall make a transitional payment equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue and the amount determined in accordance with paragraph 220(b) of that Act is equal to zero.

(3) For the purpose of this section, the first fiscal year of offshore production is the fiscal year beginning on April 1, 1999.

12. (1) For any fiscal year between April 1, 2012 and March 31, 2020, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 8 if

(a) the Province qualified for a fiscal equalization payment in the 2010-2011 or 2011-2012 fiscal year;

(b) the Province’s per capita net debt as of March 31, 2012 was not lower than that of at least four other provinces; and

(c) the Province receives a fiscal equalization payment for that fiscal year.

(2) For the purpose of paragraph (1)(b), “per capita net debt” for a province as of March 31, 2012 means the amount determined by the Minister in accordance with the regulations.

13. For greater certainty, if the Province does not meet the conditions set out in paragraphs 12(1)(a) and (b), it will not receive the additional fiscal equalization offset payment provided for in section 12 for any of the fiscal years between April 1, 2012 and March 31, 2020.

14. (1) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment but it received an additional fiscal equalization offset payment for the previous fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to two thirds of the additional fiscal equalization offset payment it received for the previous fiscal year.

(2) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment and did not receive an additional fiscal equalization offset payment for the previous fiscal year, but received an additional fiscal equalization offset payment for the fiscal year two years before that fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to one third of the additional fiscal equalization offset payment it received for the fiscal year two years before that fiscal year.

15. On or before March 31, 2019, the Minister, on behalf of the Government of Canada, and the minister designated by the Province for the purpose will review the Canada–Nova Scotia Arrangement in accordance with clause 8 of that Arrangement.

16. The Government of Canada shall enter into discussions with the Province if requested to do so by the Province under the terms of clause 9 of the Canada–Nova Scotia Arrangement.

17. A determination, for any fiscal year, of the additional fiscal equalization offset payment for the Province and for any other calculation that is necessary for the purposes of this Part shall be made by the Minister at the same time as the final computation of the amount, if any, of the fiscal equalization payment that is payable to the Province is made for that fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.

PART 2

ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS FOR NEWFOUNDLAND AND LABRADOR

18. The following definitions apply in this Part.

“additional fiscal equalization offset payment” means the payment that may be made under section 20, 21 or 26.

“fiscal equalization offset payment” means the fiscal equalization offset payment that may be made to the Province for a fiscal year under Part V of the Canada–Newfoundland Atlantic Accord Implementation Act.

“fiscal equalization payment” means the fiscal equalization payment that may be made to the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.

“offshore revenue”, in respect of any fiscal year, means the aggregate of the following amounts paid to the Province for that fiscal year:

(a) amounts paid under paragraph 214(2)(b) of the Canada-Newfoundland Atlantic Accord Implementation Act;

(b) amounts paid with respect to the portion of tax under subsection 165(2) and sections 218.1, 220.05, 220.06 and 220.08 of the Excise Tax Act that is attributable to offshore activity in the Newfoundland offshore area, within the meaning of subsection 123(1) of that Act; and

(c) the royalties paid under the Hibernia Development Project Royalty Agreement signed on September 1, 1990, as amended from time to time.

“petroleum” has the same meaning as in section 2 of the Canada–Newfoundland Atlantic Accord Implementation Act.

“Province” means the Province of Newfoundland and Labrador.

19. The Minister shall make a payment to the Province in the amount of $2 billion to allow the Province to reduce its outstanding debt.

20. (1) For the 2004-2005 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $133.6 million.

(2) For the 2005-2006 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $188.7 million.

21. For each fiscal year between April 1, 2006 and March 31, 2012, the Minister shall make an additional fiscal equalization offset payment to the Province calculated in accordance with section 22 .

22. The additional fiscal equalization offset payment that shall be made to the Province for a fiscal year corresponds to the amount determined by the Minister in accordance with the formula

(A - B) - C

where

A      is the fiscal equalization payment that may be made to the Province for the fiscal year under the equalization formula in effect at that time, calculated as if the Province did not have any offshore revenue or petroleum production;

B      is the fiscal equalization payment to the Province for that fiscal year under the equalization formula in effect at that time; and

C      is the fiscal equalization offset payment for that fiscal year.

23. Despite any other provision of this Act, no payment shall be made under sections 20 to 22 by the Minister to the Province except to the extent that the aggregate of the payments determined under those sections for the fiscal year and the preceding applicable fiscal years exceeds $2 billion.

24. For any given fiscal year between April 1, 2006 and March 31, 2012, the Province will not receive the additional fiscal equalization offset payment provided for in section 21 if it does not receive a fiscal equalization payment for that fiscal year.

25. If the Province does not receive a fiscal equalization payment for the 2011-2012 fiscal year, the Minister shall make a transitional payment equal in amount to the sum that would be payable under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that fiscal year and the amount determined in accordance with paragraph 220(b) of that Act is equal to zero.

26. (1) For any fiscal year between April 1, 2012 and March 31, 2020, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 22, if

(a) the Province qualified for a fiscal equalization payment in either of the 2010-2011 or 2011-2012 fiscal years;

(b) the Province’s per capita debt servicing charges as of March 31, 2012 were not lower than those of at least four other provinces; and

(c) the Province receives a fiscal equalization payment for that fiscal year.

(2) For the purpose of paragraph (1)(b), “per capita debt servicing charges” as of March 31, 2012, means the amount determined by the Minister in accordance with the formula

(A - B - C + D) / E

where

A      is the total of a province’s debt servicing charges for the 2011-2012 fiscal year, based on figures published in the fully consolidated audited financial statements presented on a full accrual basis of accounting in the province’s Public Accounts for the 2011-2012 fiscal year, with any necessary adjustments, as required, to include all of the debt charges related to unfunded pension liabilities, post-employment benefits and debt charges of government organizations and entities whose inclusion would be consistent with the accounting principles of full consolidation;

B      is the portion of A, if any, related to borrowings made by a province on behalf of self-supporting government business enterprises that are not dependent on transfers, grants or other direct funding from the province to fund their day-to-day operations or debt repayments;

C      is the portion of A, if any, related to borrowings made by a province on behalf of municipalities that are not in default on their interest payment obligations to the province;

D      is the total of a province’s debt servicing charges for the 2011-2012 fiscal year related to borrowings made by the province on behalf of municipalities that are in default on their interest payment obligations to the province, if these are not already included in A; and

E      is the total population of a province on July 1, 2011 based on the latest Statistics Canada official estimates available as soon as all provinces have released their Public Accounts for the 2011-2012 fiscal year.

27. For greater certainty, if the Province does not meet the conditions set out in paragraphs 26(1)(a) and (b), it will not receive the additional fiscal equalization offset payment provided for in section 26 for any of the fiscal years between April 1, 2012 and March 31, 2020.

28. (1) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment but it received an additional fiscal equalization offset payment for the previous fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to two thirds of the additional fiscal equalization offset payment it received for the previous fiscal year.

(2) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment and did not receive an additional fiscal equalization offset payment for the previous fiscal year, but received an additional fiscal equalization offset payment for the fiscal year two years before that fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to one third of the additional fiscal equalization offset payment it received for the fiscal year two years before that fiscal year.

29. On or before March 31, 2019, the Minister, on behalf of the Government of Canada, and the minister designated by the Province for the purpose will review the Canada–Newfoundland and Labrador Arrangement, in accordance with clause 8 of that Arrangement.

30. The Government of Canada shall enter into discussions with the Province if requested to do so by the Province under the terms of clause 9 of the Canada–Newfoundland and Labrador Arrangement.

31. A determination, for any fiscal year, of the additional fiscal equalization offset payment for the Province and for any other calculation that is necessary to be made for the purposes of this Part shall be made by the Minister at the same time as the final computation of the amount, if any, of the fiscal equalization payment that is payable to the Province is made for that fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.

PART 3

GENERAL PROVISIONS

32. The amounts authorized to be paid under this Act shall be paid out of the Consolidated Revenue Fund by the Minister at the time and in the manner, subject to section 33, that the Minister considers appropriate.

33. (1) The Governor in Council may make regulations, on the recommendation of the Minister,

(a) prescribing the time and manner of making any payments under this Act;

(b) respecting the determination of the amount referred to in subsection 12(2);

(c) respecting the determination of any matter that under this Act is to be determined by the Minister; and

(d) prescribing anything that is required or authorized to be prescribed by this Act.

(2) The Minister may recommend the making of a regulation under paragraph (1)(b) only after receipt by the Minister of the approval of the proposed regulation from the minister designated by the Province for that purpose.

Related Amendment to the Budget Implementation Act, 2004

88. Subsections 8(1) to (3) of the Budget Implementation Act, 2004 are replaced by the following:

8. (1) For the fiscal year beginning on April 1, 2004, the Minister of Finance may make a cash payment to the Province of Nova Scotia in the amount of thirty-four million dollars.

(2) For the fiscal year beginning on April 1, 2005, the Minister of Finance may make a cash payment to the Province of Nova Scotia in the amount of four million dollars.

PART 13

CANADA EMISSION REDUCTION INCENTIVES AGENCY

Canada Emission Reduction Incentives Agency Act

89. The Canada Emission Reduction Incentives Agency Act is enacted as follows:

An Act to establish the Canada Emission Reduction Incentives Agency

Recognizing that the reduction or removal of greenhouse gases is necessary to fight climate change and can also result in cleaner air, achieve other environmental objectives and advance the competitiveness and efficiency of Canadian industry;

NOW, THEREFORE, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

1. This Act may be cited as the Canada Emission Reduction Incentives Agency Act.

INTERPRETATION

2. The following definitions apply in this Act.

“Agency” means the Canada Emission Reduction Incentives Agency established by section 4.

“compliance unit” means a compliance unit within the meaning of the Kyoto Protocol.

“eligible credit” means an eligible domestic credit or an eligible Kyoto unit.

“eligible domestic credit” means a tradeable unit that is of an eligible class designated by order made under paragraph 3(a).

“eligible Kyoto unit” means any compliance unit that is of an eligible class designated by order made under paragraph 3(b).

“greenhouse gas” means any gas listed in Annex A to the Kyoto Protocol.

“Kyoto Protocol” means the Kyoto Protocol to the United Nations Framework Convention on Climate Change done at Kyoto on December 11, 1997, and includes any decision related to the implementation of that protocol taken by the “Conference of the Parties serving as the Meeting of the Parties to the Kyoto Protocol”, within the meaning of that protocol.

“Minister” means the Minister of the Environment.

DESIGNATIONS

3. The Minister may, for the purposes of this Act, by order, designate

(a) as an eligible class for the purposes of the definition “eligible domestic credit” in section 2, any class of tradeable units issued under any program or measure established under section 322 of the Canadian Environmental Protection Act, 1999 ; and

(b) as an eligible class for the purposes of the definition “eligible Kyoto unit” in section 2, any class of compliance unit.

ESTABLISHMENT OF AGENCY

4. (1) There is established a body corporate called the Canada Emission Reduction Incentives Agency, which may exercise powers only as an agent of Her Majesty in right of Canada.

(2) The expression “Climate Fund” may be used to refer to the Agency.

5. (1) The Minister is responsible for and has the overall direction of the Agency.

(2) The Agency must comply with any general or special direction given by the Minister with reference to the carrying out of its object.

(3) The Minister may inquire into any activity of the Agency and has access to any information under the Agency’s control.

(4) The Minister may delegate to any person any power, duty or function conferred on the Minister under this Act, except the power to make orders under section 3 and regulations under subsection 18(2) and the power to delegate under this subsection.

OBJECT

6. The object of the Agency is to provide incentives for the reduction or removal of greenhouses gases through the acquisition, on behalf of the Government of Canada, of eligible credits created as a result of the reduction or removal of those gases.

ORGANIZATION AND HEAD OFFICE

7. The Governor in Council shall appoint a President of the Agency to hold office during pleasure for a renewable term of up to five years.

8. The President is chief executive officer of the Agency and has supervision over and direction of its work and staff.

9. The President may delegate to any person any power, duty or function conferred on the President under this Act.

10. The President is to be paid the remuneration that is fixed by the Governor in Council.

11. The head office of the Agency is to be at the place in Canada that is designated by the Governor in Council.

ADVISORY BOARD

12. (1) The Governor in Council shall appoint an advisory board of not more than twelve members to hold office during pleasure for a term of not more than three years, which term may be renewed for one or more further terms.

(2) The role of the advisory board is to advise the Minister on any matter within the object of the Agency, including

(a) the types of projects that are most likely to result in significant reductions of greenhouse gas emissions and advance the competitiveness and efficiency of Canadian industry; and

(b) market conditions relating to eligible domestic credits and eligible Kyoto units.

(3) The Governor in Council may appoint any person with relevant knowledge or expertise to the advisory board, including persons from the agriculture, energy and forest sectors, environmental groups or provincial or municipal governments, and persons with knowledge or expertise in the markets for domestic and international credits relating to reductions or removals of greenhouse gases.

(4) The Minister shall appoint one of the members as Chairperson of the advisory board.

(5) The members of the advisory board are to be paid, in connection with their work for the advisory board, the remuneration that may be fixed by the Governor in Council.

(6) The members of the advisory board are entitled to be reimbursed, in accordance with Treasury Board directives, the travel, living and other expenses incurred in connection with their work for the advisory board while absent from their ordinary place of residence.

(7) The Chairperson may determine the times and places at which the advisory board will meet, but it must meet at least four times a year.

EMPLOYEES

13. The employees that are necessary for the proper conduct of the work of the Agency are to be appointed in accordance with the Public Service Employment Act.

DUTIES AND POWERS OF THE AGENCY

14. The Agency may enter into contracts and other agreements with any person in Canada or elsewhere, or with any organization or government, including an international organization or the government of a foreign state, in the name of Her Majesty in right of Canada or in its own name.

15. Actions, suits or other legal proceedings in respect of any right or obligation acquired or incurred by the Agency, whether in its own name or in the name of Her Majesty in right of Canada, may be brought or taken by or against the Agency in the name of the Agency in any court that would have jurisdiction if the Agency were not an agent of Her Majesty.

16. The Agency has the authority to acquire eligible credits through its own procurement process despite any provision of any other Act of Parliament.

17. The Agency must use a competitive process to acquire eligible domestic credits to ensure the cost-effectiveness of the acquisition.

18. (1) The Agency must use a competitive process to acquire eligible Kyoto units and must be satisfied that the acquisition of those units is of benefit to Canada, taking into account the factors specified in the regulations.

(2) The Minister may make regulations specifying factors for the purposes of subsection (1).

19. (1) The Agency may, with the approval of the Treasury Board, make payments to acquire eligible domestic credits before they are created if the Agency exercises due diligence and

(a) the credits are to be created in relation to a project that meets criteria established by the Minister;

(b) the Minister is satisfied that it is reasonable to expect that the project will result in reductions or removals of greenhouse gases in the amounts anticipated in the agreement relating to the acquisition; and

(c) the agreement relating to the acquisition contains a provision requiring the repayment of the proportion of the amounts advanced for which no credits are received by the Agency.

(2) If the Agency makes payments to acquire eligible domestic credits before they are created, the amount of reductions or removals of greenhouse gases related to the credits being acquired may be less than or equal to the total amount of reductions or removals of greenhouse gases anticipated from the project for which the credits are created.

20. After acquiring eligible credits in its own name, the Agency must, without delay, take the steps necessary to have them recorded in the name of Her Majesty in right of Canada in any database designated by the Minister.

21. The Agency may enter into contracts, agreements or other arrangements with Her Majesty as if it were not an agent of Her Majesty.

GENERAL

22. The President and the members of the advisory board are deemed to be employees for the purposes of the Government Employees Compensation Act and to be employed in the public service of Canada for the purposes of any regulations made under section 9 of the Aeronautics Act.

CORPORATE BUSINESS PLAN

23. (1) As soon as possible after the Agency is established and every year after that, the Agency must submit a corporate business plan to the Minister for approval and the Minister must cause a copy of the plan to be tabled in each House of Parliament on any of the first fifteen days on which that House is sitting after the Minister approves the plan.

(2) The corporate business plan must include a statement of

(a) the Agency’s objectives for the next five years;

(b) the strategies that the Agency intends to use to achieve its objectives, including operational, financial and human resource strategies;

(c) the Agency’s expected performance over that period; and

(d) the Agency’s operating and capital budgets for each year of that period.

AUDIT

24. The Auditor General of Canada is the auditor for the Agency and must

(a) annually audit and provide an opinion to the Agency and the Minister on the financial statements of the Agency; and

(b) provide the Minister and the President with copies of reports of audits carried out under this section.

ANNUAL REPORT

25. (1) The Agency must, before December 31 of each year following the Agency’s first full year of operations, submit an annual report on the operations of the Agency for the preceding fiscal year to the Minister, and the Minister must cause a copy of the report to be tabled in each House of Parliament on any of the first fifteen days on which that House is sitting after the Minister receives it.

(2) The annual report must include

(a) the financial statements of the Agency, prepared in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act, and the Auditor General of Canada’s opinion on them;

(b) information about the Agency’s performance with respect to the objectives established in the corporate business plan; and

(c) any other information that the Minister may require to be included in it.

Consequential Amendments

Access to Information Act

90. Schedule I to the Access to Information Act is amended by adding the following in alphabetical order under the heading “Other Government Institutions”:

Financial Administration Act

91. Schedule II to the Financial Administration Act is amended by adding the following in alphabetical order:

Privacy Act

92. The schedule to the Privacy Act is amended by adding the following in alphabetical order under the heading “Other Government Institutions”:

Public Service Staff Relations Act

93. Part I of Schedule I to the Public Service Staff Relations Act is amended by adding the following in alphabetical order:

Public Service Superannuation Act

94. Part I of Schedule I to the Public Service Superannuation Act is amended by adding the following in alphabetical order:

Coordinating Amendments

95. (1) On the later of the coming into force of section 89 of this Act and section 11 of the Public Service Modernization Act, chapter 22 of the Statutes of Canada, 2003 (in this section referred to as the “other Act”), Schedule IV to the Financial Administration Act is amended by adding the following in alphabetical order:

Canada Emission Reduction Incentives Agency

(2) If section 11 of the other Act comes into force before section 93 of this Act, then, on the later of the day on which that section 11 comes into force and the day on which this Act receives royal assent, section 93 of this Act and the heading before it are repealed.

96. On the later of the coming into force of section 89 of this Act and section 224 of the Public Service Modernization Act, chapter 22 of the Statutes of Canada, 2003, section 22 of the English version of the Canada Emission Reduction Incentives Agency Act, as enacted by section 89 of this Act, is replaced by the following:

22. The President and the members of the advisory board are deemed to be employees for the purposes of the Government Employees Compensation Act and to be employed in the federal public administration for the purposes of any regulations made under section 9 of the Aeronautics Act.

Coming into Force

97. This Part, other than sections 95 and 96, comes into force on a day to be fixed by order of the Governor in Council.

PART 14

GREENHOUSE GAS TECHNOLOGY INVESTMENT FUND

Greenhouse Gas Technology Investment Fund Act

98. The Greenhouse Gas Technology Investment Fund Act is enacted as follows:

An Act to establish the Greenhouse Gas Technology Investment Fund for the reduction of greenhouse gas emissions and the removal of greenhouse gases from the atmosphere

SHORT TITLE

1. This Act may be cited as the Greenhouse Gas Technology Investment Fund Act.

INTERPRETATION

2. The following definitions apply in this Act.

“eligible contributor” means a person who is subject to requirements — set out in regulations made under any Act of Parliament — respecting emissions of greenhouse gas from industrial sources, other than a person who is a vehicle manufacturer.

“Fund” means the Greenhouse Gas Technology Investment Fund established in section 3.

“greenhouse gas” means any gas listed in Annex A to the Kyoto Protocol to the United Nations Framework Convention on Climate Change done at Kyoto on December 11, 1997, as amended from time to time, to the extent that the amendments are binding on Canada.

“Minister” means the Minister of Natural Resources.

“vehicle” means any vehicle that is capable of being driven or drawn on roads by any means other than muscular power exclusively, but does not include any vehicle designed to run exclusively on rails.

GREENHOUSE GAS TECHNOLOGY INVESTMENT FUND

3. There is established in the accounts of Canada an account to be known as the Greenhouse Gas Technology Investment Fund.

4. There shall be paid into the Consolidated Revenue Fund and credited to the Fund

(a) all amounts contributed to Her Majesty in right of Canada by an eligible contributor for the purpose of

(i) research into, or the development or demonstration of, technologies or processes intended to reduce emissions of greenhouse gases from industrial sources or to remove greenhouse gases from the atmosphere in the course of an industrial operation, or

(ii) creating elements of the infrastructure that are necessary to support research into, or the development or demonstration of, those technologies or processes; and

(b) an amount representing interest of the balance from time to time to the credit of the account at the rate and calculated in the manner that the Governor in Council may, on the recommendation of the Minister of Finance, prescribe.

5. There shall be charged to the Fund the amounts paid out under section 6.

GRANTS OR CONTRIBUTIONS

6. (1) The Minister may, out of the Consolidated Revenue Fund, make grants or contributions in any amount that he or she considers appropriate for any purpose referred to in paragraph 4(a).

(2) In making a grant or contribution, the Minister shall consider

(a) the competitiveness and efficiency of industry;

(b) the sustainable development of Canada’s natural resources; and

(c) the development of Canadian scientific and technological capabilities.

(3) No grant or contribution may be made in excess of the amount of the balance to the credit of the Fund.

ADVISORY BOARD

7. (1) The Governor in Council shall appoint an advisory board of not more than twelve members to hold office during pleasure for a term of not more than three years, which term may be renewed for one or more further terms.

(2) The role of the advisory board is to advise the Minister on any matter respecting the making of grants or contributions for any of the purposes referred to in paragraph 4(a), including the types of projects that are most likely to result in significant reductions of greenhouse gas emissions and the matters referred to in paragraphs 6(2)(a) to (c).

(3) The Governor in Council may appoint any person with relevant knowledge or expertise to the advisory board, including persons from industry, institutions of learning and environmental groups.

(4) The Minister shall appoint one of the members as Chairperson of the advisory board.

(5) The members of the advisory board are to be paid, in connection with their work for the advisory board, the remuneration that may be fixed by the Governor in Council.

(6) The members of the advisory board are entitled to be reimbursed, in accordance with Treasury Board directives, the travel, living and other expenses incurred in connection with their work for the advisory board while absent from their ordinary place of residence.

(7) The Chairperson may determine the times and places at which the advisory board will meet, but it must meet at least once a year.

(8) The members of the advisory board are deemed to be employees for the purposes of the Government Employees Compensation Act and to be employed in the public service of Canada for the purposes of any regulations made under section 9 of the Aeronautics Act.

TECHNOLOGY INVESTMENT UNITS

8. (1) Subject to subsections (2) to (5), the Minister must create technology investment units in respect of contributions made by eligible contributors to Her Majesty in right of Canada for any of the purposes referred to in paragraph 4(a).

(2) The technology investment units are to be created in respect of a contribution by an eligible contributor in a manner that allows them to be recorded in a database established in relation to the emission requirements applicable to the eligible contributor.

(3) Technology investment units may be created only in respect of contributions made on or after January 1, 2008.

(4) Subject to subsection (5), the Governor in Council may, on the recommendation of the Minister of the Environment, make regulations

(a) fixing the amount that must be contributed for technology investment units to be created, or the manner of calculating that amount; and

(b) determining the maximum number of those units that may be created in any period specified in the regulations.

(5) Until December 31, 2012, the maximum amount that may be contributed for a technology investment unit to be created may not be more than $15.

(6) Technology investment units may only be used by the eligible contributor in respect of whom they were created and that eligible contributor may use them only in accordance with any regulations in force that govern the manner in which they may be used to meet requirements relating to emissions of greenhouse gases from industrial sources.

Coordinating Amendment

99. On the later of the coming into force of section 98 of this Act and section 224 of the Public Service Modernization Act, chapter 22 of the Statutes of Canada, 2003, subsection 7(8) of the English version of the Greenhouse Gas Technology Investment Fund Act, as enacted by section 98 of this Act, is replaced by the following:

(8) The members of the advisory board are deemed to be employees for the purposes of the Government Employees Compensation Act and to be employed in the federal public administration for the purposes of any regulations made under section 9 of the Aeronautics Act.

Coming into Force

100. This Part, other than section 99, comes into force on a day to be fixed by order of the Governor in Council.

PART 15

AMENDMENTS TO THE CANADIAN ENVIRONMENTAL PROTECTION ACT, 1999

Canadian Environmental Protection Act, 1999

101. Paragraph 2(1)(k) of the Canadian Environmental Protection Act, 1999 is replaced by the following:

(k) endeavour to act expeditiously and diligently to assess whether existing substances or those new to Canada meet or are capable of meeting any of the criteria set out in section 64 and assess the risk that such substances pose to the environment and human life and health;

102. (1) Paragraph 46(1)(b) of the Act is replaced by the following:

(b) substances that have not been determined to meet any of the criteria set out in section 64 for the purposes of Part 5 because of the current extent of the environment’s exposure to them, but whose presence in the environment must be monitored if the Minister considers that to be appropriate;

(2) Paragraph 46(1)(e) of the Act is replaced by the following:

(e) substances that meet or are capable of meeting any of the criteria set out in section 64;

103. Subsection 56(1) of the Act is replaced by the following:

56. (1) The Minister may, at any time, publish in the Canada Gazette and in any other manner that the Minister considers appropriate a notice requiring any person or class of persons described in the notice to prepare and implement a pollution prevention plan in respect of a substance or group of substances specified on the List in Schedule 1, or to which subsection 166(1) or 176(1) applies.

104. Section 64 of the Act and the headings before it are replaced by the following:

PART 5

ASSESSMENT AND MANAGEMENT OF SUBSTANCES

Purpose and Interpretation

64. For the purpose of this Part and Part 6, a substance may be added to the List in Schedule 1 if it is entering or may enter the environment in a quantity or concentration or under conditions that

(a) have or may have an immediate or long-term harmful effect on the environment or its biological diversity;

(b) constitute or may constitute a danger to the environment on which life depends; or

(c) constitute or may constitute a danger in Canada to human life or health.

105. The portion of section 68 of the Act before paragraph (a) is replaced by the following:

68. For the purpose of assessing whether a substance meets or is capable of meeting any of the criteria set out in section 64, or for the purpose of assessing whether to control, or the manner in which to control, a substance, including a substance specified on the List in Schedule 1, either Minister may

106. Subsection 69(2) of the Act is replaced by the following:

(2) In exercising the powers under subsection (1), either Minister or both Ministers shall offer to consult with the government of a province and the members of the Committee who are representatives of aboriginal governments and may consult with a government department or agency, aboriginal people, representatives of industry and labour and municipal authorities or with persons interested in assessing and controlling substances that meet any of the criteria set out in section 64.

107. The portion of subsection 71(1) of the Act before paragraph (a) is replaced by the following:

71. (1) The Minister may, for the purpose of assessing whether a substance meets or is capable of meeting any of the criteria set out in section 64, or whether to control, or the manner in which to control, a substance, including a substance specified on the List in Schedule 1,

108. Subsection 76(1) of the Act is replaced by the following:

76. (1) The Ministers shall compile and may amend from time to time in accordance with subsection (5) a list, to be known as the Priority Substances List, and it shall specify substances in respect of which the Ministers are satisfied priority should be given in assessing whether they meet or are capable of meeting any of the criteria set out in section 64.

109. (1) The portion of subsection 77(3) of the Act before paragraph (a) is replaced by the following:

(3) Where, based on a screening assessment conducted under section 74, the substance is determined to meet or be capable of meeting any of the criteria set out in section 64, and the Ministers are satisfied that

(2) Subsection 77(8) of the English version of the Act is replaced by the following:

(8) Where the Ministers make an assessment whether a substance specified on the Priority Substances List meets or is capable of meeting any of the criteria set out in section 64 and decide not to recommend that the substance be added to the List in Schedule 1, any person may, within 60 days after publication of the decision in the Canada Gazette, file a notice of objection with the Minister requesting that a board of review be established under section 333 and stating the reason for the objection.

110. Subsection 85(1) of the Act is replaced by the following:

85. (1) Where the Ministers have assessed any information under section 83 in respect of a substance that is not on the Domestic Substances List and they suspect that a significant new activity in relation to the substance may result in the substance meeting any of the criteria set out in section 64, the Minister may, within 90 days after the expiry of the period for assessing the information, publish in the Canada Gazette, and in any other manner that the Minister considers appropriate, a notice indicating that subsection 81(4) applies with respect to the substance.

111. The heading before section 90 of the Act is replaced by the following:

Regulation of Substances

112. Subsection 90(1) of the Act is replaced by the following:

90. (1) Subject to subsection (3), the Governor in Council may, if satisfied that a substance meets any of the criteria set out in section 64, on the recommendation of the Ministers, make an order adding the substance to the List in Schedule 1.

113. (1) The portion of subsection 93(1) of the English version of the Act before paragraph (a) is replaced by the following:

93. (1) Subject to subsections (3) and (4), the Governor in Council may, on the recommendation of the Ministers, make regulations with respect to a substance specified on the List in Schedule 1, including regulations providing for, or imposing requirements respecting,

(2) Subsection 93(5) of the English version of the Act is replaced by the following:

(5) A regulation made under subsection (1) with respect to a substance may amend the List in Schedule 1 so as to specify the type of regulation that applies with respect to the substance.

114. Subparagraph 94(1)(a)(i) of the Act is replaced by the following:

(i) is not specified on the List in Schedule 1 and the Ministers believe that it meets or is capable of meeting any of the criteria set out in section 64, or

115. The heading before section 95 of the Act is replaced by the following:

Release of Substances Specified on the List in Schedule 1

116. (1) Paragraph 106(6)(a) of the Act is replaced by the following:

(a) a living organism that is manufactured or imported for a use that is regulated under any other Act of Parliament that provides for notice to be given before the manufacture, import or sale of the living organism and for an assessment of whether it meets or is capable of meeting any of the criteria set out in section 64;

(2) Paragraph 106(8)(a) of the Act is replaced by the following:

(a) in the opinion of the Ministers, the information is not needed in order to determine whether the living organism meets or is capable of meeting any of the criteria set out in section 64;

(3) The portion of subsection 106(13) of the Act after paragraph (b) is replaced by the following:

that a living organism meets or is capable of meeting any of the criteria set out in section 64, the Minister may exercise any of the powers referred to in paragraphs 109(1)(a) to (c).

117. Subsections 108(1) and (2) of the Act are replaced by the following:

108. (1) Subject to subsection (4), the Ministers shall, within the prescribed assessment period, assess information provided under subsection 106(1), (3) or (4) or paragraph 109(1)(c) or otherwise available to them in respect of a living organism in order to determine whether it meets or is capable of meeting any of the criteria set out in section 64.

(2) Subject to subsections (3) and (4), the Ministers shall assess information provided under subsection 107(1) or otherwise available to them in respect of a living organism in order to determine whether it meets or is capable of meeting any of the criteria set out in section 64.

118. Subsection 109(1) of the Act is replaced by the following:

109. (1) Where the Ministers have assessed any information under section 108 and they suspect that a living organism meets or is capable of meeting any of the criteria set out in section 64, the Minister may, before the expiry of the period for assessing the information,

(a) permit any person to manufacture or import the living organism, subject to any conditions that the Ministers may specify;

(b) prohibit any person from manufacturing or importing the living organism; or

(c) request any person to provide any additional information or submit the results of any testing that the Ministers consider necessary for the purpose of assessing whether the living organism meets or is capable of meeting any of the criteria set out in section 64.

119. Subsection 110(1) of the Act is replaced by the following:

110. (1) Where the Ministers have assessed any information under section 108 in respect of a living organism that is not on the Domestic Substances List and they suspect that a significant new activity in relation to that living organism may result in the living organism meeting any of the criteria set out in section 64, the Minister may, within 90 days after the expiry of the period for assessing the information, publish in the Canada Gazette and in any other manner that the Minister considers appropriate a notice indicating that subsection 106(4) applies with respect to the living organism.

120. Subsection 333(6) of the Act is replaced by the following:

(6) Where a person files with the Minister a notice of objection under section 78 in respect of the failure to make a determination about whether a substance meets any of the criteria set out in section 64, the Minister shall establish a board of review to inquire into whether the substance meets or is capable of meeting any of the criteria set out in section 64.

121. Schedule 1 to the Act is amended by replacing the section references after the heading “SCHEDULE 1” with the following:

(Sections 56, 64, 68, 71, 77, 79, 90, 91, 93 to 96 and 199)

122. The heading of Schedule 1 to the Act is replaced by the following:

LIST OF SUBSTANCES

123. The Act is amended by replacing the expression “toxic substances” with the expression “substances described in section 64” wherever it occurs in the following provisions:

(a) paragraph 2(1)(j); and

(b) paragraph 6(1)(b).

124. The Act is amended by replacing the expressions “is toxic or is capable of becoming toxic” and “is toxic or capable of becoming toxic” with the expression “meets or is capable of meeting any of the criteria set out in section 64” wherever they occur in the following provisions:

(a) the portion of section 70 after paragraph (b);

(b) section 72;

(c) the portion of section 74 before paragraph (a);

(d) subsection 75(3);

(e) subsection 76(5);

(f) paragraph 76.1(c);

(g) paragraph 77(1)(c);

(h) subsections 78(1) and (2);

(i) subsection 78(4);

(j) paragraph 81(6)(a);

(k) paragraph 81(8)(a);

(l) the portion of subsection 81(13) after paragraph (b);

(m) subsections 83(1) and (2); and

(n) subsection 84(1).

125. The English version of the Act is amended by replacing the expression “List of Toxic Substances” with the expression “List” wherever it occurs in the following provisions:

(a) paragraph 77(2)(c);

(b) subsection 77(9);

(c) subsection 79(4);

(d) subsections 90(1.1) and (2);

(e) subsection 91(1);

(f) paragraph 94(5)(b);

(g) subsection 95(1);

(h) subsection 95(3);

(i) subsection 96(1); and

(j) subsection 199(1).

Coming into Force

126. This Part comes into force on a day to be fixed by order of the Governor in Council.

PART 16

AMENDMENTS TO THE CANADA DEPOSIT INSURANCE CORPORATION ACT

Canada Deposit Insurance Corporation Act

127. Paragraph 7(b) of the Canada Deposit Insurance Corporation Act is replaced by the following:

(b) to promote and otherwise contribute to the stability of the financial system in Canada; and

128. Paragraph 8(c) of the Act is replaced by the following:

(c) a retail association within the meaning of regulations made under the Cooperative Credit Associations Act.

129. Paragraph 11(2)(e) of the Act is repealed.

130. Paragraph 12(c) of the Act is replaced by the following:

(c) so much of any one deposit as exceeds one hundred thousand dollars.

131. Subsection 13(2) of the Act is replaced by the following:

(2) A deposit made by a person referred to in subsection (1) with an amalgamated institution after the day on which the amalgamated institution is formed shall be insured by the Corporation only to the extent that the aggregate of that person’s deposits with the amalgamated institution, exclusive of the deposit in respect of which the calculation is made, is less than one hundred thousand dollars.

132. Subsection 14(2.4) of the Act is replaced by the following:

(2.4) Where the Corporation makes a payment pursuant to subsection (2), the Corporation may pay, in addition to the amount the Corporation is obliged to pay, interest on that amount at a rate determined in accordance with rules prescribed by the by-laws for the period commencing on the date of the commencement of the winding-up in respect of the member institution that holds the deposit and ending on the date of the making of the payment in respect of the deposit, but the aggregate of the payments made under this subsection and subsection (2) in relation to the deposit shall in no case exceed one hundred thousand dollars.

133. (1) Subsection 17(1) of the Act is replaced by the following:

17. (1) The Corporation shall insure the deposits held by a federal institution in the manner and to the extent provided in this Act and the by-laws.

(1.1) On the application of a provincial institution, the Corporation may insure the deposits held by the institution in the manner and to the extent provided in this Act and the by-laws, if

(a) the Corporation approves the institution for deposit insurance;

(b) the institution is authorized by the province of its incorporation to apply for deposit insurance;

(c) the institution agrees, in carrying on its business, not to exercise powers substantially different from the powers exercisable by a company to which the Trust and Loan Companies Act applies; and

(d) the Corporation is satisfied that at all times the Corporation will have adequate access to information regarding the institution.

(2) Subsection 17(3) of the Act is repealed.

134. Paragraph 29(1)(b) of the Act is replaced by the following:

(b) comment on the operations of the member institution; and

135. Paragraph 30(1)(a) of the Act is repealed.

136. (1) The portion of subsection 31(1) of the Act before paragraph (a) is replaced by the following:

31. (1) Where a report has been sent or delivered under subsection 30(1) and the progress made by the member institution in remedying the breach is not satisfactory to the Corporation, the Corporation shall, by notice,

(2) Paragraph 31(3)(a) of the Act is replaced by the following:

(a) the Corporation is satisfied that the member institution is taking the necessary action to remedy the breach to which the notice relates; or

(3) Subsections 31(4) and (5) of the Act are replaced by the following:

(4) Where a report has been sent or delivered under subsection 30(1) in respect of a federal member institution and the member institution and the Minister have been informed in accordance with subsection (1) by the Corporation that the Corporation is not satisfied with the member institution’s progress in remedying the breach to which the report relates, the Corporation may, unless the Minister advises the Corporation that the Minister is of the opinion that it is not in the public interest to do so, give the member institution not less than thirty days notice of the termination of its policy of deposit insurance.

(5) The policy of deposit insurance of a federal member institution shall terminate on the expiration of the period specified in the notice given under subsection (4) or such later period not exceeding sixty days as the Corporation may determine unless, before the expiration of that period, the Corporation is satisfied that the member institution is taking the necessary action to remedy the breach to which the notice relates.

137. Subsection 3(1.1) of the schedule to the Act is replaced by the following:

(1.1) For greater certainty, where two or more persons are joint owners of two or more deposits, the aggregate of those deposits shall be insured to a maximum of one hundred thousand dollars.

Coming into Force

138. (1) Subject to subsection (2), the provisions of this Part come into force on a day or days to be fixed by order of the Governor in Council.

(2) Sections 130 to 132 and 137 are deemed to have come into force on February 23, 2005.

PART 17

AMENDMENTS TO THE CANADA STUDENT FINANCIAL ASSISTANCE ACT

139. The Canada Student Financial Assist­ance Act is amended by adding the following after section 10:

140. The Act is amended by adding the following after section 11:

141. (1) Paragraph (c) of the description of B in the definition “net costs” in subsection 14(6) of the Act is replaced by the following:

(c) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that loan year as a result of the death or disability of the borrower, and

(2) Paragraph (c) of the description of B in the definition “total program net costs” in subsection 14(6) of the Act is replaced by the following:

(c) the amount of the outstanding principal and interest in respect of all loans referred to in paragraph (a) for which the borrower’s obligations have terminated in that loan year as a result of the death or disability of the borrower, and

(3) Paragraph 14(7)(c) of the Act is replaced by the following:

(c) in respect of loans made under an agreement entered into under section 6.1, amounts in relation to a termination of a borrower’s obligations under section 10.1 or 11.1 or to a reduction in the outstanding principal resulting from the operation of regulations made under paragraph 15(o), other than regulations that provide for the repayment of student loans by borrowers on an income-contingent basis; and

PART 18

AMENDMENTS TO THE CURRENCY ACT

Exchange Fund Account

142. Section 17 of the Currency Act is replaced by the following:

17. The special account in the name of the Minister known as the Exchange Fund Account, established to aid in the control and protection of the external value of the monetary unit of Canada, is continued and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held.

143. Sections 19 to 21 of the Act are replaced by the following:

19. The Minister may authorize advances to the Exchange Fund Account out of the Consolidated Revenue Fund on any terms and conditions that the Minister considers appropriate.

20. (1) Within three months after the end of each fiscal year, the amount of the net income of the Exchange Fund Account for the fiscal year, expressed in dollars, shall be paid into the Consolidated Revenue Fund if the net income for the year is a positive amount, and shall be charged to that Fund if the net income for the year is a negative amount.

(2) The net income of the Exchange Fund Account for a fiscal year shall be determined in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act.

21. (1) The Minister shall cause to be tabled before each House of Parliament a report on the operation of the Exchange Fund Account for each fiscal year within the first 60 days on which that House is sitting after the end of that fiscal year.

(2) The report referred to in subsection (1) shall include

(d) the financial statements of the Exchange Fund Account;

(f) the Auditor General of Canada’s report referred to in subsection 22(2).

144. Subsection 22(2) of the Act is replaced by the following:

(2) In each fiscal year, the Auditor General of Canada shall audit the Exchange Fund Account and the transactions connected with the Account in any manner that he or she thinks proper and report to the Minister on the results of the audit.

145. Section 23 of the Act is repealed.