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Bill C-309

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First Session, Forty-fourth Parliament,

70-71 Elizabeth II – 1 Charles III, 2021-2022

HOUSE OF COMMONS OF CANADA

BILL C-309
An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (public institutions)
FIRST READING, December 1, 2022

Mr. Angus
441123


SUMMARY

This enactment amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to exclude certain public institutions from their application.

Available on the House of Commons website at the following address:
www.ourcommons.ca


1st Session, 44th Parliament,

70-71 Elizabeth II – 1 Charles III, 2021-2022

HOUSE OF COMMONS OF CANADA

BILL C-309

An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (public institutions)

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

R.‍S.‍, c. B-3; 1992, c. 27, s. 2

Bankruptcy and Insolvency Act

1 The definition corporation in section 2 of the Bankruptcy and Insolvency Act is replaced by the following:

corporation means a company or legal person that is incorporated by or under an Act of Parliament or of the legislature of a province, an incorporated company, wherever incorporated, that is authorized to carry on business in Canada or has an office or property in Canada or an income trust, but does not include

  • Insertion start (a) Insertion end  banks Insertion start and Insertion end authorized foreign banks within the meaning of section 2 of the Bank Act,

  • Insertion start (b) Insertion end  insurance companies,

  • Insertion start (c) Insertion end  trust companies,

  • Insertion start (d) Insertion end  loan companies, or

  • Start of inserted block

    (e) public institutions that receive government operating grants and that are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance and administration; (personne morale)

    End of inserted block

R.‍S.‍, c. C-36

Companies’ Creditors Arrangement Act

2 The definition company in subsection 2(1) of the Companies’ Creditors Arrangement Act is replaced by the following:

company means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include

  • Insertion start (a) Insertion end  banks Insertion start and Insertion end authorized foreign banks within the meaning of section 2 of the Bank Act,

  • Insertion start (b) Insertion end  telegraph companies,

  • Insertion start (c) Insertion end  insurance companies,

  • Insertion start (d) Insertion end  companies to which the Trust and Loan Companies Act applies, Insertion start or Insertion end

  • Start of inserted block

    (e) public institutions that receive government operating grants and that are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance and administration; (compagnie)

    End of inserted block
Published under authority of the Speaker of the House of Commons

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