Marginal note:Winding Up and Restructuring Act

121. An amendment to the Winding-up and Restructuring Act made by any of sections 113 to 116 of this Act applies only to companies in respect of which winding up proceedings under that Act are commenced on or after the day on which the amendment comes into force.

Coordinating Amendments

Marginal note:2005, c. 47

• 122. (1) In this section, “other Act” means An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts, being chapter 47 of the Statutes of Canada, 2005.

• (2) If subsection 124(1) of the other Act comes into force before section 104 of this Act, section 104 of this Act is replaced by the following:

  • 104. (1) Subsection 2(1) of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:

    “eligible financial contract”

    « contrat financier admissible »

    “eligible financial contract” means

    • (a) a currency or interest rate swap agreement,

    • (b) a basis swap agreement,

    • (c) a spot, future, forward or other foreign exchange agreement,

    • (d) a cap, collar or floor transaction,

    • (e) a commodity swap,

    • (f) a forward rate agreement,

    • (g) a repurchase or reverse repurchase agreement,

    • (h) a spot, future, forward or other commodity contract,

    • (i) an agreement to buy, sell, borrow or lend securities, to clear or settle securities transactions or to act as a depository for securities,

    • (j) any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to (i),

    • (k) any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (j),

    • (l) any master agreement in respect of a master agreement referred to in paragraph (k),

    • (m) a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (l), or

    • (n) any agreement of a kind prescribed;

    “financial collateral”

    « garantie financière »

    “financial collateral” means any of the following that is subject to an interest, or in the province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement:

    • (a) cash or cash equivalents, including negotiable instruments and demand deposits,

    • (b) securities, a securities account, a securities entitlement or a right to acquire securities, or

    • (c) a futures agreement or a futures account;

    “net termination value”

    « valeurs nettes dues à la date de résiliation »

    “net termination value” means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions;

    “title transfer credit support agreement”

    « accord de transfert de titres pour obtention de crédit »

    “title transfer credit support agreement” means an agreement under which a debtor company has provided title to property for the purpose of securing the payment or performance of an obligation of the debtor company in respect of an eligible financial contract;

  • (2) The definition “eligible financial contract” in subsection 2(1) of the Act, as enacted by subsection (1), is replaced by the following:

    “eligible financial contract”

    « contrat financier admissible »

    “eligible financial contract” means an agreement of a prescribed kind;

• (3) If subsection 124(1) of the other Act comes into force on the same day as section 104 of this Act, section 104 of this Act is deemed to have come into force before subsection 124(1) of the other Act.

• (4) If section 128 of the other Act comes into force before section 106 of this Act, or if those provisions come into force on the same day, section 106 of this Act is repealed and is deemed never to have had effect.

Coming into Force

Marginal note:Order in council

123. Subsections 91(2), 103(2), 104(2) and 113(2) come into force on a day or days to be fixed by order of the Governor in Council.

PART 10PAYMENTS TO PROVINCES AND TERRITORIES

Payment to British Columbia

Marginal note:Maximum payment of $30,000,000

124. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, a sum not exceeding thirty million dollars to the Province of British Columbia to promote fair and equitable economic development, in an environmentally sustainable and ecologically integrated manner, of First Nations in the Spirit Bear Rainforest area of British Columbia and the Queen Charlotte Islands of British Columbia.

Clean Air and Climate Change Trust Fund

Marginal note:Maximum payment of $1,519,000,000

• 125. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding one billion, five hundred and nineteen million dollars, to a trust established to provide provinces and territories with funding to support provincial and territorial projects that will result in reductions in greenhouse gas emissions and air pollutants. Territories may also use those funds to adapt to a changing climate.

• Marginal note:Provincial or territorial share

  (2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust referred to in subsection (1).

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

Transitional Payments

Marginal note:Maximum payment of $614,100,000

• 126. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding six hundred and fourteen million, one hundred thousand dollars, to a trust established to provide the Province of Ontario with funding for post-secondary education and training and the Provinces of Manitoba and Saskatchewan with funding for training.

• Marginal note:Provincial share

  (2) The amount that may be provided to a province under this section is to be determined in accordance with the terms of the trust indenture establishing the trust referred to in subsection (1) and allocated as follows:

  • (a) a sum not exceeding five hundred and seventy-four million dollars to the Province of Ontario;

  • (b) a sum not exceeding twenty-one million, seven hundred thousand dollars to the Province of Manitoba; and

  • (c) a sum not exceeding eighteen million, four hundred thousand dollars to the Province of Saskatchewan.

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

Human Papillomavirus Immunization

Marginal note:Maximum payment of $300,000,000

• 127. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding three hundred million dollars, to a trust established to provide the provinces and territories with funding in support of human papillomavirus immunization.

• Marginal note:Provincial or territorial share

  (2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust referred to in subsection (1).

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

Patient Wait Times Guarantee

Marginal note:Maximum payment of $612,000,000

• 128. (1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding six hundred and twelve million dollars, to a trust established to provide provinces and territories with funding in support of a patient wait times guarantee.

• Marginal note:Provincial or territorial share

  (2) The amount that may be provided to a province or territory under this section is to be determined in accordance with the terms of the trust indenture establishing the trust referred to in subsection (1).

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

Child Care Spaces

Marginal note:Maximum payment of $250,000,000

• 129. (1) The Minister of Finance may, for the fiscal year beginning on April 1, 2007, make direct payments, in an aggregate amount not exceeding two hundred and fifty million dollars to the provinces and territories for the purpose of supporting the creation of child care spaces.

• Marginal note:Provincial or territorial share

  (2) The amount that may be paid to a province or territory for the fiscal year referred to in subsection (1) is the amount determined by multiplying the amount set out in that subsection by the quotient obtained by dividing

  • (a) the population of the province or territory for the fiscal year

  by

  • (b) the total of the population of all provinces and territories for the fiscal year.

• Marginal note:Payments out of C.R.F.

  (3) Any amount payable under this section may be paid by the Minister of Finance out of the Consolidated Revenue Fund at the times and in the manner that the Minister of Finance considers appropriate.

Payment to Yukon

Marginal note:Payment of $3,500,000

130. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of three million, five hundred thousand dollars to Yukon.

Payment to Northwest Territories

Marginal note:Payment of $54,400,000

131. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, the sum of fifty-four million, four hundred thousand dollars to the Northwest Territories.

PART 11PAYMENTS TO CERTAIN ENTITIES

Nature Conservancy of Canada

Marginal note:Maximum payment of $225,000,000

132. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of the Environment, a sum not exceeding two hundred and twenty-five million dollars to the Nature Conservancy of Canada for its use.

Canada Health Infoway Inc.

Marginal note:Maximum payment of $400,000,000

133. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding four hundred million dollars to Canada Health Infoway Inc. for its use.

CANARIE Inc.

Marginal note:Maximum payment of $96,000,000

134. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding ninety-six million dollars to CANARIE Inc. for its use.

Genome Canada

Marginal note:Maximum payment of $100,000,000

135. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding one hundred million dollars to Genome Canada for its use.

Aid to Afghanistan

Marginal note:Afghanistan Reconstruction Trust Fund — $90,000,000

136. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of International Cooperation, a sum not exceeding ninety million dollars to the World Bank for the Afghanistan Reconstruction Trust Fund in respect of development assistance for Afghanistan.

Marginal note:UN Mine Action Service — $20,000,000

137. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of International Cooperation, a sum not exceeding twenty million dollars to the United Nations for use in UN Mine Action Service activities in Afghanistan.

Marginal note:UN Office on Drugs and Crime — $13,000,000

138. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Foreign Affairs, a sum not exceeding thirteen million dollars to the United Nations Office on Drugs and Crime, in respect of counter-narcotics initiatives for Afghanistan.

Marginal note:Counter Narcotics Trust Fund — $2,000,000

139. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Foreign Affairs, a sum not exceeding two million dollars to the United Nations Development Programme for the Counter Narcotics Trust Fund, in respect of counter-narcotics initiatives for Afghanistan.

Marginal note:Law and Order Trust Fund for Afghanistan — $10,000,000

140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Foreign Affairs, a sum not exceeding ten million dollars to the United Nations Development Programme for the Law and Order Trust Fund for Afghanistan, for use consistent with the purposes of that fund.

Rick Hansen Man in Motion Foundation

Marginal note:Maximum payment of $30,000,000

141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding thirty million dollars to the Rick Hansen Man in Motion Foundation for its use.

The Perimeter Institute for Theoretical Physics

Marginal note:Maximum payment of $50,000,000

142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding fifty million dollars to The Perimeter Institute for Theoretical Physics for its use.

Canada Foundation for Sustainable Development Technology

Marginal note:Maximum payment of $200,000,000

143. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of the Environment and the Minister of Natural Resources, a sum not exceeding two hundred million dollars to the Canada Foundation for Sustainable Development Technology for its use.

PART 12AMENDMENTS RELATING TO FINANCIAL INSTITUTIONS

1991, c. 46Bank Act

Marginal note:2001, c. 9, s. 44; 2006, c. 4, s. 199

144. Section 21 of the Bank Act is replaced by the following:

Marginal note:2001, c. 9, s. 183; 2006, c. 4, s. 199.1

145. Section 670 of the Act is replaced by the following: