Budget Implementation Act, 2016, No. 2 (S.C. 2016, c. 12)
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Assented to 2016-12-15
PART 4Various Measures (continued)
Division 5R.S., c. R-9Royal Canadian Mint Act (continued)
Marginal note:1999, c. 4, s. 2
118 (1) The portion of subsection 4(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Powers
4 (1) In carrying out its objects, the Mint has the rights, powers and privileges and the capacity of a natural person and may if necessary
Marginal note:1999, c. 4, s. 2
(2) Subsection 4(1) of the Act is amended by striking out “and” at the end of paragraph (b) and by replacing paragraph (c) with the following:
(c) produce and arrange for the production and supply of coins of the currency of Canada;
(d) produce and arrange for the production of coins of the currency of countries other than Canada;
(e) make medals, plaques, tokens and other objects;
(f) melt, assay and refine gold, silver and other metals;
(g) lease or acquire gold, silver and other metals;
(h) lend, lease or dispose of gold, silver and other metals;
(i) issue, promote, deal in or trade in financial services and products relating to gold, silver and other metals, subject to the approval of the Minister and in a manner consistent with the Mint’s last corporate plan as approved under section 122 of the Financial Administration Act;
(j) securely store and securely ship coins, gold, silver and other metals or arrange for their secure storage and shipment;
(k) market minting equipment developed by, or on behalf of, the Mint;
(l) acquire or provide consulting services relating to any activity referred to in paragraphs (c) to (k);
(m) obtain, acquire, license, sell, or otherwise make available or dispose of any patent, copyright, industrial design, trademark or other similar property right, or any licence to any of them, relating to any activity referred to in paragraphs (c) to (k);
(n) engage in marketing, promotion and research and in development activities relating to any activity referred to in paragraphs (c) to (k);
(o) do any of the activities referred to in paragraphs (d) to (f) and (j) on behalf of any person or entity; and
(p) subject to the approval of the Minister and in a manner consistent with the Mint’s last corporate plan as approved under section 122 of the Financial Administration Act, engage in any other activity.
119 The Act is amended by adding the following after section 6.3:
Marginal note:$350 non-circulation coins
6.31 Non-circulation coins of the currency of Canada in the denomination of $350 that are dated 1999, 2000, 2001, 2002, 2003, 2004, 2005 or 2006 are current and legal tender in Canada as of the year that they are dated.
Marginal note:R.S., c. 35 (3rd Supp.), s. 10
120 Subsection 12(1) of the Act is repealed.
DIVISION 6Funds Management
R.S., c. F-11Financial Administration Act
121 The Financial Administration Act is amended by adding the following after section 42.1:
PART III.2Financial Transactions Related to Asset Management
Marginal note:Definitions
42.2 The following definitions apply in this Part.
- fiscal agent
fiscal agent means a fiscal agent appointed under this Part and includes the Bank of Canada. (agent financier)
- registrar
registrar means a registrar appointed under this Part and includes the Bank of Canada. (agent comptable)
Marginal note:Lending of funds
42.3 (1) The Minister may, for the sound and efficient management of the Consolidated Revenue Fund, lend money by way of an auction on any terms and conditions that the Minister considers appropriate.
Marginal note:Limit
(2) However, the Minister is not to make a loan that exceeds the surplus of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada at the time of the making of the loan.
Marginal note:Determination
(3) For the purposes of subsection (2), the amount of the surplus is determined by the Bank of Canada.
Marginal note:Part of Consolidated Revenue Fund
(4) Any loans made under subsection (1) may only be paid out of the part of the Consolidated Revenue Fund that is on deposit with the Bank of Canada.
Marginal note:Powers related to loans
(5) Despite section 42.5, the Minister may enter into any contract or agreement related to the loans and do any other thing relating to the loans that the Minister considers appropriate.
Marginal note:Auctions
42.4 (1) If the Minister lends money by way of an auction, the Minister may establish rules governing the conduct of the auction, including rules relating to any of the following:
(a) the eligibility of persons to participate in the auction;
(b) the provision to the Minister by participants of any information that the Minister considers relevant;
(c) the form of bids;
(d) the maximum amount that a participant may bid.
Marginal note:Rules not statutory instruments
(2) Rules governing the conduct of an auction are not statutory instruments as defined in the Statutory Instruments Act.
Marginal note:Management of risks
42.5 The Governor in Council may authorize the Minister, subject to any terms and conditions that the Governor in Council may specify, to enter into any contract or agreement of a financial nature, including options, derivatives, swaps and forwards, on any terms and conditions that the Minister considers necessary for the management of risks related to the financial position of the Government of Canada.
Marginal note:Registrars and fiscal agents
42.6 The Minister may
(a) appoint one or more registrars or fiscal agents to perform any services that the Minister may specify in respect of financial transactions entered into under this Part; and
(b) fix the remuneration or compensation of any registrar or fiscal agent appointed under this section.
Marginal note:Payment of related expenses
42.7 With the authorization of the Governor in Council, there may be paid out of the Consolidated Revenue Fund
(a) the remuneration and compensation of registrars and fiscal agents appointed under section 42.6;
(b) all costs, expenses and charges incurred in the management of financial transactions referred to in this Part, including the negotiation, entering into and execution of those transactions;
(c) all money required to be paid under contracts and agreements entered into under subsection 42.3(5) or section 42.5;
(d) all money required to be paid under contracts and agreements entered into under this Act before the coming into force of this Part that could also have been entered into under this Part if this Part had been in force when these contracts and agreements were entered into; and
(e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the lending of money under subsection 42.3(5).
Marginal note:Delegation
42.8 The Minister may delegate to any officer of the Department of Finance any of the Minister’s powers, duties or functions under this Part, except the power to delegate under this section.
122 Section 55 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):
(e) all money that the Minister considers appropriate to pay in the exercise of his or her power to do any other thing relating to the borrowing of money under subsection 44(3).
R.S., c. B-2Bank of Canada Act
Marginal note:2014, c. 20, s. 108
123 Paragraph 18(m.1) of the Bank of Canada Act is replaced by the following:
(m.1) act as a custodian of the financial assets of the Canada Deposit Insurance Corporation and of those of the Canada Mortgage and Housing Corporation;
124 Section 24 of the Act is amended by adding the following after subsection (2):
(2.1) If the Minister may, under any other Act of Parliament that expressly authorizes him or her to do so, lend, at the request of an agent corporation as defined in subsection 83(1) of the Financial Administration Act, money out of the Consolidated Revenue Fund to that corporation on any terms and conditions that he or she may fix, the Minister may authorize the Bank to manage the lending of money to that corporation on his or her behalf, on any terms and conditions that he or she may establish.
R.S., c. C-7Canada Mortgage and Housing Corporation Act
125 The Canada Mortgage and Housing Corporation Act is amended by adding the following after section 34:
Marginal note:Deposit accounts
35 (1) The Corporation may maintain in its own name one or more accounts with the Bank of Canada.
Marginal note:Interest may be paid
(2) The Bank of Canada may pay interest on any money that the Corporation deposits with it.
Coming into Force
Marginal note:Order in council
126 Section 121 comes into force on a day to be fixed by order of the Governor in Council.
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