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European Bank for Reconstruction and Development Agreement Act (S.C. 1991, c. 12)

Act current to 2024-05-28 and last amended on 2019-06-23. Previous Versions

European Bank for Reconstruction and Development Agreement Act

S.C. 1991, c. 12

Assented to 1991-02-01

An Act to provide for the membership of Canada in the European Bank for Reconstruction and Development

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

Short Title

Marginal note:Short title

 This Act may be cited as the European Bank for Reconstruction and Development Agreement Act.

Interpretation

Marginal note:Definitions

 In this Act,

Agreement

Agreement means the Agreement Establishing the European Bank for Reconstruction and Development set out in the schedule; (Accord)

Bank

Bank means the European Bank for Reconstruction and Development; (Banque)

Minister

Minister means the Minister of Finance. (ministre)

Agreement

Marginal note:Agreement approved

 The Agreement is hereby approved.

Marginal note:Acceptance and implementation

 The Governor in Council may authorize the acceptance of the Agreement on behalf of Canada and, subject to sections 5 and 6, do anything that is necessary in the opinion of the Governor in Council, including make appointments, orders and regulations, for carrying out the obligations or exercising the rights of Canada under the Agreement, and in particular for granting the privileges and immunities set out in the Agreement.

Marginal note:Amendment to schedule

 The Governor in Council may, by order, amend the schedule to reflect amendments to the Agreement.

  • 2006, c. 4, s. 214

Marginal note:Depository

 The Bank of Canada shall be the depository in Canada for the assets of the Bank.

Marginal note:Initial subscription

  •  (1) The Minister may provide for payment out of the Consolidated Revenue Fund to the Bank, in the manner and at the times provided for in the Agreement, of an amount not exceeding one hundred and twenty million American dollars, in respect of Canada’s initial subscription of shares.

  • Marginal note:Supplementary payments

    (2) The Minister may provide for further payments to the Bank, in respect of supplementary subscriptions of shares, by way of

    • (a) direct payments; or

    • (b) the issuance of non-interest-bearing, non-negotiable demand notes.

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

    (3) The Minister may make payments out of the Consolidated Revenue Fund for the purposes of subsection (2) in an aggregate amount not exceeding US$85,988,945.20, or any greater amount that is specified in an appropriation Act.

  • 1991, c. 12, s. 6
  • 1999, c. 26, s. 49

Marginal note:Annual report

 The Minister shall cause to be laid before each House of Parliament within one year after the end of each fiscal year or, if either House is not sitting, on any of the first five days on which that House of Parliament is sitting, a report of operations containing a general summary of all actions taken under the authority of this Act, including their sustainable development aspects within the meaning of Article 2 of the Agreement, and their human rights aspects.

Consequential Amendments

 [Amendments]

 

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