67. to 70. [Repealed, R.S., 1985, c. 7 (2nd Supp.), s. 72]
Canadian Ownership Account
Definition of “account”
71. (1) In this section, “account” means the Canadian Ownership Account established under Energy, Mines and Resources Vote 5c of Appropriation Act No. 4, 1980-81.
Marginal note:Crediting of account
(2) All amounts received in respect of a special charge imposed pursuant to section 66 shall be credited to the account.
Marginal note:Account charges
(3) In addition to the investments authorized to be charged to the account under the Vote referred to in subsection (1), there shall be charged to the account
(a) the amounts required to be refunded or reimbursed to a person under Division I; and
(b) subject to the approval by order of the Governor in Council and in accordance with such terms and conditions, if any, as he may, on the recommendation of the Minister and the Minister of Finance prescribe, such amounts as are from time to time required by the Minister for investment in shares, debentures, bonds or other evidences of indebtedness of or for property acquisitions from any person in order to increase Canadian public ownership of the oil and gas industry in Canada and to repay loans or expenses incurred for that purpose.
Marginal note:Account investments
(4) Notwithstanding anything in this Act or any other Act of Parliament, shares, debentures, bonds or other evidences of indebtedness issued pursuant to an investment referred to in paragraph (3)(b) shall be held in the name of the Minister to the credit of the account.
(5) Within three months after the end of each fiscal year, the Minister shall cause to be prepared a report in respect of the operation of the account during that year and shall cause the report to be laid before Parliament on any of the first fifteen days that either House of Parliament sits after the report has been prepared.
- R.S., 1985, c. E-6, s. 71;
- R.S., 1985, c. 7 (2nd Supp.), s. 73.
Marginal note:Tabling order
72. (1) An order of the Governor in Council under subsection 71(3) shall be laid before Parliament not later than the fifteenth sitting day of Parliament after it is made.
Marginal note:Coming into force of order
(2) An order referred to in subsection (1) shall come into force on the twentieth sitting day of Parliament after it has been laid before Parliament pursuant to that subsection unless, before that time,
(a) a motion for the consideration of the House of Commons to the effect that the order be confirmed, signed by a minister of the Crown, is filed with the Speaker of the House of Commons; or
(b) if no motion has been filed under paragraph (a), a motion for the consideration of the House of Commons to the effect that the order be revoked signed by not less than thirty members of the House of Commons is filed with the Speaker of the House of Commons.
Marginal note:Consideration of motion by the House of Commons
(3) Where a motion for the consideration of the House of Commons is filed as provided in subsection (2), the House of Commons shall, not later than the sixth sitting day of Parliament following the filing of the motion, take up and consider the motion.
Marginal note:Time for disposition of motion
(4) A motion taken up and considered in accordance with subsection (3) shall be debated without interruption for not more than three hours and, on the conclusion of the debate or at the expiration of the third hour, the Speaker of the House of Commons shall forthwith, without further debate or amendment, put every question necessary for the disposition of the motion.
- 1980-81-82-83, c. 114, s. 39.
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