Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2013-04-29 and last amended on 2013-04-01. Previous Versions

Implementation of Canada–Peru Free Trade Agreement

Marginal note:Directive

  • 89.6 (1) Notwithstanding subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of the Canada–Peru Free Trade Agreement that pertains to that Crown corporation.

  • Marginal note:Regulations

    (2) The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make any regulations in relation to that corporation that the Governor in Council considers necessary for the purpose of implementing any provision of the Canada–Peru Free Trade Agreement that pertains to that corporation.

  • Definition of “Canada–Peru Free Trade Agreement”

    (3) In subsections (1) and (2), “Canada–Peru Free Trade Agreement” has the same meaning as “Agreement” in section 2 of the Canada–Peru Free Trade Agreement Implementation Act.

  • 2009, c. 16, s. 55.

Implementation of Other Free Trade Agreements

Marginal note:Directive

  • 89.7 (1) Despite subsections 85(1) to (1.2), the Governor in Council may give a directive under subsection 89(1) to any parent Crown corporation for the purpose of implementing any provision of a free trade agreement set out in Schedule VII that pertains to that Crown corporation.

  • Marginal note:Regulations

    (2) The Governor in Council may, on the recommendation of the Treasury Board and the appropriate Minister made at the request of a Crown corporation, make any regulations in relation to that corporation that the Governor in Council considers necessary for the purpose of implementing any provision of a free trade agreement set out in Schedule VII that pertains to that corporation.

  • 2012, c. 18, s. 42.

Restricted Transactions

Marginal note:Transactions requiring Parliamentary authorization

  • 90. (1) No person shall, unless authorized by an Act of Parliament,

    • (a) procure the incorporation of a corporation any shares of which, on incorporation, would be held by, on behalf of or in trust for the Crown;

    • (b) acquire shares of a corporation that, on acquisition, would be held by, on behalf of or in trust for the Crown;

    • (c) apply for articles that would add to or otherwise make a material change in the objects or purposes for which a parent Crown corporation is incorporated, or the restrictions on the businesses or activities that a parent Crown corporation may carry on, as set out in its articles;

    • (d) sell or otherwise dispose of any shares of a parent Crown corporation; or

    • (e) procure the dissolution or amalgamation of a parent Crown corporation.

  • Marginal note:Idem

    (2) No parent Crown corporation shall, unless authorized by an Act of Parliament, sell or otherwise dispose of all or substantially all of the assets of the corporation.

  • Marginal note:Idem

    (3) Subject to subsection (2), no corporation, or corporations, in a related group shall, unless authorized by an Act of Parliament, sell or otherwise dispose of any of the assets of the corporation or corporations, if the assets to be sold or otherwise disposed of constitute all or substantially all of the total assets of the group.

  • Marginal note:Holding by agent corporations

    (4) For the purposes of paragraphs (1)(a) and (b), shares held by a corporation that is an agent of the Crown

    • (a) are deemed not to be held by or on behalf of the Crown; and

    • (b) are not by reason of that fact alone shares held in trust for the Crown.

  • Marginal note:Interpretation

    (5) For the purposes of this section and sections 91 to 94,

    • (a) a reference to an acquisition or a sale or other disposal includes an acquisition or a sale or other disposal

      • (i) that is between agent corporations or between the Crown and an agent corporation, or

      • (ii) that occurs as a result of more than one related transaction or event;

    • (b) a reference to the assets of a corporation or corporations includes shares of another corporation held by, on behalf of or in trust for the corporation or corporations;

    • (c) “person” includes an agent of the Crown;

    • (d) “related group” means a group of corporations consisting of a parent Crown corporation and all of its wholly-owned subsidiaries; and

    • (e) “shares” includes any conversion or exchange privilege, option or right to acquire shares.

  • R.S., 1985, c. F-11, s. 90;
  • 1991, c. 24, s. 50(F).