Canada Infrastructure Bank Act (S.C. 2017, c. 20, s. 403)

Marginal note:Committees of Board

• 15 (1) The Board may establish any committee of the Board that it considers advisable and may determine the committee’s composition and duties and the tenure of its members.

• Marginal note:Delegation of powers

  (2) The Board may delegate powers to any of its committees to act in all matters that are not by this Act or any by-law or resolution specifically reserved to the Board.

Financial Management and Control

Marginal note:Corporate plans

16 The Bank must annually submit a corporate plan to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Governor in Council.

Marginal note:Operating budgets

• 17 (1) The Bank must annually submit an operating budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board.

• Marginal note:Capital budgets

  (2) The Bank must annually submit a capital budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board.

Certain Bank Powers

Marginal note:Investments, etc.

18 In particular, the Bank may

• (a) make investments in any person, including by way of equity investment in, or by making a loan to or acquiring a derivative from, the person;

• (b) extend credit or provide liquidity to, or in relation to, any person;

• (c) acquire and deal with as its own any investment made by another person;

• (d) acquire and hold security or a security interest, including, in Quebec, a right in a security, of any kind and in any form for the due discharge of obligations under an investment or agreement that it makes;

• (e) surrender the security, security interest or right in the security and acquire and hold, in exchange, security or a security interest, including, in Quebec, a right in a security, of any kind and in any form;

• (f) realize the security, security interest or right in the security made, acquired or held by it on the investment or agreement;

• (g) exchange, sell, assign, convey or otherwise dispose of, or lease, the investment, agreement, security, security interest or right in a security;

• (h) enter into arrangements or agreements with, and act as agent or mandatary for, any department or agency of the government of Canada or a province, or any other body or person, for the provision of services or programs to, by, on behalf of or jointly with that body or person, and deliver financial assistance on their behalf under the arrangement or agreement;

• (i) accept any interest or rights in real property or personal property or any rights in immovables or movables as security for the due performance of any arrangement or agreement with the Bank;

• (j) determine and charge interest and any other form of compensation for services provided by the Bank in the exercise of its powers or the performance of its functions under this Act;

• (k) acquire and dispose of any interest or right in any entity by any means; and

• (l) acquire, hold, exchange, sell or otherwise dispose of, or lease, any interest or rights in real property or personal property or any right in immovables or movables and retain and use the proceeds of disposition.

Marginal note:Loan guarantees — limitation

• 19 (1) The Bank may provide loan guarantees only in accordance with this section.

• Marginal note:Recommendation

  (2) The Bank may recommend to the designated Minister that the Minister of Finance approve a loan guarantee with respect to an infrastructure project. If the designated Minister concurs with the recommendation, he or she is to recommend to the Minister of Finance that the Minister of Finance approve the loan guarantee.

• Marginal note:Power to provide

  (3) The Bank may provide a loan guarantee with respect to an infrastructure project only if the Minister of Finance approves the loan guarantee.

Marginal note:Non-application of provision

20 Section 91 of the Financial Administration Act does not apply to or in respect of the Bank or a wholly-owned subsidiary of the Bank.

Marginal note:Subsidiaries — Ministerial authorization

21 The Bank or a wholly-owned subsidiary of the Bank may procure the incorporation, dissolution or amalgamation of its subsidiaries, and acquire or dispose of any shares in its subsidiaries, only with the concurrence of the designated Minister.

Powers of Minister of Finance

Marginal note:Recommendation for loan or loan guarantee

• 22 (1) The Bank may recommend to the designated Minister that the Minister of Finance make a loan or provide a loan guarantee with respect to an infrastructure project. If the designated Minister concurs with the recommendation, he or she is to recommend to the Minister of Finance that the Minister of Finance make the loan or provide the loan guarantee.

• Marginal note:Power to make loan or provide loan guarantee

  (2) The Minister of Finance, on the recommendation of the designated Minister, may make a loan or provide a loan guarantee with respect to the infrastructure project.

Marginal note:Capital payments

23 The Minister of Finance may pay to the Bank, out of the Consolidated Revenue Fund, amounts of not more than $35,000,000,000 in the aggregate, or any greater aggregate amount that may be authorized from time to time under an appropriation Act.

Marginal note:Loans to the Bank

24 At the request of the Bank, the Minister of Finance may lend money to the Bank, on the recommendation of the designated Minister, out of the Consolidated Revenue Fund, on any terms and conditions that the Minister of Finance may fix.

Miscellaneous Provisions

Marginal note:Capital and shares

• 25 (1) The capital of the Bank is $100, divided into 10 shares having a par value of $10 each. The shares are to be issued to the designated Minister to be held on behalf of Her Majesty in right of Canada.

• Marginal note:Registration

  (2) The shares issued to the designated Minister are to be registered by the Bank in the name of the designated Minister.

Marginal note:Financial year

26 The financial year of the Bank is the period of 12 months beginning on April 1 and ending on the next March 31, unless the Governor in Council directs otherwise.

Marginal note:Five-year review

• 27 (1) Every five years beginning on the day on which this Act comes into force, the designated Minister must have a review of the provisions and operation of this Act undertaken.

• Marginal note:Report to Parliament

  (2) Within one year after the review is undertaken, the designated Minister must cause a copy of the report on the review to be laid before each House of Parliament.

• Marginal note:Review of report

  (3) The report must be reviewed by any committee of the Senate or of the House of Commons, or any joint committee, that may be designated or established for the purpose of reviewing the report.

Marginal note:Privileged information

• 28 (1) Subject to subsection (2), all information obtained by the Bank, by any of the Bank’s subsidiaries or by any of the subsidiaries of the Bank’s wholly-owned subsidiaries in relation to the proponents of, or private sector investors or institutional investors in, infrastructure projects is privileged and a director, officer, employee, or agent or mandatary of, or adviser or consultant to, the Bank, any of its subsidiaries, or any of the subsidiaries of its wholly-owned subsidiaries must not knowingly communicate, disclose or make available the information, or permit it to be communicated, disclosed or made available.

• Marginal note:Authorized disclosure

  (2) Privileged information may be communicated, disclosed or made available in the following circumstances:

  • (a) it is communicated, disclosed or made available for the purpose of the administration or enforcement of this Act and legal proceedings related to it;

  • (b) it is communicated, disclosed or made available for the purpose of prosecuting an offence under this Act or any other Act of Parliament;

  • (c) it is communicated, disclosed or made available to the Minister of National Revenue solely for the purpose of administering or enforcing the Income Tax Act or the Excise Tax Act; or

  • (d) it is communicated, disclosed or made available with the written consent of the person to whom the information relates.

Marginal note:Use of Bank’s name, initials or acronyms

29 Except with the written consent of the Bank, a person must not in any prospectus or advertisement, or for any other business purpose, use the name of the Bank, the initials “C.I.B.” or “B.I.C.” or the acronyms “CIB” or “BIC” in reference to any function of the Bank under section 7.

Marginal note:Auditors

30 The Auditor General of Canada and an auditor appointed annually by the Governor in Council under subsection 134(1) of the Financial Administration Act are the auditors of the Bank.

Marginal note:Offence

31 A person who contravenes section 28 or 29 is guilty of an offence and liable on summary conviction to a fine of not more than $10,000 or to imprisonment for a term of not more than six months, or to both.

Marginal note:Regulations

32 The Governor in Council may make regulations for the purpose of carrying out the purposes and provisions of this Act, including regulations setting out requirements in respect of the exercise of the Bank’s powers under this Act.

Marginal note:Inconsistency

33 In the event of any inconsistency between this Act and Part X of the Financial Administration Act, this Act prevails to the extent of the inconsistency.

Transitional Provisions

Marginal note:First Chief Executive Officer

• 34 (1) The first Chief Executive Officer is to be appointed by the Governor in Council to hold office during pleasure for a term that the Governor in Council considers appropriate.

• Marginal note:Consultation

  (2) Before the first Chief Executive Officer is appointed, the designated Minister must consult with any directors then in office.

• Marginal note:Chairperson’s interim powers

  (3) During the period before the first day on which there is a Chairperson and at least eight other directors in office, the Chairperson, once appointed, comprises the Board and may exercise all the powers of the Board, and during the period before the first Chief Executive Officer is appointed, the Chairperson may exercise all the powers of the Chief Executive Officer.