Financial Administration Act

Marginal note:Raising of money

• 44 (1) When by this Act or any other Act of Parliament authority is given to raise money by Her Majesty, the Governor in Council may, subject to the Act authorizing the raising of the money, authorize the Minister to borrow the money by any means that the Minister considers appropriate.

• Marginal note:Maximum

  (2) The aggregate principal amount of money borrowed by the Minister under this section in any fiscal year may not exceed the amount that is specified by order of the Governor in Council for that fiscal year.

• Marginal note:Maximum — exception

  (2.1) Any money borrowed under section 47 is not to be taken into account for the purpose of calculating the aggregate principal amount of money borrowed by the Minister under this section in any fiscal year.

• Marginal note:Powers of Minister

  (3) Subject to any terms and conditions that the Governor in Council may specify, the Minister may enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate.

• Marginal note:Non-application of regulations and directions

  (3.1) Regulations and directions made under subsection 41(1) do not apply in respect of contracts entered into under subsection (3).

• Marginal note:Transitional

  (4) Subsection (3) applies with respect to anything done in relation to borrowings under this section, as it read immediately before the coming into force of this subsection, as though the borrowing were done under subsection (1).