Bill S-246
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- ENGLISH
- SUMMARY SUMMARY
- Borrowing Authority Act Borrowing Authority Act
- EXPLANATORY NOTES EXPLANATORY NOTES
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First Session, Forty-second Parliament, 64-65-66-67 Elizabeth II, 2015-2016-2017-2018 |
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SENATE OF CANADA |
An Act to amend the Borrowing Authority Act
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FIRST READING, March 1, 2018
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THE HONOURABLE SENATOR Day |
SUMMARY
This enactment amends the Borrowing Authority Act to limit the circumstances in which the Governor in Council may authorize the borrowing of money without legislative approval.
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Available on the Senate of Canada website at the following address:
www.sencanada.ca/en |
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1st Session, 42nd Parliament, 64-65-66-67 Elizabeth II, 2015-2016-2017-2018 |
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SENATE OF CANADA |
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BILL S-246 |
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An Act to amend the Borrowing Authority Act |
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
2017, c. 20, s. 103
Borrowing Authority Act
1 Section 3 of the Borrowing Authority Act is replaced by the following:
Borrowing authority
3 The Minister may, under and in accordance with Insertion start an Act of Parliament Insertion end , borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of Insertion start the Financial Administration Act Insertion end , or otherwise.
2 The portion of section 4 of the Act before paragraph (a) is replaced by the following:
Maximum amount that may be borrowed
4 Despite any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $1,168,000,000,000:
3 (1) The portion of subsection 8(1) of the Act before paragraph (a) is replaced by the following:
Report to Parliament
8 (1) The Minister must cause to be tabled in each House of Parliament within Insertion start one year Insertion end after the day on which this section comes into force — or, if the House is not sitting on the last day of that Insertion start one Insertion end -year period, during the next 30 days that it is sitting — a report indicating
(2) Subsection 8(2) of the Act is replaced by the following:
Subsequent reports
(2) The Minister must cause to be tabled in each House of Parliament, on or before the May 31 that follows the end of Insertion start each Insertion end fiscal year — or, if the House is not sitting on that May 31, during the next 30 days that it is sitting — a report indicating the matters set out in paragraphs (1)(a) to (c).
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Published under authority of the Senate of Canada
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EXPLANATORY NOTES
3 The Minister, with the authorization of the Governor in Council under subsection 44(1) of the Financial Administration Act and in accordance with that Act, may borrow money on behalf of Her Majesty in right of Canada, by way of the issue and sale of securities, as defined in section 2 of that Act, or otherwise.
4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $1,168,000,000,000:
8 (1) The Minister must cause to be tabled in each House of Parliament within three years after the day on which this section comes into force — or, if the House is not sitting on the last day of that three-year period, during the next 30 days that it is sitting — a report indicating
(2) The Minister must cause to be tabled in each House of Parliament, on or before the May 31 that follows the end of the third fiscal year after the fiscal year during which a report was previously tabled under this section — or, if the House is not sitting on that May 31, during the next 30 days that it is sitting — a report indicating the matters set out in paragraphs (1)(a) to (c).