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An Act to amend the Budget Implementation
Act, 1997 and the Financial
Administration Act
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[Assented to 14th June, 2001]
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Her Majesty, by and with the advice and
consent of the Senate and House of Commons
of Canada, enacts as follows:
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| 1997, c. 26
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1. The definition ``eligible project'' in
section 2 of the Budget Implementation Act,
1997 is replaced by the following:
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``eligible
project''
« travaux
admissibles »
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``eligible project'' means
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(a) a project carried on, or to be carried
on, by an eligible recipient for the
modernization, acquisition,
development, operation or maintenance
of research infrastructure by the recipient
in Canada; or
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(b) the purchasing by an eligible
recipient of access to a world-leading
research facility located outside Canada
or to a major international collaborative
research project, including the
purchasing of such access by means of a
contribution toward a portion of capital
costs.
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2. Section 5 of the Act is replaced by the
following:
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| Objects and
purposes of
foundation
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5. The objects and purposes of the
foundation are to make grants to eligible
recipients for eligible projects to increase
Canada's capability of carrying on high
quality research.
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3. The Act is amended by adding the
following after section 94:
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| $1,250,000,00
0 granted
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95. From and out of the Consolidated
Revenue Fund there may, on the requisition of
the Minister of Finance, be paid and applied a
sum of one billion, two hundred and fifty
million dollars for the fiscal year beginning on
April 1, 2000, for payment to the Canada
Foundation for Innovation for its use.
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| R.S., c. F-11
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| 1999, c. 26,
s. 21(E)
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4. Section 43 of the Financial
Administration Act is replaced by the
following:
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| Borrowing of
money
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43. (1) Notwithstanding any statement in
any other Act of Parliament to the effect that
this Act or any portion or provision of it does
not apply, no money shall be borrowed by or
on behalf of Her Majesty in right of Canada
except as provided by or under
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(b) any other Act of Parliament that
expressly authorizes the borrowing of
money; or
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(c) any other Act of Parliament that
provides for the borrowing of money from
Her Majesty in right of Canada or of a
province.
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| Issuing of
securities
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(2) No securities shall be issued by or on
behalf of Her Majesty in right of Canada
without the authority of Parliament.
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5. (1) Subsection 60(1) of the Act is
amended by striking out the word ``and'' at
the end of paragraph (e) and by adding the
following after paragraph (f):
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(g) deeming a specified transaction or a
transaction of a specified class, including
the issuance of securities, to be a transaction
to borrow money for the purposes of
subsection 43(1); and
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(h) notwithstanding any right provided by
or under any other Act of Parliament to
borrow money without the Minister's
authorization, requiring the Minister's
authorization in respect of a specified
transaction to borrow money or a
transaction of a specified class to borrow
money.
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(2) Section 60 of the Act is amended by
adding the following after subsection (3):
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| Minister's
authorization
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(4) If a regulation is made under paragraph
(1)(g) or (h), the Minister may authorize,
subject to any terms and conditions that the
Minister considers appropriate,
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(a) the specified transaction;
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(b) a particular transaction named by the
Minister within the specified class;
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(c) transactions of a particular subclass
described by the Minister within the
specified class; or
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(d) transactions of the specified class.
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| 1998, c. 17,
s. 31
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6. (1) Subsection 85(1) of the Act is
replaced by the following:
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| Exempted
Crown
corporations
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85. (1) Divisions I to IV do not apply to the
Bank of Canada, the Canada Council, the
Canada Pension Plan Investment Board, the
Canadian Broadcasting Corporation, the
Canadian Film Development Corporation, the
International Development Research Centre
or the National Arts Centre Corporation.
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(2) Subsection (1) is deemed to have come
into force on December 31, 1998.
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