Marginal note:Order in council

89. This Part comes into force on a day to be fixed by order of the Governor in Council.

Marginal note:1992, c. 32, s. 1

• 90. (1) Subsection 21(1) of the Canada Mortgage and Housing Corporation Act is replaced by the following:

  Marginal note:Loans to the Corporation

  • 21. (1) At the request of the Corporation, the Minister of Finance may, out of the Consolidated Revenue Fund, lend money to the Corporation on any terms and conditions that that Minister may fix.

• Marginal note:1992, c. 32, s. 1

  (2) The portion of subsection 21(2) of the French version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Autres prêts

    (2) La Société peut contracter des emprunts auprès de personnes autres que Sa Majesté, la présente loi l’autorisant à emprunter ainsi des sommes de façon que le total de ses dettes à ce chapitre n’excède pas le total des montants suivants :

• 91. (1) Section 2 of the Bankruptcy and Insolvency Act is amended by adding the following in alphabetical order:

  “eligible financial contract”

  « contrat financier admissible »

  “eligible financial contract” means

  • (a) a currency or interest rate swap agreement,

  • (b) a basis swap agreement,

  • (c) a spot, future, forward or other foreign exchange agreement,

  • (d) a cap, collar or floor transaction,

  • (e) a commodity swap,

  • (f) a forward rate agreement,

  • (g) a repurchase or reverse repurchase agreement,

  • (h) a spot, future, forward or other commodity contract,

  • (i) an agreement to buy, sell, borrow or lend securities, to clear or settle securities transactions or to act as a depository for securities,

  • (j) any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to (i),

  • (k) any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (j),

  • (l) any master agreement in respect of a master agreement referred to in paragraph (k),

  • (m) a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (l), or

  • (n) any agreement of a kind prescribed;

  “financial collateral”

  « garantie financière »

  “financial collateral” means any of the following that is subject to an interest, or in the Province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement:

  • (a) cash or cash equivalents, including negotiable instruments and demand deposits,

  • (b) securities, a securities account, a securities entitlement or a right to acquire securities, or

  • (c) a futures agreement or a futures account;

  “net termination value”

  « valeurs nettes dues à la date de résiliation »

  “net termination value” means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions;

  “title transfer credit support agreement”

  « accord de transfert de titres pour obtention de crédit »

  “title transfer credit support agreement” means an agreement under which an insolvent person or a bankrupt has provided title to property for the purpose of securing the payment or performance of an obligation of the insolvent person or bankrupt in respect of an eligible financial contract;

• (2) The definition “eligible financial contract” in section 2 of the Act, as enacted by subsection (1), is replaced by the following:

  “eligible financial contract”

  « contrat financier admissible »

  “eligible financial contract” means an agreement of a prescribed kind;