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Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Assented to 2007-06-22

Marginal note:Law and Order Trust Fund for Afghanistan — $10,000,000

140. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Foreign Affairs, a sum not exceeding ten million dollars to the United Nations Development Programme for the Law and Order Trust Fund for Afghanistan, for use consistent with the purposes of that fund.

Rick Hansen Man in Motion Foundation

Marginal note:Maximum payment of $30,000,000

141. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Health, a sum not exceeding thirty million dollars to the Rick Hansen Man in Motion Foundation for its use.

The Perimeter Institute for Theoretical Physics

Marginal note:Maximum payment of $50,000,000

142. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Industry, a sum not exceeding fifty million dollars to The Perimeter Institute for Theoretical Physics for its use.

Canada Foundation for Sustainable Development Technology

Marginal note:Maximum payment of $200,000,000

143. There may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of the Environment and the Minister of Natural Resources, a sum not exceeding two hundred million dollars to the Canada Foundation for Sustainable Development Technology for its use.

PART 12

AMENDMENTS RELATING TO FINANCIAL INSTITUTIONS

Marginal note:1991, c. 46

Bank Act

Marginal note:2001, c. 9, s. 44; 2006, c. 4, s. 199

144. Section 21 of the Bank Act is replaced by the following:

Marginal note:Sunset provision

  • 21. (1) Subject to subsections (2) and (3), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after October 24, 2007.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which banks may continue to carry on business and authorized foreign banks may continue to carry on business in Canada. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, for 180 days after the first day of the first session of the next Parliament.

Marginal note:2001, c. 9, s. 183; 2006, c. 4, s. 199.1

145. Section 670 of the Act is replaced by the following:

Marginal note:Sunset provision

  • 670. (1) Subject to subsections (2) and (3), bank holding companies shall not carry on business after October 24, 2007.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which bank holding companies may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), bank holding companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.