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Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

Marginal note:Repeal

  • 263. (1) Paragraph 10(1)(a) and subsection 10(1.01) of the Act, as enacted by subsection 260(1), are repealed two years after the day on which they come into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend the period referred to in subsection (1).

  • Marginal note:Arrangement entered into before repeal

    (3) The repeal of paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), has no effect on any arrangement Export Development Canada entered into in order to carry out its purpose referred to in that paragraph. Despite the repeal, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the arrangement or that it considers related to the arrangement.

  • Marginal note:Application suspended

    (4) Subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply for the period beginning on the day on which paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), comes into force and ending on the day on which that paragraph is repealed.

  • Marginal note:Transactions entered into before repeal

    (5) Despite subsection (4), subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply to a new transaction that Export Development Canada enters into during the period that paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), is in force, even after that paragraph is repealed. Despite the repeal, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the transaction or that it considers related to the transaction.

Division 4

Marginal note:1995, c. 28

Business Development Bank of Canada Act

264. Subsection 23(1) of the Business Development Bank of Canada Act is replaced by the following:

Marginal note:Authorized capital

  • 23. (1) The authorized capital of the Bank consists of an unlimited number of common shares with a par value of $100 each and an unlimited number of preferred shares without par value, but the paid-in capital of the Bank, together with any contributed surplus relating to it and any proceeds referred to in paragraph 30(2)(d) that have been prescribed as equity, must not at any time exceed $3,000,000,000.

Division 5

Marginal note:1998, c. 36

Canada Small Business Financing Act

Amendments to the Act

  • 265. (1) Subsection 4(2) of the Canada Small Business Financing Act is amended by striking out “and” at the end of paragraph (a) and by replacing paragraph (b) with the following:

    • (b) in the case of a loan made before April 1, 2009, the outstanding loan amount in relation to the borrower does not exceed $250,000 or any prescribed lesser amount; and

    • (c) in the case of a loan made after March 31, 2009, the outstanding loan amount in relation to the borrower does not exceed $500,000 or any prescribed lesser amount, of which a maximum of $350,000 or any prescribed lesser amount is for a purpose other than the purchase or improvement of real property or immovables of which the borrower is or will become the owner.

  • (2) Subsection 4(3) of the Act is replaced by the following:

    • Marginal note:Meaning of outstanding loan amount

      (3) The outstanding loan amount referred to in paragraph (2)(b) or (c) is the aggregate of the amount of the proposed loan and the principal amount outstanding, in respect of the borrower and all borrowers that are related to that borrower within the meaning of the regulations, of all loans made under this Act and guaranteed business improvement loans made under the Small Business Loans Act.