Business Development Bank of Canada Act (S.C. 1995, c. 28)

Act current to 2014-06-12 and last amended on 2012-03-16. Previous Versions

Marginal note:Restriction

 The Bank shall not grant a loan, investment or guarantee to a director or officer of the Bank.

  • 1995, c. 28, s. 32;
  • 2001, c. 34, s. 10.
Marginal note:Disclosure
  •  (1) An applicant must disclose in writing to the Bank whether the applicant is an interested person or, if the applicant is a firm or corporation, whether a partner of the firm or a shareholder, director or officer of the corporation is an interested person or a director or officer of the Bank.

  • Marginal note:Submission of application to Board for approval

    (2) If the applicant discloses that the applicant is an interested person, or that a partner, shareholder, director or officer is an interested person or a director or an officer of the Bank, the application must be submitted to the Board for approval before the Bank enters into an agreement to provide the assistance.

  • Marginal note:Director must not be at meeting or vote

    (3) A director must not be present at a meeting of the Board when the Board is considering an application, or vote on a resolution relating to it, if the applicant is

    • (a) a person related to the director as described in paragraph (a), (b) or (c) of the definition “interested person” in section 31; or

    • (b) a firm or corporation of which the director, or a person referred to in paragraph (a), is a partner, shareholder, director or officer.

  • Marginal note:Annual report

    (4) The amount of each agreement referred to in this section and the name of the person, firm or corporation with whom the agreement is entered into must be included in the annual report that the Bank is required to submit under subsection 150(1) of the Financial Administration Act.

  • 1995, c. 28, s. 33;
  • 2001, c. 34, s. 11.

MISCELLANEOUS PROVISIONS

Marginal note:Financial year

 Notwithstanding section 121 of the Financial Administration Act, the financial year of the Bank is the period of twelve months beginning on April 1 and ending on the next March 31, unless the Governor in Council directs otherwise.

Marginal note:Exemption from taxes

 The Bank is exempt from taxes imposed by the Income Tax Act.

Marginal note:Ten-year review
  •  (1) Five years after this Act comes into force, and every ten years afterward, the Designated Minister must have a review of the provisions and operation of this Act undertaken in consultation with the Minister of Finance.

  • Marginal note:Report to Parliament

    (2) Within one year after the review is undertaken, the Designated Minister must submit to Parliament a report on the review.

  • Marginal note:Review of report

    (3) The report must be reviewed by any committee of the Senate or of the House of Commons, or any joint committee, that may be designated or established for the purpose of reviewing the report.