Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2013-04-29 and last amended on 2013-04-01. Previous Versions

Marginal note:Notification

  • 93. (1) Where a person undertakes a transaction referred to in section 90 or 91, that person shall notify the prescribed person in accordance with the regulations.

  • Marginal note:Regulations

    (2) For the purposes of subsection (1), the Governor in Council may make regulations prescribing the person to be notified and the time within which and manner in which that person is to be notified.

  • 1984, c. 31, s. 11.
Marginal note:Dissolution

  • 94. (1) Notwithstanding section 90, where a parent Crown corporation is not named in Schedule III within a period of sixty days after its incorporation or acquisition, the directors and shareholders of the corporation shall forthwith after the expiration of that period take all steps necessary to dissolve the corporation.

  • Marginal note:Dissolution or sale

    (2) Notwithstanding section 91, the Governor in Council may direct that

    • (a) any wholly-owned subsidiary incorporated contrary to section 91 be dissolved or otherwise disposed of,

    • (b) any shares of a corporation acquired contrary to section 91 be sold or otherwise disposed of,

    • (c) any change effected by articles contrary to section 91 be reversed, or

    • (d) any assets acquired contrary to section 91 be sold or otherwise disposed of,

    and the directors and shareholders of the corporation in respect of which the direction is given shall forthwith take all steps necessary to comply with the direction.

  • R.S., 1985, c. F-11, s. 94;
  • 1991, c. 24, s. 27.
Marginal note:No inconsistent business or activity

  • 95. (1) No parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall carry on any business or activity that is not consistent with the objects or purposes for which the parent Crown corporation is incorporated, or the restrictions on the businesses or activities that it may carry on, as set out in its charter.

  • Marginal note:Savings

    (2) Subsection (1) shall not be construed as prohibiting or restricting a parent Crown corporation or wholly-owned subsidiary from continuing to carry on any business or activity that it carried on immediately before September 1, 1984.

  • 1984, c. 31, s. 11.

Crown Agency Status

Marginal note:Exercise of powers

96. An agent corporation may exercise its powers only as an agent of the Crown.

  • 1984, c. 31, s. 11.
Marginal note:Name in contracts

97. An agent corporation may enter into contracts in the name of the Crown or in the name of the corporation.

  • 1984, c. 31, s. 11.