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

Act current to 2013-05-20 and last amended on 2013-04-01. Previous Versions

Bank Accounts

Marginal note:Deposits and deposit receipts

128. A Crown corporation may, directly or indirectly, deposit funds with or acquire deposit receipts from

  • (a) any member of the Canadian Payments Association;

  • (b) any local cooperative credit society that is a member of a central cooperative credit society having membership in the Canadian Payments Association; and

  • (c) any financial institution outside Canada that is not a member of the Canadian Payments Association, but only with the approval of the Minister of Finance.

  • R.S., 1985, c. F-11, s. 128;
  • 1991, c. 24, s. 39.
Marginal note:Receiver General account

  • 129. (1) A parent Crown corporation shall, if directed by the Minister of Finance with the concurrence of the appropriate Minister, and may, if the Minister of Finance and the appropriate Minister approve, pay or cause to be paid all or any part of the money of the corporation or a wholly-owned subsidiary of the corporation to the Receiver General to be paid into the Consolidated Revenue Fund and credited to a special account in the accounts of Canada in the name of the corporation or subsidiary, and the Receiver General, subject to such terms and conditions as the Minister of Finance may prescribe, may pay out, for the purposes of the corporation or subsidiary, or repay to the corporation or subsidiary, all or any part of the money credited to the special account.

  • Marginal note:Interest

    (2) Interest may be paid from the Consolidated Revenue Fund in respect of money credited to a special account pursuant to subsection (1), in accordance with and at rates fixed by the Minister of Finance with the approval of the Governor in Council.

  • 1984, c. 31, s. 11.

Surpluses

Marginal note:Payment over of surplus money

130. Subject to any other Act of Parliament, where the appropriate Minister and the Minister of Finance, with the approval of the Governor in Council, so direct, a parent Crown corporation shall pay or cause to be paid to the Receiver General so much of the money of the corporation or of a wholly-owned subsidiary of the corporation as the appropriate Minister and the Minister of Finance consider to be in excess of the amount required for the purposes of the corporation or subsidiary, and any money so paid may be applied toward the discharge of any obligation of the corporation or subsidiary to the Crown or may be applied as revenues of Canada.

  • R.S., 1985, c. F-11, s. 130;
  • 1999, c. 31, s. 116(F).

Dividends

Marginal note:Dividend proposal

130.1 Each parent Crown corporation named in Part II of Schedule III shall annually submit a dividend proposal to the appropriate Minister as part of its corporate plan submitted pursuant to section 122.

  • 1991, c. 24, s. 40.
Marginal note:Dividend payment

130.2 The Governor in Council may prescribe, waive or vary the dividends to be paid by any parent Crown corporation named in Schedule III.

  • 1991, c. 24, s. 40.