Budget Implementation Act, 2017, No. 2 (S.C. 2017, c. 33)

Full Document:

Assented to 2017-12-14

PART 5Various Measures (continued)

Marginal note:Order in council

259 (1) Sections 230, 232 to 236, 239, 252, 253 and 255 to 258 come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Sections 237, 238 and 240 to 251 come into force on a day to be fixed by order of the Governor in Council.

260 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 $4,500,000,000.

261 Subsection 32(1) of the Financial Administration Act is replaced by the following:

Marginal note:Control of commitments

32 (1) No contract or other arrangement providing for a payment shall be entered into unless, to discharge any debt that will be due under the contract or other arrangement during the fiscal year in which the contract or other arrangement is entered into, there is a sufficient unencumbered balance available out of
- (a) an appropriation by Parliament to which the payment will be charged;
- (b) an item included in estimates then before the House of Commons to which the payment will relate;
- (c) a commitment limit in an appropriation Act to which the payment will relate; or
- (d) revenues received or estimated revenues set out in estimates, in the case of a payment that will be charged to an authority — under an appropriation Act or any other Act of Parliament — to expend revenues.