Borrowing Authority Act

Marginal note:Maximum amount that may be borrowed

4 Despite section 3 and any other Act of Parliament, but subject to section 6, the total of the following amounts must not at any time exceed $2,126,000,000,000:

• (a) the total amount of money borrowed by the Minister under section 3, the Financial Administration Act and the borrowing authority Acts listed in the schedule,

• (b) the total amount of money borrowed by way of the issue and sale of Canada Mortgage Bonds that are guaranteed by the Canada Mortgage and Housing Corporation, except if they are purchased by the Minister and are not resold, other than for the purpose of providing a source of temporary liquidity, and

• (c) the total amount of money borrowed by all agent corporations, by way of the issue and sale of their securities or otherwise, other than

  • (i) amounts that they borrowed from Her Majesty in right of Canada, and

  • (ii) amounts that they are deemed under any other Act of Parliament to have borrowed.