Export Development Act

Marginal note:Authorized capital

• 11 (1) The authorized capital of the Corporation is

  • (a) for the period beginning on the day on which this subsection comes into force and ending on September 30, 2020, the amount that the Minister of Finance determines during that period, or, if that Minister redetermines the amount during that period, the most recently determined amount; and

  • (b) on and after October 1, 2020, an amount equal to the amount determined by the Minister of Finance under paragraph (a), or, if that Minister redetermined the amount under that paragraph, an amount equal to the last amount so determined.

  Each share has a par value of $100.

• Marginal note:Publication in Canada Gazette

  (1.1) As soon as feasible after determining or redetermining an amount under paragraph (1)(a), the Minister of Finance shall publish a notice of that amount in the Canada Gazette.

• Marginal note:Subscription and payment for shares

  (2) Where the Board recommends that the Minister subscribe for unissued shares of the Corporation, the Minister may, if the Minister of Finance concurs, subscribe at par for such number of shares as he considers desirable and the amount of each subscription shall be paid to the Corporation out of the Consolidated Revenue Fund at such times and in such amounts as the Board requires.

• Marginal note:Shares not transferable

  (3) The shares of the capital stock of the Corporation are not transferable and shall be held in trust for Her Majesty.