Financial Administration Act

Marginal note:Currency of borrowings

• 48 (1) Any amounts raised by way of loan under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be repaid in the currency or currencies of any country or countries and securities issued under the authority of this Act or any other Act of Parliament in the currency or currencies of any country or countries may be made payable in the currency or currencies of any country or countries.

• Marginal note:Calculation of amount in foreign currency

  (2) Where an Act of Parliament, whether enacted before or after the coming into force of this subsection, authorizes

  • (a) the raising of a specific or maximum number of dollars by way of loan or the issue of securities, or

  • (b) the guarantee of the payment of a liability or obligation for a specific or maximum number of dollars,

  the authorized transaction may be undertaken, in whole or in part, in the currency of a country other than Canada, and for that purpose the specific or maximum number of dollars shall be construed as an equivalent amount in the currency of the other country, calculated at the daily average rate of exchange between the Canadian dollar and the currency concerned quoted by the Bank of Canada on the day immediately preceding the day on which the money is borrowed, the proceeds from the issue of securities are received or the guarantee is given, as the case may be, or at any other rate of exchange in use between those currencies that the Minister considers appropriate.

• Marginal note:Calculation where limitation

  (3) For the purpose of any limitation in respect of an amount

  • (a) that may be borrowed,

  • (b) for which securities may be issued, or

  • (c) the payment of which may be guaranteed under this Act or any other Act of Parliament,

  the principal amount borrowed or authorized to be borrowed, the principal amount of any securities previously issued or authorized to be issued or the amount guaranteed or authorized to be guaranteed, as the case may be, payable in a currency of any country other than Canada, shall be deemed to be the Canadian dollar equivalent of the value thereof, as calculated under subsection (2), regardless of any premium or discount at which the securities were sold and regardless of any premium that may be payable on early redemption.