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

Division IIIFinancial Management and Control

Definitions

Marginal note:Definitions

120. In this Division,

“annual report”

« rapport annuel »

“annual report” means a report made pursuant to section 150;

“examiner”

« examinateur »

“examiner” means a person designated by or appointed pursuant to section 142 to carry out a special examination;

“objectives”

« objectifs »

“objectives”, in relation to a parent Crown corporation, means the objectives of the corporation as set out in a corporate plan or an amendment to a corporate plan that has been approved pursuant to section 122;

“special examination”

« examen spécial »

“special examination” means an examination referred to in subsection 138(1).

Financial Year

Marginal note:Financial year

• 121. (1) The financial year of a parent Crown corporation is the calendar year, unless the Governor in Council otherwise directs.

• Marginal note:Idem

  (2) Notwithstanding subsection (1), the financial year of a parent Crown corporation that was in effect on September 1, 1984 continues in effect, unless the Governor in Council has directed or directs otherwise.

Corporate Plans and Budgets

Marginal note:Corporate plans

• 122. (1) Each parent Crown corporation shall annually submit a corporate plan to the appropriate Minister for the approval of the Governor in Council on the recommendation of the appropriate Minister and, if required by the regulations, on the recommendation of the Minister of Finance.

• Marginal note:Scope of corporate plan

  (2) The corporate plan of a parent Crown corporation shall encompass all the businesses and activities, including investments, of the corporation and its wholly-owned subsidiaries, if any.

• Marginal note:Contents of corporate plan

  (3) The corporate plan of a parent Crown corporation shall include a statement of

  • (a) the objects or purposes for which the corporation is incorporated, or the restrictions on the businesses or activities that it may carry on, as set out in its charter;

  • (b) the corporation’s objectives for the period to which the plan relates and for each year in that period and the strategy the corporation intends to employ to achieve those objectives; and

  • (c) the corporation’s expected performance for the year in which the plan is required by the regulations to be submitted as compared to its objectives for that year as set out in the last corporate plan or any amendment thereto approved pursuant to this section.

• Marginal note:Form of corporate plan

  (4) The corporate plan of a parent Crown corporation shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation and its wholly-owned subsidiaries, if any.

• Marginal note:Restriction on business or activity

  (5) No parent Crown corporation or wholly-owned subsidiary of a parent Crown corporation shall carry on any business or activity in any period in a manner that is not consistent with the last corporate plan of the parent Crown corporation or any amendment thereto approved pursuant to this section in respect of that period.

• Marginal note:Amendment to corporate plan

  (6) Where a parent Crown corporation, or a wholly-owned subsidiary of a parent Crown corporation, proposes to carry on any business or activity in any period in a manner that is not consistent with the last corporate plan of the corporation or any amendment thereto approved pursuant to this section in respect of that period, the corporation shall, before that business or activity is so carried on, submit an amendment to the corporate plan to the appropriate Minister for approval as described in subsection (1).

• Marginal note:Terms and conditions

  (6.1) The Governor in Council may specify such terms and conditions as the Governor in Council deems appropriate for the approval of a corporate plan or an amendment to a corporate plan.

• Marginal note:Regulations

  (7) The Governor in Council may make regulations prescribing, for the purposes of this section, the circumstances in which the recommendation of the Minister of Finance is required for the approval of a corporate plan or an amendment thereto.