Crown Corporation General Regulations, 1995 (SOR/95-226)

Regulations are current to 2013-11-02

BORROWING APPROVALS

11. An approval under subsection 127(3) of the Act shall be granted by an instrument in writing addressed to the Crown corporation proposing to enter into the transaction to borrow money.

BORROWING EXEMPTIONS

  • 12. (1) A parent Crown corporation is exempt from the application of subsection 127(3) of the Act in respect of the borrowing of money where the lender is a wholly-owned subsidiary of the parent Crown corporation.

  • (2) A wholly-owned subsidiary of a parent Crown corporation is exempt from the application of subsection 127(3) of the Act in respect of the borrowing of money where the lender is the parent Crown corporation or another wholly-owned subsidiary of the parent Crown corporation.

13. The following Crown corporations are exempt from the application of subsection 127(3) of the Act in respect of any borrowing of money of the class set out in paragraph 10(d):

  • (a) the Canada Mortgage and Housing Corporation;

  • (b) Export Development Canada;

  • (c) Farm Credit Canada; and

  • (d) the Federal Business Development Bank.

  • 2001, c. 22, s. 22, c. 33, s. 30.

  • 14. (1) In this section, “local port corporation” means a corporation established pursuant to section 25 of the Canada Ports Corporation Act.

  • (2) The Canada Ports Corporation is exempt from the application of subsection 127(3) of the Act in respect of the borrowing of money from a local port corporation pursuant to subsection 57(2) of the Canada Ports Corporation Act.

  • (3) A local port corporation is exempt from the application of subsection 127(3) of the Act in respect of the borrowing of money from the Canada Ports Corporation pursuant to section 27 of Schedule I to the Canada Ports Corporation Act.