GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Financial Administration Act — F-11 125
Summary of plan or budget 125 (1) After a corporate plan, operating budget or capital budget, or an amendment thereto, is approved pursuant to section 122, 123 or 124, the parent Crown corporation shall submit a summary of the plan or budget, or the plan or budget as so amended, to the appropriate Minister for his approval. Scope of summary (2) A summary shall encompass all the businesses and activities, including investments, of the parent Crown corporation and its wholly-owned subsidiaries, if any, and shall set out the major business decisions taken with respect thereto. Form of summary (3) A summary shall be prepared in a form that clearly sets out information according to the major businesses or activities of the parent Crown corporation and its wholly-owned subsidiaries, if any. Tabling in Parliament (4) The appropriate Minister shall cause a copy of every summary he approves pursuant to this section to be laid before each House of Parliament. Reference to committee (5) A summary laid before Parliament pursuant to subsection (4) stands permanently referred to such committee of Parliament as may be designated or established to review matters relating to the businesses and activities of the corporation submitting the summary. 1984, c. 31, s. 11
Financial Administration Act — F-11 126
Regulations 126 In addition to any other requirements under this Act or any other Act of Parliament with respect thereto, the Treasury Board may make regulations (a) prescribing the form in which corporate plans, budgets, summaries or amendments required under section 122, 123, 124 or 125 shall be prepared, the information to be included therein and the time at, before or within which they are to be submitted and summaries are to be laid before each House of Parliament; (b) prescribing the period to be covered by corporate plans under section 122, either generally or in respect of any specified parent Crown corporation or any parent Crown corporation of a specified class; and (c) defining for the purpose of this Division the expression vary significantly . R.S., 1985, c. F-11, s. 126; 1991, c. 24, s. 38
Financial Administration Act — F-11 127
Intended borrowing 127 (1) Where a parent Crown corporation or a wholly-owned subsidiary of a parent Crown corporation intends to borrow money, the corporation shall so indicate in its corporate plan or an amendment thereto under section 122 for the period in which the corporation or subsidiary intends to borrow and shall give a general indication therein of the borrowing plans and strategy of the corporation or subsidiary for that period. Recommendation of Minister of Finance (2) Where a parent Crown corporation indicates in a corporate plan or an amendment to a corporate plan an intention to borrow money, the Minister of Finance may require that his recommendation, in addition to that of the appropriate Minister, be obtained before the plan or amendment is submitted to the Governor in Council for approval. Particular borrowing (3) No Crown corporation shall enter into any particular transaction to borrow money without the approval of the Minister of Finance with respect to the time and the terms and conditions of the transaction. Regulations (4) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations (a) exempting a specified Crown corporation or a Crown corporation of a specified class from the application of subsection (3), either generally or in respect of any specified borrowing or any borrowing of a specified class; (b) deeming a specified transaction or a transaction of a specified class to be, for the purposes of this Part, a transaction to borrow money; and (c) specifying the manner of granting approvals under subsection (3) and the circumstances in which an approval under that subsection is deemed to have been granted in respect of borrowing by Crown corporations. Limitations preserved (5) Nothing in this section shall be construed as authorizing a Crown corporation to borrow money in excess of any limit established by any other Act of Parliament on the amount of money the corporation may borrow. Leases entered into by Crown corporation (6) Despite any regulations made under paragraph (4)(b), leases — as defined in the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time — that are entered into by a Crown corporation, are not considered to be transactions to borrow money for the purpose of a limit referred to in subsection (5). R.S., 1985, c. F-11, s. 127; 2018, c. 12, s. 201
Financial Administration Act — F-11 128
Deposits and deposit receipts 128 A Crown corporation may, directly or indirectly, deposit funds with or acquire deposit receipts from (a) any member of the Canadian Payments Association; (b) any local cooperative credit society that is a member of a central cooperative credit society having membership in the Canadian Payments Association; and (c) any financial institution outside Canada that is not a member of the Canadian Payments Association, but only with the approval of the Minister of Finance. R.S., 1985, c. F-11, s. 128; 1991, c. 24, s. 39
Financial Administration Act — F-11 129
Receiver General account 129 (1) A parent Crown corporation shall, if directed by the Minister of Finance with the concurrence of the appropriate Minister, and may, if the Minister of Finance and the appropriate Minister approve, pay or cause to be paid all or any part of the money of the corporation or a wholly-owned subsidiary of the corporation to the Receiver General to be paid into the Consolidated Revenue Fund and credited to a special account in the accounts of Canada in the name of the corporation or subsidiary, and the Receiver General, subject to such terms and conditions as the Minister of Finance may prescribe, may pay out, for the purposes of the corporation or subsidiary, or repay to the corporation or subsidiary, all or any part of the money credited to the special account. Interest (2) Interest may be paid from the Consolidated Revenue Fund in respect of money credited to a special account pursuant to subsection (1), in accordance with and at rates fixed by the Minister of Finance with the approval of the Governor in Council. 1984, c. 31, s. 11
Financial Administration Act — F-11 130
Payment over of surplus money 130 Subject to any other Act of Parliament, where the appropriate Minister and the Minister of Finance, with the approval of the Governor in Council, so direct, a parent Crown corporation shall pay or cause to be paid to the Receiver General so much of the money of the corporation or of a wholly-owned subsidiary of the corporation as the appropriate Minister and the Minister of Finance consider to be in excess of the amount required for the purposes of the corporation or subsidiary, and any money so paid may be applied toward the discharge of any obligation of the corporation or subsidiary to the Crown or may be applied as revenues of Canada. R.S., 1985, c. F-11, s. 130; 1999, c. 31, s. 116(F)
Financial Administration Act — F-11 130.1
Dividend proposal 130.1 Each parent Crown corporation named in Part II of Schedule III shall annually submit a dividend proposal to the appropriate Minister as part of its corporate plan submitted pursuant to section 122. 1991, c. 24, s. 40
Financial Administration Act — F-11 130.2
Dividend payment 130.2 The Governor in Council may prescribe, waive or vary the dividends to be paid by any parent Crown corporation named in Schedule III. 1991, c. 24, s. 40
Financial Administration Act — F-11 131
Books and systems 131 (1) Each parent Crown corporation shall cause (a) books of account and records in relation thereto to be kept, and (b) financial and management control and information systems and management practices to be maintained, in respect of itself and each of its wholly-owned subsidiaries, if any. Idem (2) The books, records, systems and practices referred to in subsection (1) shall be kept and maintained in such manner as will provide reasonable assurance that (a) the assets of the corporation and each subsidiary are safeguarded and controlled; (b) the transactions of the corporation and each subsidiary are in accordance with this Part, the regulations, the charter and by-laws of the corporation or subsidiary and any directive given to the corporation; and (c) the financial, human and physical resources of the corporation and each subsidiary are managed economically and efficiently and the operations of the corporation and each subsidiary are carried out effectively. Internal audit (3) Each parent Crown corporation shall cause internal audits to be conducted, in respect of itself and each of its wholly-owned subsidiaries, if any, to assess compliance with subsections (1) and (2), unless the Governor in Council is of the opinion that the benefits to be derived from those audits do not justify their cost. Financial statements (4) Each parent Crown corporation shall cause financial statements to be prepared annually, in respect of itself and its wholly-owned subsidiaries, if any, in accordance with generally accepted accounting principles as supplemented or augmented by regulations made pursuant to subsection (6), if any. Form of financial statements (5) The financial statements of a parent Crown corporation and of a wholly-owned subsidiary shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation or subsidiary. Regulations (6) The Treasury Board may, for the purposes of subsection (4), make regulations respecting financial statements either generally or in respect of any specified parent Crown corporation or any parent Crown corporation of a specified class, but such regulations shall, in respect of the preparation of financial statements, only supplement or augment generally accepted accounting principles. R.S., 1985, c. F-11, s. 131; 1991, c. 24, s. 41; 1999, c. 31, s. 117(F)
Financial Administration Act — F-11 131.1
Quarterly financial reports 131.1 (1) Each parent Crown corporation shall, in respect of itself and its wholly-owned subsidiaries, if any, cause to be prepared, in the form and manner provided for by the Treasury Board, a quarterly financial report for each of the first three quarters of each financial year of the parent Crown corporation. Contents (2) The report shall contain (a) a financial statement for the quarter and for the period from the start of the financial year to the end of that quarter; (b) comparative financial information for the preceding financial year; and (c) a statement outlining the results, risks and significant changes in relation to operations, personnel and programs. Report to be made public (3) The parent Crown corporation shall cause the report to be made public within 60 days after the end of the quarter to which the report relates. Regulations (4) The Treasury Board may, by regulation, exempt a parent Crown corporation from the requirement set out in subsection (1) or provide that any of the content referred to in subsection (2) be excluded from its report. 2009, c. 31, s. 60; 2012, c. 19, s. 219
Financial Administration Act — F-11 132
Annual auditor’s report 132 (1) Each parent Crown corporation shall cause an annual auditor’s report to be prepared, in respect of itself and its wholly-owned subsidiaries, if any, in accordance with the regulations, on (a) the financial statements referred to in section 131 and any revised financial statement referred to in subsection 133(3); and (b) any quantitative information required to be audited pursuant to subsection (5). Contents (2) A report under subsection (1) shall be addressed to the appropriate Minister and shall (a) include separate statements whether in the auditor’s opinion (i) the financial statements are presented fairly in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year, (ii) the quantitative information is accurate in all material respects and, if applicable, was prepared on a basis consistent with that of the preceding year, and (iii) the transactions of the corporation and of each subsidiary that have come to the auditor’s notice in the course of his examination for the report were in accordance with this Part, the regulations, the charter and by-laws of the corporation or subsidiary and any directive given to the corporation; and (b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in his opinion, should be brought to the attention of Parliament. Regulations (3) The Treasury Board may make regulations prescribing the form and manner in which the report referred to in subsection (1) is to be prepared. Separate reports (4) Notwithstanding any other provision of this Part, the auditor of a parent Crown corporation may prepare separate annual auditor’s reports on the statements referred to in paragraph (1)(a) and on the information referred to in paragraph (1)(b) if, in the auditor’s opinion, separate reports would be more appropriate. Audit of quantitative information (5) The Treasury Board may require that any quantitative information required to be included in a parent Crown corporation’s annual report pursuant to subsection 150(3) be audited. Other reports (6) The auditor of a parent Crown corporation shall prepare such other reports respecting the corporation or any wholly-owned subsidiary of the corporation as the Governor in Council may require. Examination (7) An auditor shall make such examination as he considers necessary to enable him to prepare a report under subsection (1) or (6). Reliance on internal audit (8) An auditor shall, to the extent he considers practicable, rely on any internal audit of the corporation being audited that is conducted pursuant to subsection 131(3). R.S., 1985, c. F-11, s. 132; 1991, c. 24, s. 42; 1999, c. 31, s. 118(F)
Financial Administration Act — F-11 133
Errors and omissions 133 (1) A director or officer of a Crown corporation shall forthwith notify the auditor and the audit committee of the corporation, if any, of any error or omission of which the director or officer becomes aware in a financial statement that the auditor or a former auditor has reported on or in a report prepared by the auditor or a former auditor pursuant to section 132. Idem (2) Where an auditor or former auditor of a Crown corporation is notified or becomes aware of any error or omission in a financial statement that the auditor or former auditor has reported on or in a report prepared by the auditor or former auditor pursuant to section 132, he shall forthwith notify each director of the corporation of the error or omission if he is of the opinion that the error or omission is material. Correction (3) Where an auditor or former auditor of a Crown corporation notifies the directors of an error or omission in a financial statement or report pursuant to subsection (2), the corporation shall prepare a revised financial statement or the auditor or former auditor shall issue a correction to the report, as the case may be, and a copy thereof shall be given to the appropriate Minister. 1984, c. 31, s. 11
Financial Administration Act — F-11 134
Appointment of auditor 134 (1) Subject to subsection (2), the auditor of a Crown corporation shall be appointed annually by the Governor in Council, after the appropriate Minister has consulted the board of directors of the corporation, and may be removed at any time by the Governor in Council, after the appropriate Minister has consulted the board. Auditor General (2) The Auditor General of Canada shall be appointed by the Governor in Council as the auditor, or a joint auditor, of each Crown corporation, unless the Auditor General waives the requirement of being so appointed. Idem (3) Subsections (1) and (2) do not apply in respect of any parent Crown corporation the auditor of which is specified by any other Act of Parliament to be the Auditor General of Canada, but the Auditor General is eligible to be appointed as the auditor, or a joint auditor, of a parent Crown corporation pursuant to subsection (1) and section 135 does not apply to him. (4) [Repealed, 2005, c. 30, s. 36] Criteria for appointment (5) The Governor in Council may make regulations prescribing the criteria to be applied in selecting an auditor for appointment pursuant to subsection (1). Re-appointment (6) An auditor of a Crown corporation is eligible for re-appointment on the expiration of the auditor’s appointment. Continuation in office (7) Notwithstanding subsection (1), if an auditor of a Crown corporation is not appointed to take office on the expiration of the appointment of an incumbent auditor, the incumbent auditor continues in office until a successor is appointed. R.S., 1985, c. F-11, s. 134; 2005, c. 30, s. 36
Financial Administration Act — F-11 135
Persons not eligible 135 (1) A person is disqualified from being appointed or re-appointed or continuing as an auditor of a Crown corporation pursuant to section 134 if that person is not independent of the corporation, any of its affiliates, or the directors or officers of the corporation or any of its affiliates. Independence (2) For the purposes of this section, (a) independence is a question of fact; and (b) a person is deemed not to be independent if that person or any of that person’s business partners (i) is a business partner, director, officer or employee of the Crown corporation or any of its affiliates, or a business partner of any director, officer or employee of the corporation or any of its affiliates, (ii) beneficially owns or controls, directly or indirectly through a trustee, legal representative, agent or other intermediary, a material interest in the shares or debt of the Crown corporation or any of its affiliates, or (iii) has been a receiver, receiver-manager, liquidator or trustee in bankruptcy of the Crown corporation or any of its affiliates within two years of the person’s proposed appointment as auditor of the corporation. Resignation (3) An auditor of a Crown corporation who becomes disqualified under this section shall resign immediately after becoming aware of the disqualification. R.S., 1985, c. F-11, s. 135; 2005, c. 30, s. 37
Financial Administration Act — F-11 136
Qualifications preserved 136 Nothing in sections 134 and 135 shall be construed as empowering the appointment, re-appointment or continuation in office as an auditor of a Crown corporation of any person who does not meet any qualifications for such appointment, re-appointment or continuation established by any other Act of Parliament. R.S., 1985, c. F-11, s. 136; 2005, c. 30, s. 37
Financial Administration Act — F-11 137
Resignation 137 A resignation of an auditor of a Crown corporation becomes effective at the time the corporation receives a written resignation from the auditor or at the time specified in the resignation, whichever is later. R.S., 1985, c. F-11, s. 137; 2005, c. 30, s. 37
Financial Administration Act — F-11 138
Special examination 138 (1) Each parent Crown corporation shall cause a special examination to be carried out in respect of itself and its wholly-owned subsidiaries, if any, to determine if the systems and practices referred to in paragraph 131(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 131(2)(a) and (c). Time for examination (2) A special examination shall be carried out at least once every 10 years and at any additional times that the Governor in Council, the appropriate Minister, the board of directors of the corporation to be examined or the Auditor General of Canada may require. Plan (3) Before an examiner commences a special examination, he shall survey the systems and practices of the corporation to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the corporation, or if there is no audit committee, to the board of directors of the corporation. Resolution of disagreements (4) Any disagreement between the examiner and the audit committee or board of directors of a corporation with respect to a plan referred to in subsection (3) may be resolved (a) in the case of a parent Crown corporation, by the appropriate Minister; and (b) in the case of a wholly-owned subsidiary, by the parent Crown corporation that wholly owns the subsidiary. Reliance on internal audit (5) An examiner shall, to the extent he considers practicable, rely on any internal audit of the corporation being examined conducted pursuant to subsection 131(3). R.S., 1985, c. F-11, s. 138; 2009, c. 2, s. 374
Financial Administration Act — F-11 139
Report 139 (1) An examiner shall, on completion of the special examination, submit a report on his findings to the board of directors of the corporation examined. Contents (2) The report of an examiner under subsection (1) shall include (a) a statement whether in the examiner’s opinion, with respect to the criteria established pursuant to subsection 138(3), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and (b) a statement of the extent to which the examiner relied on internal audits. Report to Minister and President of the Treasury Board (3) The board of directors shall, within 30 days after the day on which it receives the report, submit the report to the appropriate Minister and the President of the Treasury Board. Report available to public (4) The board of directors shall, within 60 days after the day on which it receives the report, make the report available to the public. R.S., 1985, c. F-11, s. 139; 2009, c. 2, s. 375
Financial Administration Act — F-11 140
Special report to appropriate Minister 140 Where the examiner of a parent Crown corporation, or a wholly-owned subsidiary of a parent Crown corporation, is of the opinion that the report under subsection 139(1) contains information that should be brought to the attention of the appropriate Minister, the examiner shall, after consultation with the board of directors of the corporation, or with the boards of the subsidiary and corporation, as the case may be, report that information to the Minister and furnish the board or boards with a copy of the report. R.S., 1985, c. F-11, s. 140; 2005, c. 30, s. 38
Financial Administration Act — F-11 141
Special report to Parliament 141 Where the examiner of a parent Crown corporation, or a wholly-owned subsidiary of a parent Crown corporation, is of the opinion that the report under subsection 139(1) contains information that should be brought to the attention of Parliament, the examiner shall, after consultation with the appropriate Minister and the board of directors of the corporation, or with the boards of the subsidiary and corporation, as the case may be, prepare a report on that information for inclusion in the next annual report of the corporation and furnish the board or boards, the appropriate Minister and the Auditor General of Canada with copies of the report. R.S., 1985, c. F-11, s. 141; 2005, c. 30, s. 38