S-221
Second Session, Fortieth Parliament,
57 Elizabeth II, 2009
SENATE OF CANADA
BILL S-221
An Act to amend the Financial Administration Act (borrowing of money)
first reading, February 4, 2009
THE HONOURABLE SENATOR MURRAY, P.C.
3920727
SUMMARY
This enactment amends Part IV (Public Debt) of the Financial Administration Act to restrict the circumstances in which the Governor in Council may authorize the borrowing of money without legislative approval.
Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
2nd Session, 40th Parliament,
57 Elizabeth II, 2009
senate of canada
BILL S-221
An Act to amend the Financial Administration Act (borrowing of money)
R.S., c. F-11
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 43.1 of the Financial Administration Act is repealed.
2. The Act is amended by adding the following after section 46:
Refinancing
46.1 In any fiscal year, the Governor in Council may authorize the Minister to borrow money
(a) to pay any amount that is required to be paid in that fiscal year in respect of any money borrowed under the authority of this Act, other than section 47, or any other Act of Parliament; or
(b) to extinguish or reduce any liability of Canada that the Minister is of the opinion should be extinguished or reduced.
Temporary loans
47. Where it appears to the Governor in Council that the Consolidated Revenue Fund will be insufficient to meet the disbursements lawfully authorized to be made from it, the Governor in Council may authorize the Minister to borrow, for a period not exceeding six months, an amount not exceeding such amount as the Governor in Council deems necessary to ensure that the Consolidated Revenue Fund will be sufficient to meet those disbursements.
3. Section 49 of the Act is replaced by the following:
Report on debt management
49. (1) After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House, within the first 45 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the management of the public debt in the fiscal year to which the Public Accounts relate.
Report next fiscal year
(2) In every fiscal year, the Minister shall cause to be tabled in each House of Parliament a report on the Minister’s plans in relation to the management of the public debt in the next fiscal year.
Published under authority of the Senate of CanadaAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada
Explanatory Notes
Financial Administration Act
Clause 1: Existing text of section 43.1:
43.1 The Governor in Council may authorize the Minister to borrow money on behalf of Her Majesty in right of Canada.
Clause 2: New.
Clause 3: Existing text of section 49:
49. (1) After the Public Accounts are tabled in the House of Commons, the Minister shall cause to be tabled in each House of Parliament, within the first 30 days on which that House is sitting after the Public Accounts are tabled in the House of Commons, a report on the activities of the Minister in relation to the following:
(a) the money borrowed under section 43.1 in the fiscal year to which the Public Accounts relate; and
(b) the management of the public debt in the fiscal year to which the Public Accounts relate.
(2) In every fiscal year, the Minister shall cause to be tabled in each House of Parliament a report on the Minister’s plans in relation to the following:
(a) the money to be borrowed under section 43.1 in the next fiscal year and the purposes for which the moneys will be borrowed; and
(b) the management of the public debt in the next fiscal year.