S-230
Second Session, Fortieth Parliament,
57-58 Elizabeth II, 2009
SENATE OF CANADA
BILL S-230
An Act to amend the Bank of Canada Act (credit rating agency)
first reading, March 10, 2009
THE HONOURABLE SENATOR GRAFSTEIN
4020831
SUMMARY
This enactment amends the Bank of Canada Act to provide for the establishment of a credit rating agency by the Bank of Canada.
Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
2nd Session, 40th Parliament,
57-58 Elizabeth II, 2009
senate of canada
BILL S-230
An Act to amend the Bank of Canada Act (credit rating agency)
R.S., c. B-2
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. The Bank of Canada Act is amended by adding the following after section 35:
CREDIT RATING AGENCY
Credit Rating Agency — establishment
36. (1) Within six months after this section comes into force, the Bank shall incorporate a corporation under the Canada Business Corporations Act to carry on the business of a credit rating agency.
Provisions that apply
(2) The following apply with respect to the corporation incorporated under subsection (1):
(a) the shares of the corporation shall be held by the Bank;
(b) the corporation is not an agent of the Crown or a branch or agent of the Bank;
(c) the corporation is not a Crown corporation or a wholly-owned subsidiary for the purposes of section 83 of the Financial Administration Act;
(d) despite paragraph (c), the corporation shall be deemed to be a Crown corporation for the purposes of section 14 of the Auditor General Act; and
(e) the firms of auditors that audit the affairs of the Bank under section 28 shall also audit the corporation and subsections 28(5) and (6) apply with respect to the corporation.
Coming into force
2. (1) Subject to subsection (2), the provisions of this Act come into force on a day or days to be fixed by order of the Governor in Council.
Royal recommendation
(2) No order may be made under subsection (1) unless the appropriation of moneys for the purposes of this Act has been recommended by the Governor General and such moneys have been appropriated by Parliament.
Published under authority of the Senate of CanadaAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada
Explanatory Notes
Bank of Canada Act
Clause 1: New.