S-217
First Session, Forty-first Parliament,
60-61-62 Elizabeth II, 2011-2012-2013
SENATE OF CANADA
BILL S-217
An Act to amend the Financial Administration Act (borrowing of money)
first reading, March 21, 2013
THE HONOURABLE SENATOR MOORE
0727
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.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
1st Session, 41st Parliament,
60-61-62 Elizabeth II, 2011-2012-2013
senate of canada
BILL S-217
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Act is repealed.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.
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Explanatory Notes
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.