Short Title Short title 1 This Act may be cited as the  Post-Secondary Institutions Bankruptcy Protection Act . Interpretation Interpretation 2 The following definitions apply in this Act. institution  means an educational institution set out in any of the following: (a) the  Master List of Designated Educational Institutions  published by the Government of Canada on its website; (b) the  Master List of Certified Educational Institutions  published by the Government of Canada on its website; (c) the  Directory of Educational Institutions and Programs  published by the Government of Quebec on its website. ( établissement ) Minister  means the member of the Queen’s Privy Council for Canada designated by the Governor in Council as the Minister for the purposes of this Act. ( ministre ) Designation of Minister Power of Governor in Council 3 The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purposes of this Act. Proposal Proposal 4 (1) The Minister must develop a proposal for federal initiatives designed to (a) reduce the risk that an institution becomes bankrupt or insolvent; (b) protect students, faculty and staff in the event that an institution becomes bankrupt or insolvent; and (c) support communities that would be impacted by an institution becoming bankrupt or insolvent. Consultation (2) The proposal under subsection (1) must be developed in consultation with representatives from (a) institutions; (b) provincial and municipal governments; (c) groups and associations of — or advocating on behalf of — students, faculty and staff of institutions. Inclusion (3) The proposal must include both a list of legislative amendments that the Government of Canada intends to introduce and a timeline for their introduction in order to achieve the objectives described in paragraphs (1)(a) to (c). Time limit (4) The development of the proposal must be completed as soon as practicable, but no later than one year after the day on which this section comes into force.  Tabling in Parliament (5) The Minister must cause the proposal to be tabled in each House of Parliament as soon as practicable after it has been developed. Action plan made public (6) After the proposal is tabled, the Minister must make it public. R.S., c. B-3 Bankruptcy and Insolvency Act 5 The definition  corporation  in section 2 of the  Bankruptcy and Insolvency Act  is replaced by the following: corporation  means  any  company,  corporation  or legal person incorporated by or under an Act of Parliament or of the legislature of a province,  any  incorporated company  having assets or doing  business in Canada, wherever incorporated,  and any  income trust, but does not include (a) post-secondary educational institutions that receive from a government or a municipality funds that are paid for the purpose of assisting them in the ongoing provision of educational services to the general public, (b) banks   and   authorized foreign banks  within the meaning of section 2 of the  Bank Act , (c) insurance companies,  and (d) companies  to which the  Trust and Loan Companies Act  applies ; ( personne morale ) Bankruptcy and Insolvency Act Clause 5 : Existing text of the definition: corporation  means a company or legal person that is incorporated by or under an Act of Parliament or of the legislature of a province, an incorporated company, wherever incorporated, that is authorized to carry on business in Canada or has an office or property in Canada or an income trust, but does not include banks, authorized foreign banks within the meaning of section 2 of the  Bank Act , insurance companies, trust companies or loan companies;  (personne morale ) R.S., c. C-36 Companies’ Creditors Arrangement Act 6 The definition  company  in section 2 of the  Companies’ Creditors Arrangement Act  is replaced by the following: company  means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include (a) post-secondary educational institutions that receive from a government or a municipality funds that are paid for the purpose of assisting them in the ongoing provision of educational services to the general public, (b) banks   and   authorized foreign banks  within the meaning of section 2 of the  Bank Act , (c) telegraph companies, (d) insurance companies, and (e) companies to which the  Trust and Loan Companies Act  applies; ( compagnie ) Companies’ Creditors Arrangement Act Clause 6 : Existing text of the definition: company  means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include banks, authorized foreign banks within the meaning of section 2 of the  Bank Act , telegraph companies, insurance companies and companies to which the  Trust and Loan Companies Act  applies; ( compagnie ) Coming into Force Order in council 7 (1) Sections 5 and 6 come into force on a day or days to be fixed by order of the Governor in Council, on recommendation of the Minister. Recommendation (2) The Minister may only make a recommendation under subsection (1) if the Minister considers that doing so is consistent with the proposal developed under section 4.