Law:Budget Implementation Act, 1998

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S.c. 1998, c. 21

Assented to 1998-06-18

An Act to implement certain provisions of the budget tabled in Parliament on February 24, 1998

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:


Contents

Short Title

Short title

1. This Act may be cited as the Budget Implementation Act, 1998.


PART 1. (Repealed, 2008, c. 28, s. 95)

2. (Repealed, 2008, c. 28, s. 95)

Previous Version3. (Repealed, 2008, c. 28, s. 95)

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Previous Version5. (Repealed, 2008, c. 28, s. 95)

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Previous Version13. (Repealed, 2008, c. 28, s. 95)

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Previous Version21. (Repealed, 2008, c. 28, s. 95)

Previous Version22. (Repealed, 2008, c. 28, s. 95)

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Previous Version28. (Repealed, 2008, c. 28, s. 95)

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Previous Version30. (Repealed, 2008, c. 28, s. 95)

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Previous Version42. (Repealed, 2008, c. 28, s. 95)

Previous Version43. (Repealed, 2008, c. 28, s. 96)

Previous Version44. (Repealed, 2008, c. 28, s. 97)

Previous Version45. (Repealed, 2008, c. 28, s. 97)

Previous Version46. (Repealed, 2008, c. 28, s. 97)

Previous Version

Part 2. Authorization Of Divestiture

Meaning of “Corporation”

47. In this Part, “Corporation” means the Canada Development Investment Corporation.

Authority to sell

48. (1) The Governor in Council may, on any terms and conditions that the Governor in Council considers appropriate, by order, authorize

(a) the Corporation to sell or otherwise dispose of any shares of any of its wholly-owned subsidiaries; or

(b) any wholly-owned subsidiary of the Corporation to sell or otherwise dispose of all or substantially all of the wholly-owned subsidiary’s assets.

Shares

(2) For the purpose of paragraph (1)(b), “assets” of a wholly-owned subsidiary of the Corporation include shares of any other corporation held by the wholly-owned subsidiary or by any person on its behalf, or held in trust for it.

Transfer of administration of property

49. (1) The Governor in Council may, by order, transfer or direct to be transferred the administration, management and control of any property, rights or interests held by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.

Transfer of obligations and liabilities

(2) The Governor in Council may, by order, transfer or direct to be the transferred any obligation or liability incurred by any wholly-owned subsidiary of the Corporation from the wholly-owned subsidiary to any minister, department or agency of the Government of Canada.

Procurement of dissolution

50. (1) The Minister of Finance is hereby authorized to procure the dissolution of the Corporation.

References

(2) On the dissolution of the Corporation, every reference to the Canada Development Investment Corporation in any deed, contract or other document executed by that Corporation shall, unless the context otherwise requires, be read as a reference to Her Majesty in right of Canada.

Closing out affairs

(3) The Minister of Finance may do all things and perform all acts necessary for or incidental to closing out the affairs of the Corporation.

Commencement of legal proceedings

51. (1) Any action, suit or other legal proceeding in respect of an obligation or liability incurred by the Corporation, or by the Minister of Finance in closing out the affairs of that corporation, may be brought against Her Majesty in right of Canada in any court that would have had jurisdiction if the action, suit or other legal proceeding had been brought against the Corporation.

Continuation of legal proceedings

(2) Any action, suit or other legal proceeding to which the Corporation is party pending in any court on the coming into force of this section may be continued by or against Her Majesty in right of Canada in like manner and to the same extent as it could have been continued by or against the Corporation.

Adjustment of accounts of Canada

52. The Minister of Finance, after consultation with the President of the Treasury Board, shall cause any adjustments to be made in the accounts of Canada that are required as a result of any transaction authorized or required under this Part.

53. to 55. (Amendments)

Coming into force


PART 3. EARLY RETIREMENT — SUSPENSION OF SEPARATION BENEFIT

Suspension of separation benefit

57. (1) A person to whom a notice of surplus status is given between July 15, 1995 and March 31, 1998 who subsequently elects to receive an annual benefit under section 4 of the Retirement Compensation Arrangements Regulations, No. 2 and who ceases to be employed in the Public Service between June 23, 1998 and September 30, 1998 is not entitled to a separation benefit under the Work Force Adjustment Directive.

Definitions

(2) For the purpose of subsection (1), “notice of surplus status”, “Public Service” and “Work Force Adjustment Directive” have the same meaning as in subsection 2(1) of the Retirement Compensation Arrangements Regulations, No. 2.


PART 4. (Repealed, 2000, c. 14, s. 31)

Part 5. Canada Education Savings Grants

72. to 75. (Amendments)


Part 6. Administration Agreements With Aboriginal Governments

76. to 79. (Amendments)


Part 7. Tobacco Products

80. to 83. (Amendments)


Part 8. Air Transportation Tax

84. to 90. (Amendments)


Part 9. National Child Benefit System

91. to 98. (Amendments)


Part 10. Student Loans

99. to 103. (Amendments)


PART 11. EMPLOYER’S PREMIUM REFUND

104. (Amendment)


Part 12. Supplement And Allowances

105. to 124. (Amendments)


Part 13. Financial Assistance To International Financial Institutions And Foreign States

125. to 132. (Amendments)

Coming into force

Schedule

(Amendment)


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