Budget Implementation Act, 1998

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:

Short Title

Marginal note: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PART 1 [Repealed, 2008, c. 28, s. 95]

2 [Repealed, 2008, c. 28, s. 95]

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PART 2 Authorization of Divestiture

Meaning of Corporation

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

Marginal note: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.

Marginal note: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.

Marginal note: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.

Marginal note: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.

Marginal note:Procurement of dissolution

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

Marginal note: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.

Marginal note: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.

Marginal note: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.

Marginal note: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.

Marginal note: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]

Marginal note:Coming into force

Footnote *56 Sections 53 to 55 come into force on a day to be fixed by order of the Governor in Council.

Return to footnote *[Note: Sections 53 to 55 repealed before coming into force, see 2008, c. 20, s. 3.]

PART 3 Early Retirement — Suspension of Separation Benefit

Marginal note: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.

Marginal note: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]

Marginal note:Coming into force

Footnote *133 Sections 127 to 132 come into force on a day or days to be fixed by order of the Governor in Council.

Return to footnote *[Note: Sections 128 to 130 in force July 16, 1998, see SI/98-83; section 127 in force February 10, 1999, see SI/99-12; sections 131 and 132 in force November 30, 2012, see SI/2012-91.]

SCHEDULE
[Amendment]