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 3Early 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 5Canada Education Savings Grants

72 to 75 [Amendments]

PART 6Administration Agreements with Aboriginal Governments

76 to 79 [Amendments]

PART 7Tobacco Products

80 to 83 [Amendments]

PART 8Air Transportation Tax

84 to 90 [Amendments]

PART 9National Child Benefit System

91 to 98 [Amendments]

PART 10Student Loans

99 to 103 [Amendments]

PART 11Employer’s Premium Refund

104 [Amendment]

PART 12Supplement and Allowances

105 to 124 [Amendments]

PART 13Financial 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]

RELATED PROVISIONS

— 2008, c. 28, s. 94
- Liquidation
  - 94 (1) Within six months after the day on which this subsection comes into force, or any longer time that the Governor in Council determines on the recommendation of the Minister of Human Resources and Skills Development, the Canada Millennium Scholarship Foundation, established by section 3 of the Budget Implementation Act, 1998 and referred to in this Part as “the Foundation”, shall sell or otherwise dispose of all of its property other than property referred to in subsection (3) and discharge all of its liabilities, on terms and conditions that are approved by the Governor in Council.
  - Donations of money
    (2) Despite subsection (1), money that was donated to the Foundation under section 21 of the Budget Implementation Act, 1998 — including any income arising from the investment of the money — and that was not used for carrying out the objects and purposes of the Foundation shall be paid to the donor.
  - Transfer to department
    (3) Within the period referred to in subsection (1), the Foundation shall transfer to the Department of Human Resources and Skills Development the following things, including any electronic versions of them:
    - (a) the books of account and other records referred to in section 35 of the Budget Implementation Act, 1998, as well as any information that the Foundation collected in order to produce them;
    - (b) all other information that the Foundation has under its control concerning persons who have received scholarships or any other financial assistance from it;
    - (c) any studies that the Foundation has under its control, and any other information that it has collected through research; and
    - (d) any database containing information related to any of those books of account and other records, that other information and those studies, as well as any information necessary in order to use the database.
  - Remaining money
    (4) After satisfying the obligations set out in subsections (1) to (3), the Foundation shall deposit all of its remaining money in the Consolidated Revenue Fund to the credit of the Receiver General.
  - Dissolution
    (5) The Foundation is dissolved.

Date modified:: 2024-11-13

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Budget Implementation Act, 1998 (S.C. 1998, c. 21)