Financial Administration Act

Marginal note:Property of the Crown

• 99 (1) Where the title to property is held in the name of an agent corporation, that property is the property of the Crown.

• Marginal note:Disposal of property

  (2) Subject to this section and sections 90, 91 and 130, an agent corporation may sell or otherwise dispose of any property held by the corporation and may retain and use the proceeds of disposition thereof, but only

  • (a) in accordance with the regulations; or

  • (b) on the authorization of the Governor in Council.

• Marginal note:Exception

  (3) Subsection (2) does not apply in respect of any sale or other disposal of real or personal property by an agent corporation established by an Act of Parliament, if

  • (a) the corporation is specifically empowered by that Act or any other Act of Parliament to sell or otherwise dispose of real or personal property, as the case may be; or

  • (b) the corporation is specifically empowered by that Act or any other Act of Parliament to sell or otherwise dispose of real or personal property, as the case may be, for consideration not exceeding a specified amount and the sale or other disposal of the real or personal property is for consideration equal to or less than the specified amount.

• Marginal note:Regulations

  (4) For the purposes of subsection (2), the Governor in Council may make regulations

  • (a) prescribing the terms and conditions on which an agent corporation may sell or otherwise dispose of property;

  • (b) prescribing the circumstances in which an agent corporation may retain and use all or any part of the proceeds of any disposition of property; and

  • (c) exempting a specified agent corporation or an agent corporation of a specified class from the application of paragraphs (2)(a) and (b), either generally or in respect of any specified property or any property of a specified class.

• Marginal note:Terms and conditions

  (5) The Governor in Council may, in any authorizing order under subsection (2), specify such terms and conditions as he deems appropriate, including terms and conditions respecting the retention and use of all or any part of the proceeds of the disposition by the agent corporation.

• Marginal note:Provision and Acts not applicable

  (6) Section 61 of this Act, the Surplus Crown Assets Act, and the Federal Real Property and Federal Immovables Act, except paragraphs 16(1)(g) and (h) and (2)(g) and subsection 18(6), do not apply to an agent corporation.