European Bank for Reconstruction and Development Agreement Act

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Sections20

• 1Short title

  This Act may be cited as the European Bank for Reconstruction and Development Agreement Act.

• 2Definitions

  In this Act,

• 2[p2]

  Agreement means the Agreement Establishing the European Bank for Reconstruction and Development set out in the schedule; (Accord)

• 2[p3]

  Bank means the European Bank for Reconstruction and Development; (Banque)

• 2[p4]

  Minister means the Minister of Finance. (ministre)

• 3Agreement approved

  The Agreement is hereby approved.

• 4Acceptance and implementation

  The Governor in Council may authorize the acceptance of the Agreement on behalf of Canada and, subject to sections 5 and 6, do anything that is necessary in the opinion of the Governor in Council, including make appointments, orders and regulations, for carrying out the obligations or exercising the rights of Canada under the Agreement, and in particular for granting the privileges and immunities set out in the Agreement.

• 4.1Amendment to schedule

  The Governor in Council may, by order, amend the schedule to reflect amendments to the Agreement.

• 5Depository

  The Bank of Canada shall be the depository in Canada for the assets of the Bank.

• 6Initial subscription
• 6(1)

  The Minister may provide for payment out of the Consolidated Revenue Fund to the Bank, in the manner and at the times provided for in the Agreement, of an amount not exceeding one hundred and twenty million American dollars, in respect of Canada’s initial subscription of shares.

• 6(2)Financial assistance

  The Minister may provide financial assistance to the Bank by way of

• 6(2)(a)

  direct payments;

• 6(2)(b)

  the issuance of non-interest-bearing, non-negotiable demand notes;

• 6(2)(c)

  the purchase of shares on behalf of His Majesty in right of Canada;

• 6(2)(d)

  the issuance of guarantees; or

• 6(2)(e)

  any other manner that the Minister considers appropriate.

• 6(3)Limit

  The Minister may make payments out of the Consolidated Revenue Fund for the purposes of subsection (2) in an aggregate amount not exceeding, in any given period, the amount specified for that purpose in respect of that period in an appropriation by Parliament.

• 7Annual report

  The Minister shall cause to be laid before each House of Parliament within one year after the end of each fiscal year or, if either House is not sitting, on any of the first five days on which that House of Parliament is sitting, a report of operations containing a general summary of all actions taken under the authority of this Act, including their sustainable development aspects within the meaning of Article 2 of the Agreement, and their human rights aspects.

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  [Amendments]