Bill C-396: An Act to amend the Department of Industry Act (financial assistance)

Bill C-396 LEGISinfo First Reading Bilingual view XML PDF Department of Industry Act Coming into Force First Session, Forty-second Parliament, 64-65-66 Elizabeth II, 2015-2016-2017-2018 HOUSE OF COMMONS OF CANADA BILL C-396 An Act to amend the Department of Industry Act (financial assistance) FIRST READING, February 5, 2018 Mr. Bernier 421486 SUMMARY This enactment amends the Department of Industry Act in order to require the Minister of Industry to publish certain information concerning the financial assistance provided either under section 14 of the Act or by any economic development or opportunities agency for which the Minister is responsible. Available on the House of Commons website at the following address: www.ourcommons.ca 1st Session, 42nd Parliament, 64-65-66 Elizabeth II, 2015-2016-2017-2018 HOUSE OF COMMONS OF CANADA BILL C-396 An Act to amend the Department of Industry Act (financial assistance) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1995, c. 1 Department of Industry Act 1 The Department of Industry Act is amended by adding the following after section 14: Definition of quarter 14.‍1 (1) In this section, quarter means any period of three months beginning on the first day of January, April, July or October. Publication — financial assistance (2) Within 90 days after the end of a quarter in which loans or grants or contributions were made or loan insurance or credit insurance was provided, either under section 14 or by any economic development or opportunities agency for which the Minister is responsible, the Minister shall publish the following information on the department’s website: (a) a statement of all loans and grants or contributions made, and loan insurance or credit insurance provided during that quarter; (b) the circumstances of and terms and conditions for repayment of the loans made, the repayment method chosen, the repayment schedule and the repayment status; and (c) in the event that stock options or other financial or similar instruments were obtained as a condition under which loans or grants or contributions were made, or loan insurance or credit insurance provided, the details of these options, including the number of options acquired, exercised, assigned or sold, and the terms and conditions attached to the options. Coming into Force Coming into force 2 This Act comes into force 90 days after the day on which it receives royal assent. Published under authority of the Speaker of the House of Commons Publication Explorer Publication Explorer ParlVU