Bill C-309: An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (public institutions)

R.S., c. B-3; 1992, c. 27, s. 2 Bankruptcy and Insolvency Act 1 The definition corporation in section 2 of the Bankruptcy and Insolvency Act is replaced by the following: corporation  means a company or legal person that is incorporated by or under an Act of Parliament or of the legislature of a province, an incorporated company, wherever incorporated, that is authorized to carry on business in Canada or has an office or property in Canada or an income trust, but does not include (a) banks and authorized foreign banks within the meaning of section 2 of the Bank Act , (b) insurance companies, (c) trust companies, (d) loan companies, or (e) public institutions that receive government operating grants and that are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance and administration; ( personne morale ) R.S., c. C-36 Companies’ Creditors Arrangement Act 2 The definition company in subsection 2(1) of the Companies’ Creditors Arrangement Act is replaced by the following: company  means any company, corporation or legal person incorporated by or under an Act of Parliament or of the legislature of a province, any incorporated company having assets or doing business in Canada, wherever incorporated, and any income trust, but does not include (a) banks and authorized foreign banks within the meaning of section 2 of the Bank Act , (b) telegraph companies, (c) insurance companies, (d) companies to which the Trust and Loan Companies Act applies, or (e) public institutions that receive government operating grants and that are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance and administration; ( compagnie )