This Act authorizes specified public payments and gives the Minister of Finance power to make agreements with international organizations for debt-relief payments.
An Act to implement certain provisions of the budget tabled in Parliament on January 27, 2009 and to implement other measures Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Short title This Act may be cited as the Economic Recovery Act (stimulus). [Amendments] [Amendment] Maximum payment of $2,500,000,000 For the purpose of Canada’s contribution to the Multilateral Debt Relief Initiative, or for making contributions towards multilateral debt relief, there may, in respect of fiscal years in the period that begins on April 1, 2009 and ends on March 31, 2054, be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, sums, not exceeding in the aggregate $200 million in each fiscal year, to international organizations in order to make debt payments on behalf of eligible countries. No more than a total of $2.5 billion may be paid out under this subsection. Agreements The Minister of Finance may enter into arrangements or agreements with international organizations for the purpose of the payments referred to in subsection (1). Payment of $174,500,000 Before April 1, 2010, there may be paid to Nova Scotia out of the Consolidated Revenue Fund, on the requisition of the Minister of Natural Resources, $174,500,000. Subsection 114(2) of the Canada Pension Plan does not apply Subsection 114(2) of the Canada Pension Plan does not apply in respect of the amendments to that Act contained in sections 25 to 42. Order in council Sections 25 to 42 come into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day or days to be fixed by order of the Governor in Council. [Note: Sections 30 and 31, subsection 32(2) and sections 33, 34, 41 and 42 in force September 1, 2010, sections 25 to 29, subsection 32(1) and sections 35 to 40 in force January 1, 2012, see SI/2010-57.] April 1, 1998 Subsection 45(1) is deemed to have come into force on April 1, 1998. [Note: Section 44 and subsection 45(2) in force December 31, 2011, see SI/2011-116.] April 1, 2011 Sections 58 to 60 come into force on April 1, 2011. [Related provision]