First Session, Forty-fourth Parliament, 70 Elizabeth II, 2021 |
SENATE OF CANADA |
An Act respecting measures in relation to the financial stability of post-secondary institutions
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FIRST READING, November 24, 2021
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THE HONOURABLE SENATOR Moncion |
This enactment provides for the development of a proposal for federal initiatives designed to ensure the financial stability of post-secondary institutions. It also amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to exclude post-secondary educational institutions from the definitions of corporation and company under those Acts, respectively.
Available on the Senate of Canada website at the following address:
www.sencanada.ca/en |
1st Session, 44th Parliament, 70 Elizabeth II, 2021 |
SENATE OF CANADA |
BILL S-215 |
An Act respecting measures in relation to the financial stability of post-secondary institutions |
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1 This Act may be cited as the Post-Secondary Institutions Bankruptcy Protection Act.
2 The following definitions apply in this Act.
institution means an educational institution set out in any of the following:
(a) the Master List of Designated Educational Institutions published by the Government of Canada on its website;
(b) the Master List of Certified Educational Institutions published by the Government of Canada on its website;
(c) the Directory of Educational Institutions and Programs published by the Government of Quebec on its website. (établissement)
Minister means the member of the Queen’s Privy Council for Canada designated by the Governor in Council as the Minister for the purposes of this Act. (ministre)
3 The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purposes of this Act.
4 (1) The Minister must develop a proposal for federal initiatives designed to
(a) reduce the risk that an institution becomes bankrupt or insolvent;
(b) protect students, faculty and staff in the event that an institution becomes bankrupt or insolvent; and
(c) support communities that would be impacted by an institution becoming bankrupt or insolvent.
(2) The proposal under subsection (1) must be developed in consultation with representatives from
(a) institutions;
(b) provincial and municipal governments;
(c) groups and associations of — or advocating on behalf of — students, faculty and staff of institutions.
(3) The proposal must include both a list of legislative amendments that the Government of Canada intends to introduce and a timeline for their introduction in order to achieve the objectives described in paragraphs (1)(a) to (c).
(4) The development of the proposal must be completed as soon as practicable, but no later than one year after the day on which this section comes into force.
(5) The Minister must cause the proposal to be tabled in each House of Parliament as soon as practicable after it has been developed.
(6) After the proposal is tabled, the Minister must make it public.
R.S., c. B-3
corporation means Insertion start any Insertion end company, Insertion start corporation Insertion end or legal person incorporated by or under an Act of Parliament or of the legislature of a province, Insertion start any Insertion end incorporated company Insertion start having assets or doing Insertion end business in Canada, wherever incorporated, Insertion start and any Insertion end income trust, but does not include
(a) post-secondary educational institutions that receive from a government or a municipality funds that are paid for the purpose of assisting them in the ongoing provision of educational services to the general public,
End of inserted blockInsertion start (b) Insertion end banks Insertion start and Insertion end authorized foreign banks within the meaning of section 2 of the Bank Act,
Insertion start (c) Insertion end insurance companies, Insertion start and Insertion end
Insertion start (d) Insertion end companies Insertion start to which the Trust and Loan Companies Act applies Insertion end ; (personne morale)
R.S., c. C-36
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) post-secondary educational institutions that receive from a government or a municipality funds that are paid for the purpose of assisting them in the ongoing provision of educational services to the general public,
End of inserted blockInsertion start (b) Insertion end banks Insertion start and Insertion end authorized foreign banks within the meaning of section 2 of the Bank Act,
Insertion start (c) Insertion end telegraph companies,
Insertion start (d) Insertion end insurance companies, and
Insertion start (e) Insertion end companies to which the Trust and Loan Companies Act applies; (compagnie)
7 (1) Sections 5 and 6 come into force on a day or days to be fixed by order of the Governor in Council, on recommendation of the Minister.
(2) The Minister may only make a recommendation under subsection (1) if the Minister considers that doing so is consistent with the proposal developed under section 4.
Published under authority of the Senate of Canada
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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 banks, authorized foreign banks within the meaning of section 2 of the Bank Act, insurance companies, trust companies or loan companies; (personne morale)
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 banks, authorized foreign banks within the meaning of section 2 of the Bank Act, telegraph companies, insurance companies and companies to which the Trust and Loan Companies Act applies; (compagnie)