Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 1 - Minutes of Proceedings
OTTAWA, Tuesday, October 21, 1997
(1)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:00 a.m. in Room 505, Victoria Building, for its organization meeting.
Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Kelleher, P.C., Kirby, Kolber, Meighen, Oliver, Stanbury, Stewart and Tkachuk. (11)
In attendance: From the Research Branch of the Library of Parliament: Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government.
Also present: The official reporters of the Senate.
Pursuant to rule 88, the clerk presided over the election of a chairman.
The Honourable Senator Austin moved -- That the Honourable Senator Kirby be Chairman of the committee.
The question being put on the motion, it was adopted.
The Honourable Senator Oliver moved -- That the Honourable Senator Tkachuk be Deputy Chairman of the committee.
The question being put on the motion, it was adopted.
The Honourable Senator Stewart moved -- That the Subcommittee on Agenda and Procedure be composed of the Chairman, the Deputy Chairman and one other member of the committee to be designated after the usual consultation; That on matters of agenda and procedure, the subcommittee be empowered to make decisions on behalf of the committee; That the subcommittee be empowered to invite witnesses and schedule hearings; and That the subcommittee report its decisions to the committee.
And the question being put on the motion, it was adopted.
The Honourable Senator Kolber moved -- That the committee print 600 copies of its proceedings and the Chairman be authorized to adjust this number based on demand.
The question being put on the motion, it was adopted.
The Honourable Senator Stanbury moved -- That, pursuant to rule 89, the Chairman be authorized to hold meetings, to receive and authorize the printing of the evidence when a quorum is not present.
The question being put on the motion, it was adopted.
The Honourable Senator Stewart moved -- That, pursuant to rule 104, the Chairman be authorised to report expenses incurred by the committee in the last session.
The question being put on the motion, it was adopted.
The Honourable Senator Meighen moved -- That the committee ask the Library of Parliament to assign a research officer to the committee; That the Chair be authorized to seek authority from the Senate to engage the services of such counsel and technical, clerical and other personnel as may be necessary for the purpose of the committee's examination and consideration of such bills, subject-matters of bills and estimates as are referred to it; That the Subcommittee on Agenda and Procedure be authorized to retain the services of such experts as may be required by the work of the committee; and That the Chairman, on behalf of the committee, direct the research staff in the preparation of studies, analyses and summaries.
The question being put on the motion, it was adopted.
The Honourable Senator Callbeck moved -- That, pursuant to section 32 of the Financial Administration Act, authority to commit funds be conferred on the Chairman or in his absence, the Deputy Chairman; and That, pursuant to section 34 of the Financial Administration Act, and guideline 3:05 of Appendix II of the Rules of the Senate, authority for certifying accounts payable by the committee be conferred on the Chairman, the Deputy Chairman, and the clerk of the committee.
The question being put on the motion, it was adopted.
The Honourable Senator Stewart moved -- That, pursuant to the Senate guidelines for travel, the committee empower the Chair to designate, as required, one or more members of the committee and/or such staff as may be necessary to travel on assignment on behalf of the committee.
The question being put on the motion, it was adopted.
The Honourable Senator Stanbury moved -- That, pursuant to the Senate guidelines for witnesses expenses, the committee may reimburse reasonable travelling and living expenses for no more than two witnesses from any one organization and payment will take place upon application.
The question being put on the motion, it was adopted.
The Honourable Senator Oliver moved -- That the Chair be authorized to seek authority from the Senate to permit coverage by electronic media of the committee's public proceedings with the least possible disruption of its hearings; and That the Subcommittee on Agenda and Procedure be empowered to allow such coverage at its discretion.
The question being put on the motion, it was adopted.
It was also agreed -- That when the committee meets on Tuesday mornings, it will be at 9:30 a.m. rather than at 10:00 a.m.
The committee then proceeded in camera to discuss future business.
It was agreed -- That the Chair seek authority from the Senate to examine and report upon the present state of the financial system in Canada; That, should the committee receive such authority, this committee concur in the following budget application for the purpose of its consideration of the examination of the state of the financial system in Canada, and That the Chairman submit the said budget to the Standing Committee on Internal Economy, Budgets and Administration for approval:
Professional and special services $ 34,940 Transport and Communications $ 209,300 All other expenses $ 22,000
TOTAL $ 266,240
It was agreed -- That, should the committee receive authority to examine the state of the financial system in Canada, the Chairman table a report in the chamber, laying out the options with regard to joint and several liability and professional defendants.
At 11:00 a.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, October 23, 1997
(2)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:00 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Callbeck, Kelleher, P.C., Kirby, Meighen, Oliver, Stewart and Tkachuk. (8)
Other senator present: The Honourable Senator Kenny.
In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Canadian Institute of Chartered Accountants:
Mr. Michael H. Rayner, President;
Mr. Ross Walker, Chairman, Legal Liability Task Force; and
Mr. William Broadhurst, Past Chairman, Legal Liability Task Force.
Pursuant to the order of reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of professional liability.
Messrs Rayner, Broadhurst and Walker, each in turn, made statements and then answered questions.
At 1:05 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Paul Benoit
Clerk of the Committee