Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 11 - Minutes of Proceedings

OTTAWA, Tuesday, February 24, 1998 (19)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day, at 9:30 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Hervieux-Payette, P.C., Kenny, Kirby, Kolber, Oliver, Stewart and Tkachuk (10).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

For Bill S-9

From the Department of Finance:

Mr. John Grace, Economist, Finance Sector Division;

Mr. Frank Swedlove, Director, Finance Sector Division; and

Ms Kristina Knopp, Counsel, General Legal Services.

From the Bank of Canada:

Mr. Clyde Goodlet, Regulatory Policy Adviser, Department of Monetary and Financial Analysis.

For Bill C-5

From the Department of Industry Canada:

Mr. Lee Gill, Acting Director, Corporate Law Policy Directorate;

Mr. Irving Miller, Legal Counsel, Legal Services;

Ms Cheryl Ringor, Corporate Examination Officer, Corporations Directorate; and

Ms Jennifer Elliot, Legal Policy Analyst, Corporate Law Policy Directorate.

From the Department of Agriculture and Agri-Food Canada:

Mr. Lynden Hillier, Executive Director, Co-operatives Secretariat.

From the Canadian Cooperatives Association:

Mr. Bill Turner, President;

Mr. Joseph J. Dierker; Legal Counsel; and

Ms Mary Pat MacKinnon, Director of Policy.

From Le Conseil canadien de la coopération:

Mr. Magella St-Pierre, President;

Ms Sylvie St-Pierre-Babin, Executive Director; and

Mr. Réjean Laflamme, Program Director.

Pursuant to the Order of Reference adopted by the Senate on Friday, December 12, 1997, the committee proceeded to study Bill S-9, An Act respecting depository bills and depository notes and to amend the Financial Administration Act.

Mr. Swedlove made an opening statement and along with Mr. Goodlet and Ms Knopp answered questions.

After consideration of the clauses of the Bill it was agreed, -- That Bill S-9 be adopted and reported to the Senate with the following amendment to clause 17:

Page 5, clause 17:

replacing line 36 on page 5 with the following:

"makes final and irrevocable payment of the amounts owing to the clearing house"

Pursuant to the Order of Reference adopted by the Senate on Tuesday, December 16, 1997, the committee proceeded to study Bill C-5, An Act respecting cooperatives.

Mr. Gill made an opening statement and along with Messrs Hillier and Miller and Ms Elliot answered questions.

Mr. St-Pierre made an opening statement and answered questions.

Mr. Turner made an opening statement and along with Mr. Dierker and Ms MacKinnon answered questions.

It was agreed, -- That Bill C-5 be adopted and reported to the Senate without amendment.

At 11:55 a.m. the committee adjourned to the call of the Chair.

ATTEST:

Paul Benoit

Clerk of the Committee