Export Development Act

The Corporations Act (Canada) defines the purposes and powers of a corporation established for business development and export trade support. The corporation's main objectives are to:

• Support domestic business development, as requested by the Minister and the Minister of Finance, for a specified period.
• Promote Canada's export trade and its capacity to engage in international business opportunities.
• Provide development financing and other forms of development support consistent with Canada's international development priorities.

The corporation is authorized to carry out these purposes through various means, including:

• Acquiring and disposing of property
• Entering into insurance, reinsurance, indemnity, or guarantee arrangements
• Extending credit or providing undertakings to pay money to individuals or entities
• Preparing, compiling, publishing, and distributing information; providing consulting services
• Procuring the incorporation, dissolution, or amalgamation of subsidiaries

The corporation's contingent liability in respect of outstanding arrangements entered into under paragraph (1.1)(b) is limited by the Minister of Finance. The regulations made under section 10(6) may specify that certain transactions require the approval of the Minister, the Minister jointly with the Minister of Finance, or the Governor in Council.

Before entering into a transaction related to a project, the corporation must determine whether it is likely to have adverse environmental effects despite mitigation measures and whether it is justified in entering into the transaction. The Board shall issue a directive respecting this determination, which may define words and expressions, establish criteria for making the determination, and establish exceptions.

The authorized capital of the Corporation is determined by the Minister of Finance.