Canada gets a new standalone statute governing the Canada Development Investment Corporation

Plain-language summary · AI-assisted · not legal advice

A new federal Act formally continues the Canada Development Investment Corporation (CDEV) — previously incorporated under the Canada Business Corporations Act — as a statutory Crown corporation and agent of the federal Crown. CDEV's mandate is to help create and develop Canadian businesses, resources, property and industries, operating in a commercial manner in Canada's best interests. The Corporation can invest in companies and ventures, provide strategic and financial advice to government, manage assets assigned by the government, and issue guarantees subject to Finance Minister approval. Its governance structure (board, chair, CEO) is set out in the Act, along with rules on share capital, borrowing from the Consolidated Revenue Fund, and strict confidentiality obligations for investment-related information. Existing directors, property, contracts, liabilities and by-laws of the predecessor corporation carry over automatically.

Who this affects: Canada Development Investment Corporation (CDEV) and its subsidiaries · federal government ministers and departments dealing with CDEV · entities in which CDEV holds investments · CDEV directors, officers and employees