INDU Committee Report
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| In accordance with its Order of Reference of Wednesday, May 12, 2021, your committee has considered Bill C-253, An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans), and agreed on Thursday, June 17, 2021, to report it with the following amendment: New Clause 6 That Bill C-253 be amended by adding after line 29 on page 4 the following new clauses: “Transitional Provisions 6 (1) Sections 1 to 3 do not apply in respect of a person who is an employer who, on the day before the day on which those sections come into force, participated in a prescribed pension plan for the benefit of the person’s employees until the third anniversary of the day on which this Act comes into force. (2)Subsections 5(2) and (3) do not apply in respect of a company that, on the day before the day on which those subsections come into force, participated in a prescribed pension plan for the benefit of its employees until the third anniversary of the day on which this Act comes into force. Coming into Force 7 Section 4 and subsection 5(1) come into force three years after the day on which this Act receives royal assent.” |
| Your committee has ordered a reprint of Bill C-253, as amended, as a working copy for the use of the House of Commons at the report stage. |
| A copy of the relevant Minutes of Proceedings (Meetings Nos. 40 and 42 to 47) is tabled. |