An Act to amend the Investment Canada Act (foreign investments)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Roy Cullen  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of Nov. 27, 2006
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Investment Canada Act to provide for the review of foreign investments in Canada that could be contrary to the national interest. This enactment also provides that the Governor in Council may, by order, take any measures that the Governor in Council considers advisable to protect the national interest.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Investment Canada ActRoutine Proceedings

November 27th, 2006 / 3:05 p.m.
See context

Liberal

Roy Cullen Liberal Etobicoke North, ON

moved for leave to introduce Bill C-386, An Act to amend the Investment Canada Act (foreign investments).

Mr. Speaker, I am pleased to table my private member's bill, which would give the government the power to reject a takeover of a Canadian company if it was deemed not to be in our national interest. This test would go beyond the current net economic benefit test and is prompted by me due to the recent spate of takeovers of some of our major natural resource companies, such as Inco and Falconbridge.

I believe that in Canada we need to consciously decide whether our homegrown industries, especially our natural resource companies, should be in the hands of non-Canadians. We need to have a debate in this country. We should not allow this to happen by default, which is what is happening now.

(Motions deemed adopted, bill read the first time and printed)