Thank you.
Thank you, Mr. Mayrand, and thanks to your colleagues.
I have just a couple of quick questions to start with.
Is it your opinion that the current Canada Elections Act provides for the conversion of loans into contributions after 18 months, under the current terminology? Has there been some doubt expressed about its not being as explicit as this is? Is that what we're trying to accomplish here, or do you see it as accomplishing that? My understanding was that these would always be converted into contributions after 18 months, under the current language. I understand it's perhaps more explicit now, but I wonder whether that understanding is correct.
I'm interested in the exceptions under proposed subsection 405.7(2). It is the exemptions to the provisions for deeming loans to be contributions. Just to make it easier, it lists a number of situations, including an unpaid amount that is subject to a legal agreement to pay. Other exemptions are being subject to legal proceedings, subject to a dispute. I'm not sure what an unpaid amount that is subject to a legal agreement to pay means. Maybe Ms. Davidson can give me that explanation. It sounds to me as though it means an agreement to extend the obligation to pay to a later date. If that is so, it's confusing to me, because it seems to subvert the intention of having it converted within 18 months.
The last question is much more general. Really I think you touched on it in your remarks. The specific concern is that the low amounts of contribution in Bill C-2, now $1,100 per individual, combined with the restrictions on who can provide loans—financial institutions—and therefore the obligations they will extract from the person they are lending to, guarantees or some sort of collateral, may create an unrealistic barrier to entry for people entering, say, a national leadership race in a party or even a nomination, and they may not have a political association to fall back on should they default. Up front, therefore, the financial institution may be very severely inhibited from extending them a loan.