This is a housekeeping amendment. I move that Bill C-25 in clause 108 be amended by replacing line 28 on page 34 with the following:
Order in council (4) (4) Sections 17, 19, 22, 37, 63, 71 and 88 come into force
The only change that we are adding here is section 17. The proposed amendment to clause 17 of the bill amends section 150 of the Canada Business Corporation Act to create a new regulatory authority to prescribe the manner of proxy circulars. This will facilitate the corporation's pursuing the notice and access system without requiring an exemption from the director of Corporations Canada. This will come in only because we had altered LIB-3. So, unless clause 108 is amended to bring clause 17 into the force on the date to be fixed by the Governor in Council, this section will come into force upon royal assent. This will create a gap in the law, as the law would refer to regulations on sending the proxy circulars that do not exist. This amendment is required to bring this action into force when regulations will also come into force.