Thank you, Mr. Chair.
I think we're all on the same page about Mr. Bachrach's intent with this amendment. We do want to give the ports a bit more time before these provisions come into force. I think it's a great idea and it's completely in line with the amendment we just passed.
For the sake of clarity and once again to get a bit more granular, we would like to propose a subamendment to make the timelines extremely clear for everyone. Our subamendment would make these base compliance timelines a year after this section comes into force. It will also give ports the ability to submit based on the date of their letters patent. Here we are with the letters patent again. That will give extra flexibility.
Mr. Chairman, I propose, as proposed subsection 37.1(4):
In the case of a port authority specified in subsection 37.3(a), the quarterly financial report must be prepared within a year after the day on which this section comes into force.
As well, Mr. Chair, as proposed subsection 37.1(4.1), we propose:
Despite subsection (3), a port authority must publish on the port authority’s website the reports for each of the first three quarters of its first financial year after its letters patent are issued within one year after the day on which its letters patent are issued.