Translation of "Faire provision pour une lettre de change " (French → English) :

to protect a bill

463. For the purposes of sections 425 to 436, where a bank accepts a bill of exchange drawn on it and not payable on demand or pays or makes money available for the payment of such a bill of exchange, or issues a guarantee, or otherwise makes a promise to effect a payment, the bank is deemed to lend money or make an advance.

580. For the purposes of sections 425 to 436, as incorporated by section 555, where an authorized foreign bank accepts a bill of exchange drawn on it and not payable on demand or pays or makes money available for the payment of such a bill of exchange, or issues a guarantee, or otherwise makes a promise to effect a payment, the authorized foreign bank is deemed to lend money or make an advance.

The parliamentary secretary referred to the fact that rather than the instrument itself having to change hands, as is required under a bill of exchange, they just need a bookkeeping entry signed by both sides in the books of the depository to make the transaction legal.

However, the Fathers of Confederation, not content with giving Parliament what they thought an ample general power, added, “for greater certainty,” a long list of examples of exclusive national powers: taxation, direct and indirect; regulation of trade and commerce (the courts have interpreted this to mean interprovincial and international trade and commerce); “the public debt and property” (this enables Parliament to make grants to individuals — such as Family Allowances — or to provinces: hospital insurance and medicare, higher education, public assistance to the needy, and equalization grants to bring the standards of health, educat ...[+++]ion and general welfare in the poorer provinces up to an average national standard); the Post Office; the census and statistics; defenceCourtesy: Canadian Forces/MCpl Michel Durand; beacons, buoys, lighthouses and Sable Island; * navigation and shipping; quarantine; marine hospitals; the fisheries; interprovincial and international ferries, shipping, railways, telegraphs, and other such international or interprovincial “works and undertakings” — which the courts have interpreted to cover pipelines and telephones; money and banking; interest; bills of exchange and promissory notes; bankruptcy; weights and measures; patents; copyrights; Indians and Indian lands (the courts have interpreted this to cover Inuit as well); naturalization and aliens; the criminal law and procedure in criminal cases; the general law of marriage and divorce; and local works declared by Parliament to be “for the general advantage of Canada or of two or more of the provinces” (this has been used many times, notably to bring atomic energy and the grain trade under exclusive national jurisdiction).