Statutes of Newfoundland and Labrador 2001 Chapter 11

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Statutes of Newfoundland and Labrador 2001

Statutes of Newfoundland and Labrador 2001 Chapter 11 CHAPTER 11

AN ACT TO AMEND THE FINANCIAL ADMINISTRATION ACT
(Assented to May 24, 2001)

Analysis

1. S.44 Amdt.
Powers of Lieutenant-Governor in Council

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSN1990 cF-8
as amended

1. (1) Paragraph 44(1)(e) of the Financial Administration Act is repealed and the following substituted:

(e) appoint trustees to manage, control and operate sinking funds

(i) created under this Act, or

(ii) of a Crown corporation or agency of the Crown where a loan guarantee has been given by the province,

prescribe their duties and authorize them to invest sinking fund money in accordance with subsection 38(3); and

(2) Section 44 of the Act is amended by adding immediately after subsection (2) the following:

(3) Where, prior to the coming into force of this subsection, sinking funds of the Newfoundland Municipal Financing Corporation were managed, controlled and operated by trustees appointed under paragraph (1)(e), those trustees are considered to have had full authority to so manage, control and operate those sinking funds, notwithstanding there may have been a defect in the authority of the trustees to do so.