88
Second Session, 50th General Assembly 3 Charles III, 2024
BILL 88
AN ACT TO REPEAL THE MUNICIPAL FINANCING CORPORATION ACT
Received and Read the First Time................................................................
Second Reading............................................................................................
Committee.....................................................................................................
Third Reading...............................................................................................
Royal Assent.................................................................................................
HONOURABLE JOHN HAGGIE Minister of Municipal and Provincial Affairs
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would

· repeal the Municipal Financing Corporation Act;

· vest the property and assets of the Newfoundland and Labrador Municipal Financing Corporation in the Crown; and

· transfer responsibility for the obligations and liabilities of the Newfoundland and Labrador Municipal Financing Corporation to the Crown.

A BILL

AN ACT TO REPEAL THE MUNICIPAL FINANCING CORPORATION ACT

Analysis

1. Short title

2. RSNL1990 cM-21 Rep.

3. Crown successor

4. Commencement

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

Short title

1. This Act may be cited as the Municipal Financing Corporation Repeal Act.

RSNL1990 cM-21 Rep.

2. The Municipal Financing Corporation Act is repealed.

Crown successor

3. (1) Title to all property and assets of the Newfoundland and Labrador Municipal Financing Corporation is vested in the Crown.

(2) The Crown is charged with and assumes all of the obligations and liabilities of the Newfoundland and Labrador Municipal Financing Corporation.

Commencement

4. This Act comes into force on December 31, 2024.