110

 

 

Second Session, 50th General Assembly

3 Charles III, 2025

BILL 110

AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE

Received and Read the First Time................................................................

Second Reading............................................................................................

Committee.....................................................................................................

Third Reading...............................................................................................

Royal Assent.................................................................................................

HONOURABLE SIOBHAN COADY

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

This Bill would authorize the Lieutenant-Governor in Council to raise money by way of loan to a maximum of $4,100,000,000.

 

A BILL

AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE  

Analysis

        1.   Short title

        2.   Loan authorized

        3.   Limitation

        4.   Authority
supplemental

        5.   Duration of Act

        6.   Limitation under SNL2024 c4

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 Loan Act, 2025.

Loan authorized

        2. The Lieutenant-Governor in Council is authorized to raise by way of loan the sums of money required for the Consolidated Revenue Fund to make good, in whole or in part, actual or estimated deficiencies between provincial revenue and expenditures.

Limitation

        3. The principal amount of securities issued under the authority of this Act shall not exceed in the aggregate the sum of $4,100,000,000.

Authority
supplemental

        4. The sums of money authorized by this Act are in addition to all sums of money authorized to be raised by way of loan under another Act.

Duration of Act

        5. This Act continues in effect until the aggregate amount of the securities authorized under this Act has been issued or this Act is repealed by another loan Act, whichever occurs first.

Limitation under SNL2024 c4

        6. Notwithstanding the Loan Act, 2024, the Lieutenant-Governor in Council may not, after the coming into force of this Act, raise by way of loan further sums of money under the Loan Act, 2024.

ŠKing's Printer