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Statutes of Newfoundland 1997

CHAPTER 27

CHAPTER 27

AN ACT TO AMEND THE FINANCIAL
ADMINISTRATION ACT

(Assented to December 19, 1997)

Analysis

1. S.52 Amdt.
Authority of
Legislature

2. S.55.1 Added
Assumption of guaranteed
loans

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

RSN1990 cF-8 as amended

1. Section 52 of the Financial Administration Act is amended by deleting the word and number "and 55" and substituting a comma and the word and numbers "55 and 55.1".

2. The Act is amended by adding immediately after section 55 the following:

Assumption of guaranteed loans

55.1 (1) Notwithstanding subsection 55(1), where under The Loan and Guarantee Act, 1957 or another Act a guarantee for the payment of a debt consisting of the principal, interest or sinking fund payment of a loan, debenture, bond or other security of a Crown corporation or agency has been given by the province, the province may assume or have assigned to it that debt for which the guarantee was given and that debt shall become a part of the debt of the province and the principal, interest or sinking fund payment on that debt shall be paid out of the Consolidated Revenue Fund.

(2) The minister shall make an annual report of all debts assumed by or assigned to the province under subsection (1) and shall lay the report before the House of Assembly within 15 days after the opening of the next session, and the report shall show the name of the Crown corporation or agency whose debt has been assumed or assigned and the full amount of the debt.

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