Statutes of Newfoundland 1997 Chapter L-5.1

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Statutes of Newfoundland 1997

CHAPTER L-5 CHAPTER L-5.1

AN ACT TO ESTABLISH THE LABRADOR TRANSPORTATION INITIATIVE FUND
(Assented to December 19, 1997)

Analysis

1. Short title

2. Interpretation

3. Labrador Transportation Initiative Fund

4. Board

5. Functions

6. Investments

7. Administration

8. Pay out

9. Audit

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 Labrador Transportation Initiative Fund Act.

Interpretation

2. (1) In this Act,

(a) "board" means the board of management established under section 4; and

(b) "fund" means the Labrador Transportation Initiative Fund established under section 3.

(2) Words in this Act which are not defined in subsection (1) shall have the same meaning as words defined in the Financial Administration Act.

Labrador Transportation Initiative Fund

3. (1) There is established a fund to be known as the Labrador Transportation Initiative Fund.

(2) The fund shall comprise money appropriated by the Legislature and interest or other income accruing on that money.

Board

4. (1) There is established a board of management which shall manage the fund in accordance with this Act.

(2) The board shall be composed of

(a) the Secretary of the Treasury Board established under the Financial Administration Act;

(b) the Deputy Minister of Finance; and

(3) The board shall be responsible for the financial management of the fund and for that purpose shall make the necessary banking and investing arrangements for the fund.

(4) The board may determine its rules and methods of procedure and shall keep a minute book in which shall be recorded the proceedings of the board.

(5) The board shall elect a chairperson from among its members.

(6) The board is responsible to the President of the Treasury Board.

Functions

5. (1) The board shall

(a) establish banking arrangements for the fund;

(b) on the advice of the Department of Finance, invest the fund;

(d) manage the fund;

(e) keep and maintain appropriate books of account and records respecting the fund;

(f) within 6 months of the fiscal year end of the board, provide to the President of the Treasury Board an annual report of the business of the board and other information which the minister may request; and

(g) appoint an auditor.

(2) The fiscal year of the board shall be from April 1 in a year to March 31 in the next year.

Investments

6. Notwithstanding paragraphs 5(1)(b) and (d) and section 7, the fund shall be invested, upon the advice of the Department of Finance, in investments permitted under sections 15, 38 and 39 of the Financial Administration Act.

Administration

7. (1) The day to day administration of the fund shall be carried out by the office of the comptroller general.

(2) The comptroller general or a person acting under his or her direction has free access to the books, accounts, files, documents or other records of the board.

(3) The comptroller general, subject to the direction of the board, may establish accounts with accredited banks or financial institutions for the deposit, investing, and payment of the fund money.

Pay out

8. (1) The board may authorize that money be paid out of the fund provided that that pay-out is for the purpose of

(a) marine freight and passenger services and the maintenance of lands, wharves and related facilities transferred to the province under the terms of the agreement between Her Majesty the Queen in right of Canada and Her Majesty the Queen in right of Newfoundland made on March 28, 1997;

(b) the construction of the Trans Labrador Highway; or

(2) Money paid out of the fund under subsection (1) shall be paid out to the credit of the consolidated revenue fund.

(3) Notwithstanding subsection (2), the costs of administering the fund, including banking fees, audits, investment related and other administrative costs may be paid out of the fund.

Audit

9. (1) The fund shall be audited annually.

(2) The chairperson and one other member of the board shall sign the audited financial statements made under subsection (1).

(3) The signed, audited financial statement of the board made under this section shall be submitted to the President of the Treasury Board within 6 months of the end of the fiscal year of the board.