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Statutes of Newfoundland 1999


CHAPTER 27

AN ACT TO AMEND THE FINANCIAL ADMINISTRATION ACT (NO. 2)

(Assented to December 14, 1999)

Analysis

1. S.40 R&S
Winding-up of sinking fund

2. S.47(3) Added
Change in form of funded debt

3. Commencement

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


RSN1990 cF-8

1. Section 40 of the Financial Administration Act is repealed and the following substituted:

Winding-up of sinking fund

40.  (1) Notwithstanding sections 38 and 39, where money in a sinking fund or in the Newfoundland Government Sinking Fund in respect of an issue of securities is not required to redeem the issue of securities, the money in the sinking fund or in the Newfoundland Government Sinking Fund may be paid into the Consolidated Revenue Fund as the Lieutenant-Governor in Council may direct.

(2) Notwithstanding sections 38 and 39, the Lieutenant-Governor in Council may approve the winding-up, in whole or in part, of a sinking fund created under section 38 where the establishment of the sinking fund is not a requirement under the terms and conditions of the issue of the securities, and where the fund is wound-up, in whole or in part, the proceeds from the sale of investments in the sinking fund shall be paid into the Consolidated Revenue Fund as the Lieutenant-Governor in Council may direct.

 

2. Section 47 of the Act is amended by adding immediately after subsection (2) the following:

(3) Subject to the approval of the Lieutenant-Governor in Council, the minister may enter into an agreement with, or issue replacement securities to, a holder of securities issued with respect to a loan, for the purpose of postponing the maturity of the securities or for the re-financing of the securities.

Commencement

3. This Act is considered to have come into force on January 1, 1999.

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