Statutes of Newfoundland and Labrador 2001 Chapter 3

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Statutes of Newfoundland and Labrador 2001

Statutes of Newfoundland and Labrador 2001 Chapter 3 CHAPTER 3

AN ACT TO AMEND THE PREPAID FUNERAL SERVICES ACT
(Assented to May 24, 2001)

Analysis

1. S.5 Amdt.
Assurance fund

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

SN2000 cP-18.1
as amended

1. (1) Subsection 5(2) of the Prepaid Funeral Services Act is repealed and the following substituted:

(2) The assurance fund shall consist of money paid into it by sellers in accordance with the regulations, money borrowed under subsection (9), and interest, dividends and other returns earned upon the investment of money in the assurance fund.

(2) Section 5 of the Act is further amended by adding immediately after subsection (8) the following:

(9) The minister, or the association, where the minister directs it to administer the assurance fund, or the board, where one is established under subsection (4), may borrow money for the purpose of deposit to the fund.

(10) A person who would have been entitled to a payment out of the assurance fund if this Act had come into force on November 1, 2000 shall be considered to be entitled to a payment out of the fund notwithstanding this Act did not come into force until December 22, 2000.