This is an official version.
Copyright © 2016: Queen's Printer,
Statutes of Newfoundland and Labrador 2016
AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE
(Assented to April 29, 2016)
1. Short title
2. Loan authorized
4. Authority supplemental
5. Duration of Act
6. Limitation under SNL2015 c12
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
1. This Act may be cited as the Loan Act, 2016.
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.
3. The principal amount of securities issued under the authority of this Act shall not exceed in the aggregate the sum of $1,600,000,000.
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in effect until the aggregate amount of the securities authorized under this Act has been issued or this Act is repealed by another loan Act, whichever occurs first.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 SNL2015 c12
6. Notwithstanding the Loan Act, 2015, 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, 2015.