Statutes of Newfoundland and Labrador 2017 Chapter 11

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

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

SNL1991 c12
as amended

1. Subsection 6.01(2) of the Public Service Pensions Act, 1991 is repealed and the following substituted:

(2) The promissory note shall amortize $2,685,000,000 over 30 years payable in quarterly instalments of $47,000,000 beginning on March 31, 2015.

2. Section 36.1 of the Act is amended by adding immediately after subsection (5) the following:

(6) The name of the corporation may be changed at any time by a resolution of the board made by the affirmative vote of all the directors and notice of the change of name shall be published in the Gazette and the change of name shall have effect on the thirtieth day following the date of publication.

(7) A change in the name of the corporation shall not affect any rights or obligations of the corporation or render defective any legal proceedings instituted by or against the corporation and any legal proceedings that may have been continued or commenced by or against the corporation under its former name may be continued or commenced by or against the corporation under its new name.

3. Section 36.3 of the Act is repealed and the following substituted:

Objects of corporation

36.3 The objects of the corporation are

(a) to act as trustee of the fund;

(b) to act as administrator of the pension plan, and to exercise those other powers and perform those other duties as may be expressly conferred upon the corporation under the joint sponsorship agreement;

(c) to provide pension administration and pension investment services for any other pension plan that retains the services of the corporation and is approved by the board; and

(d) to carry out other activities or duties as may be authorized by the board.

Commencement

4. Section 1 is considered to have come into force on March 31, 2015.