62

 

First Session, 45th General Assembly

53 Elizabeth II, 2004

BILL 62

AN ACT TO AMEND THE PENSIONS FUNDING ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE LOYOLA SULLIVAN

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTE

The purpose of this Bill is to make it clear that for the investment purposes of the Newfoundland and Labrador Pooled Pension Fund, the corporation which holds real property investments may acquire real property by way of a mortgage loan or may assume a mortgage with respect to real property.

A BILL

AN ACT TO AMEND THE PENSIONS
FUNDING ACT

Analysis

        1.   S.8.1 Added
Acquisition of real property and mortgages for fund

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

RSNL1990 cP-6
as amended

        1. The Pensions Funding Act is amended by adding immediately after section 8 the following:

Acquisition of real property and mortgages for fund

      8.1 Money may be borrowed by way of mortgage and a mortgage may be assumed by a corporation incorporated for the purposes of investment of the fund in real estate.

 

 

 

 

 

 

 

 

 

ŠEarl G. Tucker, Queen's Printer