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First
Session, 50th General Assembly 71 Elizabeth II, 2022 |
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AN ACT TO AUTHORIZE
THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE SIOBHAN COADY Minister of Finance and President of Treasury Board |
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Ordered to be printed by
the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would authorize the Lieutenant-Governor in Council to raise money by way of loan to a maximum of $2,700,000,000. A BILL AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE Analysis 1. Short title 2. Loan authorized 3. Limitation 4. Authority supplemental 5. Duration of Act 6. Limitation under SNL2021 c13 Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: Short title 1. This
Act may be cited as the Loan Act, 2022. Loan authorized 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. Limitation 3. The principal amount of securities issued under the
authority of this Act shall not exceed in the aggregate the sum of
$2,700,000,000. Authority supplemental 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repealed by another loan Act, whichever occurs first.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 SNL2021 c13 6. Notwithstanding the Loan Act, 2021, 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, 2021. ©Queen's
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