C-41 2 39 56-57 Elizabeth II 2007-2008

An Act respecting payments to a trust established to provide provinces and territories with funding for community development

An Act respecting Payments to a trust established to provide provinces and territories with funding for community development

Payments for Community Development 2008 2 7 1 2008 90452

SUMMARY

This enactment authorizes the making of payments to provinces and territories for community development.

Preamble

Whereas Canada intends to support vulnerable communities through a national initiative to provide provinces and territories with funding in support of activities to strengthen the economic opportunities for communities and workers negatively affected by international economic volatility;

Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Maximum payment of $1,000,000,000

(1) The Minister of Finance may make direct payments, in an aggregate amount not exceeding one billion dollars, to a trust established to provide provinces and territories with funding to support provincial and territorial initiatives to assist the adjustment of vulnerable communities to international economic volatility.

Provincial or territorial share

(2) The amount that may be provided to a province or territory under this

section is to be determined in accordance with the terms of the trust indenture establishing the trust.

Payments out of C.R.F.

(3) Any amount payable under this

section may be paid out of the Consolidated Revenue Fund, on the requisition of the Minister of Finance, at the times and in the manner that the Minister of Finance considers appropriate.