Bill 29 (Legislature 18, Session 2)

L18 S2 5601

Alberta — Bills

1976 Bill 29 Second Session, 18th Legislature, 25 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 29 THE iFIN'AN'CIAL AD'MINISTRATIONI AMEND'ME,N'T ACT, 1976 THE PROVINCIAL 'TREASURER First Reading . .. . ......... , ............... . Second Reading .......................... . Third Reading Printed by the Queen's Prmter for the Province of Alberta, EDMONTON

Bill 29 BILL 29 1976 THE FINANCIAL AD'MINISTRATION AMEN'D:MEN'T ACT, 1976 ( Assented to , 1976) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, ena;cts as follows: 1. The Financial Administration Act is hereby amended.

Section 12, subsection (2), clause (

c) is amended by striking out the words "$43,500 a year, effective as of Aug ust 1, 1974," and by sUbstituting the words "$45,500 a year, effective as of August 1, 1975,".

Section 16 is amended by adding the following sub

section after subsection (2):

(3) The Treasurer may hold and dispose of any securities forming part of the General Revenue Fund that are acquired otherwise than pursuant to subsection (1) and are not, at the tiime of their acquisition, within any of the classes of securities referred to ,in that ,subsection.

Section 28.1, subsection (1), clause (

e) is amended (

a) by striking out the word "means" and b·y substitut ing the word "includes", and (

b) by striking out the words "bills or notes" and by substituting the words "billlS, notes or mortgages of real estate or leaseholds".

Section 28.6 is amended (

a) as to subsection (1), clause (

g) by striking out the words "shares or", (b) ~s to subsection (3) by striking out the .'Wo~ds purC'hased under this section" and by subst~tut'/,ng the words "acquired or held under this Part".

Explanatory Notes I. This Bill will amend

chapter 142 of the Revised Statutes of Alberta 1970. 2. The annual salary rate of the Provincial Auditor is increased from $43,500 to $45,500 as of August 1, 1975.

Section 16 presently reads: 16.

(1) Any portion of the General Revenue Fund not required for expenditure may be invested and re-invested in any of the classses of securities in which moneys in the Consolidated Cash Investment Trust Fund may be invested under

section 28.6

(2) The Treasurer may dispose of any securities acquired under subsection (1).

Section 28.1 (1) (

e) presently reads: (e) "securities" means bonds, debentures, debenture stock, shares of capital stock, rights in respect of such shares, trust certificates, guaranteed investment certificates or receipts, certificates of deposit, deposit receipts, bills or notes. 5. (

a) Removes words that are redundant by reason of the definition of "securities". (

b) Section 28.6 (3) presently reads:

(3) The Treasurer may dispose of any securities purchased under this section.

Section 28.8 is amended (

a) as to subsection (1) by striking out the words "for expenditure" and by substituting the words "for the purpose of making any expenditure, investment loan or advance from the designated fund", ' (

b) as to subsection (2) by adding at the end thereof the words "or for investment pursuant to

section 28.5". 7. This Act comes into force on the day upon which it is assented to. 2

Section 28.8 presently reads: 28.8

(1) The Treasurer shall transfer from the Investment Fund to any designated fund. of the Treasurer, to the extent of the participation of the designated fund m the Investment Fund, any moneys that then are required by the Treasurer for expenditure.

(2) Upon being directed by a depositor to do so, the Treasurer shall transfer from the Investment Fund to the designated fund of the depositor specified in the direction, to the extent of the participation of the designated fund in the Investment Fund, any moneys that are then required by the depositor for expenditure.

Section 28.5 regulates the powers of a depositor in the Invest ment Fund to make his own investments. The amendment is aimed at clarification in that the word "expenditure" could be interpreted as not including investment. 2 Title: 1976 (18th, 2nd) Bill 29, The Financial Administration Amendment Act, 1976

Document details

Collection	Alberta — Bills
Citation	L18 S2 5601
Type	bill
Volume / chapter	L18 S2 5601
Language	en
Format	json
Source	PROVINCIAL
Identifier	3926afe21f068f3c64ed4c124ec89064a8187eab

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