Bill 47 (Legislature 21, Session 3)

L21 S3 2965

Alberta — Bills

1988 BILL 47 Third Session, 21st Legislature, 37 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 47 ALBERTA HERITAGE SAVINGS TRUST FUND AMENDMENT ACT, 1988 THE PROVINCIAL TREASURER First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1988 (21st, 3rd) Bill 47, Alberta Heritage Savings Trust Fund Amendment Act, 1988

Bill 47 BILL 47 1988 ALBERTA HERITAGE SAVINGS TRUST FUND AMENDMENT ACT, 1988 (Assented to , 1988) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Alberta Heritage Savings Trust Fund Act is amended by this Act. 2

Section 6 is amended (

a) in subsection (2)(

b) by striking out “20% ” and substituting “25%”; (

b) by adding the following after subsection (6):

(6.1) The Provincial Treasurer may, if authorized to do so by the Investment Committee, enter into agreements providing for (

a) the lending of securities acquired or held pursuant to subsection (1)(e), and (

b) the delivery to the Provincial Treasurer of collateral consisting of securities or classes of securities listed in subsection (7). (

c) in subsection (8)(

a) by striking out “amounts expended pur suant to Acts of the Legislature referred to in subsection (2)(a)” and substituting “difference between the aggregate of the amounts expended pursuant to Acts of the Legislature referred to in sub section (2)(

a) and the aggregate of amounts included in the Trust Fund under subsection (9)”; (

d) by adding the following after subsection (8):

(9) Notwithstanding

section 19 of the Financial Administra tion Act, money invested pursuant to subsection (1)(

a) of this

section that is recovered through the disposition of assets or by any other means shall be included in and forms part of the Trust Fund. 1

Explanatory Notes 1 This Bill will amend

chapter A-27 of the Revised Statutes of Alberta 1980. 2

Section 6 presently reads in part:

(2) Investments referred to in subsection (1)(a) (

a) shall only be made if money is first appropriated from the Trust Fund by

an Act of the Legislature specifically for a purpose described in subsection (1)(a), (

b) shall not exceed 20% of the assets of the Trust Fund, and (

c) shall form the Capital Projects Division of the Trust Fund.

(6) Investments referred to in subsection (1)( e) (

a) shall be made or approved by the Investment Committee in ac cordance with the directions contained in a resolution of the Legislative Assembly, (

b) in the absence of any such directions, shall be made with the ap proval of the Investment Committee, (

c) may be made, reinvested and disposed of by the Provincial Treas urer, if authorized to do so by the Investment Committee, (

d) shall be limited to the securities or classes of investments listed in subsection (7), and (

e) shall form the Commercial Investment Division of the Trust Fund.

(8) For the purposes of this section, (

a) investments in the Capital Projects Division shall be deemed to be assets of the Trust Fund with a value equal to the amounts expended pursuant to Acts of the Legislature referred to in subsection (2)(a); (

b) investments in the Canada Investment Division, the Alberta In vestment Division, the Commercial Investment Division and the En ergy Investment Division and all other assets of the Trust Fund shall be valued at book value; (

c) the percentage limitations referred to in subsection (2)(

b) and sub section (3)(

c) shall be determined at the end of each fiscal year. 1 Explanatory Notes

Section 10 is amended by adding the following after subsection (3):

(4) The Provincial Treasurer may enter into agreements provid ing for (

a) the lending of securities acquired or held pursuant to sub section (1), and (

b) the delivery to the Provincial Treasurer of collateral con sisting of securities or classes of securities listed in subsection (1). 4

Section 2(

c) and (

d) are deemed to have come into force on April 1, 1988. 2

Section 10(3) presently reads:

(3) Notwithstanding

section 53 of the Financial Administration Act, the Provincial Treasurer shall transfer money from the Trust Fund to the Con solidated Cash Investment Trust Fund only when the money has not been invested or reinvested under subsection (1) or when the money has not been invested pursuant to

section 6. 4 Coming into force. 2 Explanatory Note s Title: 1988 (21st, 3rd) Bill 47, Alberta Heritage Savings Trust Fund Amendment Act, 1988

Document details

Collection	Alberta — Bills
Citation	L21 S3 2965
Type	bill
Volume / chapter	L21 S3 2965
Language	en
Format	json
Source	PROVINCIAL
Identifier	4210e0205503603d8aa2aef6e22b7fd61a3f136d

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