Bill 268 — First Session, 21St Legislature, 35 Elizabeth Ii the Legislative Assembly of Alberta Bill 268 An Act To Amend the Alberta Heritage Savings Trust Fund Act (Legislature 21, Session 1)

L21 S1 3296

Alberta — Bills

1986 BILL 268 First Session, 21st Legislature, 35 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 268

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT MR. MARTIN First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Bill 268 Mr. Martin BILL 268 1986

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT (Assented to , 1986) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as foUows: 1 The Alberta Heritage Savings Trust Fund Act is amended by this Act. 2

Section 6 is amended (

a) in subsection (4) by striking out "Investments referred to" and substituting "Subject to subsection (4.1), investments referred to"; (

b) by striking out subsections (4.1) to (4.4) and substituting:

(4.1) No investment referred to in subsection (l)(

c) shall be made in a Provincial corporation after January 1, 1987 unless money is first appropriated to that purpose from the Tmst Fund by

an Act of the Legislature.

Explanatory Notes 1 This Bill will amend

chapter A-27 of the Revised Statutes of Alberta 1980. 2 This amendment will require any investment in a Provincial cor poration to be approved by

an Act of the Legislature which appropriates the amount of money to be invested.

Section 6(4), (4.1) to (4.4) presently read:

(4) Investments referred to in subsection (I)(c) (

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

b) in the absence of any such directions, shad be made, subject to subsection (4.1), with the approval of the InvestmetU Committee, and (

c) shad form the Alberta Investment Division of the Fund.

(4.1) No investment shad be made in a Provincial corporation after March 31, 1984 unless the Legislative Assembly, by resolution, has first authorized the making of investments pursuant to sub

section (l)(

c) in that Provincial corporation and has approved a maximum investment in that Provincial corporation for the fiscal year.

In accordance with

section 4(1) of the

Interpretation Act, this Bill comes into force on the date it receives Royal Assent.

(4.2) No investment may be made in a Provincial corporation if that investment would cause the total investment in the Provincial corporation to exceed the maximum investment permitted by the Legislative Assembly pursuant to subsection (4.1).

(4.3) Notwithstanding subsections (4.1) and (4.2), when at any time the Legislative Assembly is not in session and the Provincial Treasurer reports that (

a) the Minister responsible for a Provincial corporation has certified that in the public interest an investment of public money in that corporation is urgently needed, and (

b) the Legislative Assembly has not authorized the making of investments pursuant to subseciton (l)(

c) in that corporation or the Legislative Assembly has authorized the making of investments pursuant to subsection (l)(

c) in that corporation but such an investment would cause the total investment in that corporation to exceed the maximum investment permitted by subsection (4.1), the Lieutenant Governor in Council may authorize the making of any investments estimated to be required.

(4.4) For the purposes of subsection (4.3), if the Legislative Assembly is adjourned for a period of more than 14 days, the Assembly shad be deemed not to be in session during the period of adjournment. Title: 1986 (21st, 1st) Bill 268,

An Act to Amend the Alberta Heritage Savings Trust Fund Act

Document details

Collection	Alberta — Bills
Citation	L21 S1 3296
Type	bill
Volume / chapter	L21 S1 3296
Language	en
Format	json
Source	PROVINCIAL
Identifier	5258b95ac953ed980500e6e77a07cf9339a21485

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