Bill 30 (Legislature 20, Session 1)

L20 S1 3650

Alberta — Bills

1983 BILL 30 First Session, 20th Legislature, 32 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 30 ALBERTA HERITAGE SAVINGS TRUST FUND AMENDMENT ACT, 1983 (NO. 2) THE PROVINCIAL TREASURER First Reading ^„.,, Second Reading Committee of the Whole .i.,.„,. ,^. Third Reading Royal Assent --«•-••••

Bill 30 BILL 30 1983 ALBERTA HERITAGE SAVINGS TRUST FUND AMENDMENT ACT, 1983 (NO. 2) (Assented to , 1983) 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 1 is amended by adding the following after clause (b): (b.l) "Provincial corporation" means a Provincial corpora tion as defined in the Financial Administration Act; 3

Section 6 is amended (

a) in subsection (l)(

a) by striking out "wiU not" arui substituting "may not necessarily"; (

b) in subsection (4)(

b) by striking out "made" and substituting "made, subject to subsection (4.1),"; (

c) by adding the following after subsection (4):

(4.1) No investment shaU be made in a Provincial corpora tion after March 31, 1984 unless the Legislative Assembly, by resolution, has first authorized the making of investments pursuant to subsection (l)(

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

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

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

a) the Minister responsible for a Provmcial corporation has certified that in the pubUc interest an investment ot pubUc money in that corporation is urgentiy needed, and

Explanatory Notes 1 This Bill will amend

chapter A-27 of the Revised Statutes of Alberta 1980. 2 New definition. 3

Section 6(1 )(

a) and (4) presently read: 6(1) The assets of the Trust Fund shall be used for the following purposes: (

a) the making of investments in projects which will provide long term economic or social benefits to the people of Alberta but which will not by their nature yield a return to the Trust Fund;

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

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, shad be made with the ap proval of the Investment Committee, arui (

c) shall form the Alberta Investment Division of the Furui. Explanatory Notes

(

b) the Legislative Assembly has not authorized the mak ing of investments pursuant to subsection (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 CouncU may authorize the mak ing 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 shaU be deemed not to be in session during the period of the adjournment. (

d) in subsection (7) by adding the following after clause (h): (

i) subject to subsection (7,1), loans from the Commercial Investment Division repayable on demand or within a term not exceeding 30 days on the security of the pledge of invest ments or securities of any of the classes enumerated in

section 50(1) of the Financial Administration Act owned by the bor rower and having a market value at least equal to the amount loaned. (

e) by adding the following after subsection (7):

(7.1) Loans referred to in subsection (7)(

i) shaU be made only to (

a) the Government of Canada or the government of a province of Canada, (

b) a municipal corporation in Canada, (

c) a bank or trust company, or (

d) a person whose principal business consists of the un- denvriting, distribution or buying and selling fi-om and to the pubUc in Canada of any of the classes of investments or securities enumerated in

section 50(1) of the Financial Administration Act.

(7.2) Notwithstandmg

section 10(3), the Commercial Invest ment Division may be designated as a depositor in the Con- soUdated Cash Investment Trust Fund under the Financial Administration Act. 4

Section 10 is amended (

a) in subsection (1) by adding the following after clause (h): (

i) subject to subsection (1.1), loans from the Trust Fund re payable on demand or within a term not exceeding 30 days on the security of the pledge of investments or securities of

Section 10(1) presently reads: 10(1) Notwithstanding

section 6, if any money in the Trust Furui has not been or is not being invested pursuant to that section, the Provincial Treas urer may invest arui may reinvest that money in any or all of the following: (

a) the boruis, debentures or other evidences of indebtedness of, or guaranteed as to the repayment of principal and interest by, the Gov- Explanatory Notes

any of the classes enumerated in

section 50(1) of the Finan cial Administration Act ovmed by the borrower and having a market value at least equal to the amount loaned. (

b) by adding the following after subsection (1):

(1.1) Loans referred to in subsection (l)(

i) shaU be made only to (

a) the Government of Canada or the government of a province of Canada, (

b) a municipal corporation in Canada, (

c) a bank or trust company, or (

d) a person whose principal business consists of the un derwriting, distribution or buying and selling from and to the pubUc in Canada of any of the classes of investments or securities enumerated in

section 50(1) of the Financial Administration Act. In accordance with

section 4(1) of the

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

ernment of Canada, the government of any province of Canada or any municipal corporation in Canada; (

b) the bonds, debentures or other evidences of indebtedness of or guaranteed as to the repayment of principal and interest by the gov ernment of a country other than Canada; (

c) the boruis, debentures or other evidences of iruiebtedness of an agent of the Crown in right of Alberta; (

d) certificates of deposit, deposit receipts or other evidences of indebt edness given by a bank or treasury branch in consideration of a deposit or deposits made with the bank or treasury branch; (

e) certificates of deposit, deposit receipts or other evidences of iruiebt edness which are unconditionally guaranteed by a bank; (

f) the bonds, debentures or other evidences of indebtedness or guar anteed by a corporation, if those bonds, debentures or other evidences of indebtedness are authorized investments under subsection 63(1) of the Canadian and British Insurance Companies Act (Canada); (

g) mortgages or hypothecs of real estate of leaseholds in Canada if the amount paid for the mortgage or hypothec together with the amount of indebtedness under any mortgage or hypothec on the real estate or leasehold ranking equally with or superior to the mortgage or hypothec in which the investment is made does not exceed 75% of the value of the real estate or leasehold covered thereby; (

h) mortgages or hypothecs of real estate or leaseholds in Canada notwithstanding that the mortgage or hypothec exceeds the amount authorized uruier clause (

g) if the excess is guaranteed or insured by, or through an agency of, the Government of Canada or a province of Canada, or by an insurance company approved by the Treasury Board. Explanatory Notes Title: 1983 (20th, 1st) Bill 30, Alberta Heritage Savings Trust Fund Amendment Act, 1983 (No. 2)

Document details

Collection	Alberta — Bills
Citation	L20 S1 3650
Type	bill
Volume / chapter	L20 S1 3650
Language	en
Format	json
Source	PROVINCIAL
Identifier	646047373124874e3f08ab2f6fb818814d90dd7f

Source file is stored in the law ingest library (json).