Bill 222 (Legislature 26, Session 3)

L26 S3 626

Alberta — Bills

2007 Bill 222 Third Session, 26th Legislature, 56 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 222 ALBERTA HERITAGE SAVINGS TRUST FUND (TOBACCO INVESTMENT ELIMINATION) AMENDMENT ACT, 2007 MR. R. MILLER First Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Second Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Committee of the Whole . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

Third Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Royal Assent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bill 222 Mr. R. Miller BILL 222 2007 ALBERTA HERITAGE SAVINGS TRUST FUND (TOBACCO INVESTMENT ELIMINATION) AMENDMENT ACT, 2007 (Assented to , 2007) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Amends RSA 2000 cA-23 1 The Alberta Heritage Savings Trust Fund Act is amended by this Act. 2

Section 3 is amended (

a) in subsection (2) by adding ASubject to subsection (2.1)," before AInvestments@; (

b) by adding the following after subsection (2):

(2.1) The Minister of Finance shall not make any direct investment of the Heritage Fund or any portion of the Heritage Fund in securities of companies in the tobacco industry. 1

Explanatory Notes 1 Amends

chapter A-23 of the Revised Statutes of Alberta 2000. 2

Section 3(1) presently reads: 3(1) The investments and other assets of the Heritage Fund shall be contained (

a) in an endowment portfolio, and (

b) until no later than Decembe r 31, 2005, in a transition portfolio.

(2) Investments made under the endowment portfolio must be made with the objective of maximizing long-term financial returns.

(3) Investments made under the transition portfolio must be made with the objective of supporting the Government =s short-term to medium-term income needs as reflected in the Government=s consolidated fiscal plan.

(4) Subject to the regulations, when making investments the Minister of Finance shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and obtain a reasonable return that will enable the endowment portfolio and the transition portfolio to meet their respective objectives. Explanatory Notes 1

Record of Debate STAGE DATE MEMBER FROM TO TOTAL CUMULATIVE TOTAL Title: 2007 (26th, 3rd) Bill 222, Alberta Heritage Savings Trust Fund (Tobacco Investment Elimination) Amendment Act, 2007

Document details

Collection	Alberta — Bills
Citation	L26 S3 626
Type	bill
Volume / chapter	L26 S3 626
Language	en
Format	json
Source	PROVINCIAL
Identifier	741aa514a25586cfa901275c9cb956de50780126

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