Second

Session, 50th General Assembly

Charles III, 2024

BILL 88

AN ACT TO REPEAL THE

MUNICIPAL FINANCING CORPORATION ACT

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE JOHN

HAGGIE

Minister of

Municipal and Provincial Affairs

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill

would

repeal the Municipal

Financing Corporation Act ;

vest the

property and assets of the Newfoundland and Labrador Municipal Financing Corporation

in the Crown; and

transfer

responsibility for the obligations and liabilities of the Newfoundland and

Labrador Municipal Financing Corporation to the Crown.

A BILL

AN ACT TO REPEAL THE MUNICIPAL FINANCING

CORPORATION ACT

Analysis

Short title

RSNL1990 cM-21 Rep.

Crown successor

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

Short title

1. This

Act may be cited as the Municipal

Financing Corporation Repeal Act.

RSNL1990 cM-21

Rep.

2. The Municipal Financing Corporation Act

is repealed.

Crown successor

(1) Title to all property and assets of

the Newfoundland and Labrador Municipal Financing Corporation is vested in the

Crown.

(2) The

Crown is charged with and assumes all of the

obligations and liabilities of the Newfoundland and Labrador Municipal

Financing Corporation.

Commencement

4. This Act comes into force on December 31, 2024.