First

Session, 45th General Assembly

Elizabeth II, 2004

BILL 62

AN ACT TO AMEND THE

PENSIONS FUNDING ACT

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

Second Reading .................................................................................................................................

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

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

LOYOLA SULLIVAN

Minister

of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

The purpose of this Bill is to make

it clear that for the investment purposes of the Newfoundland and

Labrador Pooled Pension Fund, the corporation which holds real property investments

may acquire real property by way of a mortgage loan or may assume a mortgage

with respect to real property.

A BILL

AN ACT TO AMEND THE PENSIONS

FUNDING ACT

Analysis

S.8.1 Added

Acquisition of real property and mortgages for fund

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cP-6

as amended

1. The Pensions

Funding Act is amended by adding immediately after

section 8 the following:

Acquisition of

real property and mortgages for fund

8.1 Money

may be borrowed by way of mortgage and a mortgage may be assumed by a

corporation incorporated for the purposes of investment of the fund in real

estate.

Earl G. Tucker, Queen's Printer