First

Session, 50th General Assembly

Elizabeth II, 2022

BILL 48

AN ACT TO AMEND THE

FINANCIAL ADMINISTRATION ACT

Received

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

Second

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

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

Third

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

Royal

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

HONOURABLE SIOBHAN

COADY

Minister of Finance

and President of Treasury Board

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Financial Administration Act to

allow diversification of

investments in the Newfoundland and Labrador Government Sinking Fund; and

incorporate gender-neutral language

in the Act.

A BILL

AN ACT TO AMEND THE FINANCIAL

ADMINISTRATION ACT

Analysis

S.2 Amdt.

Definitions

S.5 Amdt.

Secretary and deputy

S.10 Amdt.

Reports

S.15 Amdt.

Investments

S.19 Amdt.

Remission of forfeitures, etc.

S.20 Amdt.

Comptroller General of Finance

S. 24 Amdt.

General warrant for expenditure

S.25 Amdt.

Appropriation accounts

S.28 Amdt.

Where no appropriation

S.29 Amdt.

Duty of comptroller general

S.30 Amdt.

Prohibition of expenditures

S.31 Amdt.

Contra accounts

S.33 Amdt.

Refusal to make payments

S.38 Amdt.

Method

S.44 Amdt.

Powers of Lieutenant-Governor

S.45 Amdt.

Immunity of officers

S.54 Amdt.

Guaranteed securities interest

S.77 Amdt.

Failure to account

S.78 Amdt.

Evidence

S.79 Amdt.

Penalty for not reporting

S.81 Amdt.

Offences

S.82 Amdt.

Bribe

S.83 Amdt.

Saving or other remedies

S.84 Amdt.

Books etc. property of the Crown

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cF-8

as amended

1. Paragraph 2(1)(

m) of the Financial Administration Act is amended by deleting the words

"his or her" and substituting the words "the minister's or

public officer's".

2. Paragraph 5(1)(

a) of the Act is amended by

deleting the words "to him or her".

3. Subsection 10(2) of the Act is amended by

deleting the words "his or her" and substituting the words "the

member's".

4. Subsection 15(1) of the Act is amended by

deleting the words "he or she" and substituting the words "the

minister".

5. Subsection 19(1) of the Act is amended by

deleting the words "he or she" and substituting the words "the

Lieutenant-Governor in Council".

6. (1) Subsection 20(2) of the Act is amended by

deleting the words "him or her" and substituting the words "the

comptroller general".

(2) Subsection 20(3) of the Act is amended by

(

a) deleting the words "he or she considers"

and substituting the words "are considered"; and

(

b) deleting the words "his or her" and

substituting the words "the comptroller general's".

Section 24 of the Act is amended by

(

a) deleting the words "his or her

signature" and substituting the words "the Lieutenant-Governor's

signature"; and

(

b) deleting the words "his or her

hands" and substituting the words "the minister's hands".

8. Subsection 25(1) of the Act is amended by

(

a) deleting the words "his or her warrant"

and substituting the words "a warrant"; and

(

b) deleting the words "his or her

office" and substituting the words "the comptroller general's

office".

9. Subsection 28(3) of the Act is amended by

deleting the words "his or her" and substituting the words "the

minister's".

Section 29 of the Act is amended by deleting

the words "his or her" and substituting the words "the

comptroller general's".

11. Subsection 30(3) of the Act is amended by

deleting the words "him or her" and substituting the words "the

deputy minister".

12. Subsection 31(1) of the Act is amended by

deleting the words "to him or her".

13. Subsection 33(2) of the Act is amended by

deleting the words "his or her" and substituting the words "the

comptroller general's".

14. Subsection 38(3) of the Act is repealed and the

following substituted:

(3) Money in a sinking

fund created with respect to securities may, at the direction of the board, be

invested in bonds, debentures or other securities

(

a) of the Government of

Canada or of a province of Canada;

(

b) the payment of which

Canada;

(

c) guaranteed by a

chartered bank;

(

d) of a chartered bank;

(

e) of a company

incorporated under the Corporations Act to hold title to a building in

the province which is leased to the government, where all of the shares of the

company are held by or on behalf of the government;

(

f) secured by

collateral consisting of treasury bills, treasury notes and other securities

(

i) issued by the

(ii) guaranteed by the

(

g) secured by

collateral consisting of bearer deposit notes, bankers acceptances and similar

bank investment instruments

(

i) issued by a

chartered bank, or

(ii) guaranteed by a

chartered bank as to repayment of principal and interest, and where bonds,

debentures or other securities of a company referred to in paragraph (

e) are

acquired with money from that sinking fund, the government shall not part with

the ownership of the shares of that company until all securities so acquired

have been redeemed by the company;

(

h) which are bonds or debentures issued or

guaranteed by the Canada Mortgage and Housing Corporation;

(

i) of a municipality of a province of Canada; or

(

j) issued or guaranteed by a trust company or corporation

resident in Canada or the United States which are

(

i) bonds or debentures that have an investment

grade credit rating of Baa3, BBB- or higher as published by a securities rating

institution that is recognized as such by the investment industry in Canada or

the United States in each of the 2 years immediately preceding the date of

investment,

(ii) common or preferred shares of publicly traded

corporations of the United States which are included in the S&P 500 Index,

(iii) common or preferred shares of publicly traded

corporations of Canada which are included in the S&P/TSX 60 Index.

15. (1) Paragraphs 44(1)(

a) and (

b) of the Act are

repealed and the following substituted:

(

a) appoint one or more

registrars to perform the services in respect of the registration of securities

prescribed by the Lieutenant-Governor in Council;

(

b) appoint one or more

fiscal agents to perform the services in respect of loans prescribed by the

Lieutenant-Governor in Council;

(2) Subsection 44(2) of Act is amended by deleting

the words "his or her" and substituting the words "the

registrar's or fiscal agent's".

Section 45 of the Act is amended by deleting

the words "by him or her".

17. Subsection 54(1) of the Act is amended by

deleting the words "he or she" and substituting the words "the

Lieutenant-Governor in Council".

18. (1) Subsection 77(1) of the Act is amended by

(

a) deleting the words "for which he or

she" and substituting the words "for which the person";

(

b) deleting the words "his or her" and

substituting the words "the person's";

(

c) deleting the words "him or her" and

substituting the words "the person or personal representative"; and

(

d) deleting the words "he or she has done

so" and substituting the words "it has been done".

(2) Subsection 77(2) of the Act is amended by

deleting the words "his or her" and substituting the words "the

person's".

(3) Subsection 77(4) of the Act is amended by

deleting the words "his or her" and substituting the words "the

minister's".

Section 78 of the Act is amended by deleting

the words "his or her" wherever they appear and substituting the

words "the person's".

20. Subsection 79(1) of the Act is amended by

deleting the words "he or she" and substituting the words "the

officer or person".

Section 81 of the Act is amended by

(

a) deleting the words "his or her"

wherever they appear and substituting the words "the officer's or

person's";

(

b) deleting the words "he or she" and

substituting the words "the person"; and

(

c) deleting the number "1" and

substituting the word "one".

22. Subsection 82(1) of the Act is amended by

(

a) deleting the words "his or her

decision" and substituting the words "the officer's or person's

decision";

(

b) deleting the words "his or her official

capacity" and substituting the words "that person's official

capacity"; and

(

c) deleting the number "1" and

substituting the word "one".

Section 83 of the Act is amended by deleting

the words "his or her" and substituting the words "the person's".

Section 84 of the Act is amended by deleting the

words "his or her" and substituting the words "the officer's or

person's".

Commencement

25. This Act comes into force on a day to be

proclaimed by the Lieutenant-Governor in Council.

Queen's Printer