First

Session, 51st General Assembly

Charles III, 2026

BILL 9

AN ACT TO AMEND THE

FUTURE FUND ACT

Received

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

Second

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

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

Amendment

April 2, 2026

Third

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

Royal

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

HONOURABLE CRAIG

PARDY

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 Future Fund Act to

remove the

definitions of

extraordinary circumstance and non-renewable resource royalties;

add a definition of surplus

cash position;

modify the circumstances under

which deposits are made into the Newfoundland and Labrador Future Fund;

remove an exception to a

requirement to deposit into the Newfoundland and Labrador Future Fund that is

no longer required;

limit the purposes for which

money may be withdrawn from the Newfoundland and Labrador Future Fund to paying

debts and certain liabilities of the government of the province;

remove restrictions on

withdrawals from the Newfoundland and Labrador Future Fund; and

remove regulation making

authority.

A BILL

AN ACT TO AMEND THE FUTURE FUND ACT

Analysis

S.2 Amdt .

Definitions

S.3 R&S

Conflict

with other Acts

S.4 R&S

Newfoundland

and Labrador Future Fund

S.8 R&S

Permitted withdrawals

S.9 Rep.

Restrictions on withdrawals

S.11 Rep.

Regulations

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2022 cF-27

(1) Paragraphs 2(

d) and (

j) of the Future Fund Act are repealed.

(2) Section 2 of the Act is amended by adding

immediately before paragraph (

k) the following:

(j.1) "surplus cash position" means the financial position where the amount of cash

on hand is in excess of the amount of cash required to

fund all operational and capital expenditure requirements of the province,

excluding amounts borrowed to fund such expenditures;

Section 3 of the Act is repealed and the

following substituted:

Conflict with

other Acts

3 . Where there is a conflict between this Act and

another Act or regulation enacted before or after the coming into force of this

Act, this Act shall prevail.

Section 4 of the Act is repealed and the

following substituted:

Newfoundland and Labrador Future Fund

4 .

(1) There is established a fund called the Newfoundland and

Labrador Future Fund.

(2) The net proceeds

from the sale of any Crown asset or group of Crown assets with gross proceeds in excess of $5,000,000 shall be deposited into the

fund .

(3) In addition to the

amounts referred to in subsection (2), additional amounts may be deposited into

the fund at the discretion of the Treasury Board, where the province was in a

surplus cash position at the end of the previous fiscal year.

(4) The trustees may

maintain a consolidated bank account for the receipt and disbursement of money

in the fund.

(5) The annual expenses

incurred in the management and operation of the fund shall be paid out of the

interest earned from the investments held by the fund subject to the approval

of the trustees as to the amount of the expenses.

Section 8 of the Act is repealed and the

following substituted:

Permitted withdrawals

8 . Subject

to the approval of the Treasury Board, m oney may be

withdrawn from the fund to be transferred to

(

a) the Newfoundland and

Labrador Government Sinking Fund to service the public debt; and

(

b) the

Consolidated Revenue Fund for one or more of the following purposes, subject to

there being an appropriation provided under the Financial Administration Act

for the amount being transferred:

(

i) to service the public debt,

(ii) to

pay expenses that arise as a result of the sale of

Crown assets referred to in subsection 4(2) that were not known or determinable

at the time the net proceeds were deposited in the fund, and

(iii) to

pay any amounts relating to abandonment and decommissioning activities under an

oil lease or licence in accordance with the

applicable regulations and agreements.

Section 9 of the Act is repealed.

Section 11 of the Act is repealed.

King's Printer