Bill 21 (Legislature 22, Session 2)

L22 S2 2696

Alberta — Bills

1990 BILL 21 Second Session, 22nd Legislamre, 39 Elizabetii II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 21 FINANCIAL ADMINISTRATION AMENDMENT ACT, 1990 THE PROVINCIAL TREASURER Fkst Reading Second Readmg Committee of the Whole Thkd Reading Royal Assent

Bill 21 BILL 21 1990 FINANCIAL ADMINISTRATION AMENDMENT ACT, 1990 (Assented to . 1990) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as foUows: 1 The Firuincial Administration Act is amended by this Act. 2

Section 1(1 )(

n) is amended by strildng out "or" at the end of subclause (i). by adding "or" at the end of subclause (ii) arui by adding the following after subclause (ii): (iU) a corporation tiiat is a subsidiary of a corporation referred to in subclause (

i) or (

U) or that is contioUed by a corporation referred tt) in subclause (

i) or (ii) dkectiy or indkectiy tiwough one or more intermediary corporations. 3

Section 2(5) is amended by striking out "or" at the end of clause (f), by adding "or" at the end of clause (

g) and by adding the

Explanatory Notes 1 This BiU will amend

chapter F-9 of tiie Revised Statutes of Alberta 1980. 2

Section l(l)(

n) presently reads: 1(1) In this Act. (n) "Provincial corporation" means (

i) a corporation that is incorporated by or under

an Act of the Legislature, other than a local or private Act, all or a majority of whose members or directors are appointed or designated, either by their personal names or by their names of office, by

an Act of the Legislature or regulations under

an Act of the Legislature, by an order of the Lieutenant Governor in Council or of a Minister of the Crown or by any combination thereof, or (ii) a corporation all of whose issued voting shares of every class are owned by the Crown or held in trust for the Crown or are partly owned by the Crown arui partly held in trust for the Crown, but does not include a new town or a housing authority incorporated under

section 42 of the Alberta Mortgage arui Housing Corporation Act, The Calgary General Hospital Board under The Calgary General Hospital Board Act or a board of a hospital district appointed by an order made uruier

section 8 of the Hospitals Act; 3

Section 2(5) presently reads: 1 Explanatory Notes

following after clause (g): (

h) a corporation tiiat is a subsidiary of a corporation referred tt) in clauses (

a) to (

g) or that is contioUed by a corporation referred to in ckiuses (

a) to (

g) dkectiy or indkectiy du-ough one or more intermediary corporations. 4

Section 50(1) is amended by adding the following after clause (I): (

m) options or futmes tiaded under the supervision of a regulated market designated by die Provincial Treasurer. 5

Section 61(3) is repealed and the following is substituted:

(

J) This Act, except this

section and sections 18.1, 76.1 and 81, does not apply to the following: (

a) the board of a university under the Universities Act, (a.

l) the interim governing body of a university under the Universities Act, (

b) the board of a public college under the Colleges Act, (

c) The Governors of the Banff Centre for Continuing Education, (c.

l) the board of a technical institute under the Technical Institutes Act, (c.2) the interim governing authority of a technical institute under the Technical Institutes Act, (

d) the Alberta Heritage Foundation for Medical Research, (

e) a board under the Provincial General Hospitals Act, (e.

l) a mental health hospital board under the Mental Health Act, (

f) the Alberta Cancer Board, or (

g) the University Hospitals Board under the University of Alberta Hospitals Act. 4

Section 50(1) presently reads in part: 50(1) The Provincial Treasurer may, on behalf of the Genercd Revenue Fund, invest in any or all of the following securities and other forms of investment and in rights or interests in respect of any of them: (

a) securities of a Provincial corporation; (

b) securities of a city, town, village, municipal district, county, drainage district or hospital district in Alberta or of the board of trustees of a school district or school division in Alberta; (

c) certificates of deposit, deposit receipts or other evidence of indebtedness given by a bank or treasury branch in consideration of a deposit or deposits made with the bank or treasury branch; 5

Section 61(3) presently reads: Explanatory Notes

(3) The Provincial Treasurer may enter into agreements in respect of interest rates or currency exchange regarding (

a) money tt) be raised, whetiier in anticipation of an order being made under subsection (1) or after an order is made under subsection (1) or both, or (

b) the payment of obligations incurred in respect of money raised. 6

Section 64(2) is repealed arui the following is substituted:

(2) The Provincial Treasmer may enter into agreements witii respect to the purchase or sale of foreign currency for the purposes of sections 61 and 69, whetiier in anticipation of an order being made under

section 61 or after an order is made under

section 61, or both, and whether on a current or future deUvery basis. 7

Section 65(1) is amended by striking out "$9 500 000 000" and substituting "$11 500 000 000". 8

Section 69(2)(f.

l) is repealed arui the following is substituted: (f.

I) to make the payments requked under an agreement in respect of interest rates or currency exchange, and

(3) The Provincial Treasurer may enter into interest rate exchange agreements or currency exchange agreements in connection with the payment of obligations incurred in respect of money raised. 6

Section 64(2) presently reads:

(2) The Provincial Treasurer may purchase and sell foreign currency for the purposes of sections 61 and 69, whether in anticipation of an order being made under

section 61 or after an order is made uruier

section 61 or both, and he may purchase or sell that currency on a current or future delivery basis. 7

Section 65(1) presently reads: 65(1) The arrwunt of the unredeemed Government securities issued in respect of money raised for the purposes referred to in

section 61(l)(a.

l) arui (

b) less the amount of the sinking funds established for the retirement of Government securities and the interest accrued on those sinking funds shall at no time exceed $9 500 000 000. 8

Section 69(2) presently reads in part:

(2) Money required in connection with Government securities or in connection with money raised pursuant to

section 61 other than by the issue of Government securities (f.

I) to make the payments required under an interest rate exchange agreement or a currency exchange agreement, and shall be paid (

i) from the General Revenue Fund in all other cases, Explanatory Noies Title: 1990 (22nd 2nd) Bill 21, Financial Administration Amendment Act, 1990

Document details

Collection	Alberta — Bills
Citation	L22 S2 2696
Type	bill
Volume / chapter	L22 S2 2696
Language	en
Format	json
Source	PROVINCIAL
Identifier	d4a4abe1aaa8b9b8d60a50a58d3a28e143a6e9af

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