BILL 45

An Act to Amend the Provincial Loans Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 2 of the Provincial Loans Act, chapter P-22 of the Revised Statutes, 1973, is amended

(a) in subsection (1)

(i) in paragraph (a) by striking out "and" at the end of the paragraph;

(ii) by striking out the period at the end of paragraph (b) and substituting a semicolon followed by "and";

(iii) by adding after paragraph (b) the following:

(c) such sums of money as are required by a hospital corporation, as defined in section 1 of the Hospital Act, for temporary purposes if the hospital corporation is authorized to borrow for temporary purposes.

(b) by adding after subsection (5) the following:

2(6) The amounts borrowed by the Minister for a hospital corporation shall be loaned to the hospital corporation on such terms and conditions as the Minister deems appropriate.

EXPLANATORY NOTES

Section 1

(a)(i) and (ii) The amendments are consequential on the amendments made in subparagraph 1(a)(iii) of this amending Act. The existing provision is as follows:

2(1) Subject to subsections (2), (3) and (4), the Minister may raise by way of temporary loan from any chartered bank, corporation or government or by the issue and sale of securities having a term to maturity of one year or less

(a) such sums of money as are required to make any expenditures authorized by any Act of the Legislature; and

(b) such sums of money as are required by a Crown agency for temporary purposes if the Crown agency is authorized to borrow for temporary purposes.

(a)(iii) New provision.

(b) New provision.