CHAPTER 365
OF THE
REVISED STATUTES, 1989
Short title
1 This Act may be cited as the Provincial Finance Act. R.S., c. 365, s. 1.
(a) "appropriation" means an authorization by or under an Act of the Legislature for an expenditure of money;
(b) repealed 1994, c. 29, s. 1.
(c) "Consolidated Fund" means all public money received by the Minister except special funds;
(d) repealed 1994, c. 29, s. 1.
(e) "department" means any department, board, commission, foundation, agency, association or other body of persons, whether incorporated or unincorporated, all the members of which, or all the members of the board of management or board of directors of which,
(ii) if not so appointed, in the discharge of their duties are public officers or servants of the Crown, or for the proper discharge of their duties are, directly or indirectly, responsible to the Crown,
and, for greater certainty, does not include a univeristy [university] to which the Universities Assistance Act applies;
(f) "Deputy Minister" means the Deputy Minister of Finance;
(g) "fiscal year" means the period from and including the first day of April in one year to and including the thirty-first day of March in the next year;
(h) "Minister" means the Minister of Finance;
(i) "money" includes negotiable instrument;
(j) "negotiable instrument" includes cheque, draft, traveller's cheque, bill of exchange, money order, bank transfer and any similar instrument;
(k) "Province" means Her Majesty in right of the Province;
(l) "public money" means all money held or received by any person for or on behalf of Her Majesty in right of the Province, excluding all special funds, except sinking funds and the Public Debt Retirement Fund;
(m) "revenue receipts" includes all public money except capital receipts;
(ma) "securities" includes bonds, notes, deposit certificates, non-interest bearing certificates, debentures, treasury bills, treasury notes and any other similar instrument;
(n) "special fund" means money received or held by or on behalf of the Province in trust for or on account of any person or in trust for or on account of any special purpose and includes the Public Service Superannuation Fund, the Nova Scotia Teachers' Pension Fund, sinking funds, Public Debt Retirement Fund, together with the income earned on the investment of such funds, and includes any other fund or money which the Governor in Council from time to time designates as a special fund and includes the authority to make payments including interest out of special funds in accordance with the terms and conditions of any trust, contract, undertaking, statute or order in council establishing the special fund. R.S., c. 365, s. 2; 1994, c. 29, s. 1.
3 The Minister may cause the Department of Finance to be organized in such manner as he considers best for the efficient administration of this Act and the exercise of its functions and duties. R.S., c. 365, s. 3.
7 (1) The Governor in Council may authorize a seal for the Department of Finance and may, at his discretion, alter or modify the seal and prescribe its use on documents.
(2) The seal may be reproduced by engraving, lithographing, printing or any other method of reproduction and, when so reproduced, has the same force and effect as if it were manually affixed. R.S., c. 365, s. 7.
7A (1) The Minister shall examine, advise upon and compile the annual estimates of prospective revenues and expenditures.
(2) The estimates referred to in subsection (1) shall contain
(a) the proposed supply votes that are to be voted on by the House of Assembly; and
(b) any other amounts permitted or required to be paid out of the Consolidated Fund pursuant to this or any other Act that are not required to be voted on by the House of Assembly.
(3) The estimates referred to in subsection (1) shall be prepared under the direction of the Deputy Minister. 1994, c. 29, s. 3.
7AA (1) Notwithstanding Section 7A or any other enactment, the estimates referred to in Section 7A shall include, for each fiscal year, an amount respecting the construction and maintenance of highways that is not less than the total of
(a) all revenues received under Part I of the Revenue Act; and
(b) all fees and fines collected under the Motor Vehicle Act net of all costs associated with the collection of those fees and fines.
(2) The Governor in Council may make regulations
(a) defining any word or expression used but not defined in this Section;
(b) the Governor in Council deems necessary or advisable to carry out effectively the intent and purpose of this Section. 2006, c. 2, s. 32.
7B (1) The Minister has responsibility for the financial management of the Consolidated Fund and related activities including
(a) establishment of expenditure targets and borrowing requirements as deemed necessary for the Province's financial planning;
(b) monitoring of departmental appropriations, expenditures, commitments and prospective expenditures and revenues of departments throughout the fiscal year to ascertain whether departments are properly managing and accounting for Consolidated Fund transactions;
(c) establishment of financial plans, procedures and policies for use in financial administration by departments;
(d) monitoring of financial management systems of departments to ensure they are consistent with government financial-management processes;
(e) development and implementation of financial management systems for departments, where necessary; and
(f) investigation of any matter relating to the receipt and disbursement of public money by departments.
(2) The Minister shall act generally with a view to promoting economy, efficiency and cost effectiveness in the public service.
(3) The Minister shall act upon any matter relating to the financial management of the Consolidated Fund as may be referred to the Minister by the Governor in Council.
(4) The Minister shall determine accountability rules and establish financial performance measurements that shall be reported upon by the departments as deemed necessary by the Minister and used to assess the on-going financial management of departments. 1994, c. 29, s. 3.
8 The Minister shall maintain an accounting system to show among other things
(a) the current state of the Consolidated Fund;
(b) the revenues and expenditures of each fiscal year;
(c) the commitments of the current fiscal year chargeable against each appropriation;
(d) the fixed or established charges to be expended from the Consolidated Fund on the authority of any Act of the Legislature. R.S., c. 365, s. 8.
8A The Deputy Minister shall determine the method of keeping all accounts of the Province and the selection of the books of accounts and the forms used therein. 1994, c. 29, s. 4.
8B (1) The Minister shall submit to the House of Assembly financial reports on the state of the public finances for a fiscal year in accordance with the following schedule:
(a) on or before September 30th of the fiscal year to which the report relates;
(b) on or before December 31st of the fiscal year to which the report relates;
(c) as part of the estimates tabled in the House of Assembly for the following fiscal year; and
(d) as part of the Public Accounts prepared respecting the fiscal year.
(2) The Minister shall table the reports referred to in subsection (1) in the House of Assembly if the Assembly is then sitting or, if it is not then sitting, with the Clerk of the Assembly. 1996, c. 5, s. 20; 2002, c. 5, s. 48.
9 (1) The Deputy Minister shall prepare an annual statement, called the "Public Accounts", as soon as practicable after the termination of each fiscal year and shall submit it to the Minister.
(2) The Public Accounts shall show
(a) the state of the public debt;
(b) the state of the Consolidated Fund and the various special funds under the control and management of the Province;
(c) an account of all sums received, paid, borrowed or repaid under this Act;
(d) the total amount of all obligations, debts or claims due the Province cancelled and released in whole or in part under this Act;
(e) the several sums appropriated by the Governor in Council under Sections 28 and 29, together with the date of the order in council appropriating each sum and the service or purpose for which each sum was appropriated;
(f) such other accounts and matters as are required to show what the assets and liabilities of the Province are at the date of such statement.
(3) The Public Accounts shall be for the period of the fiscal year. R.S., c. 365, s. 9.
10 The Minister shall lay the Public Accounts before the House of Assembly not later than September 30th of the calendar year in which the fiscal year to which the Public Accounts relate ends or, if the House of Assembly is not sitting, the Minister shall file the Public Accounts with the Clerk of the House of Assembly. 1997, c. 3, s. 11; 2004, c. 3, s. 32.
11 (1) Under the direction of the Minister, the Deputy Minister shall
(a) supervise the administration and management of the Department; and
(b) perform such duties as the Minister assigns to him.
(2) There shall be appointed, in accordance with the Civil Service Act, such officers and employees as are necessary for the administration of this Act.
(3) The Deputy Minister shall be entitled to require and receive from officers, clerks or employees of the public service such information and explanations as he considers necessary for the proper performance of his duties and shall have free access, at all times, to the books of account and other documents relating to the accounts of any department. R.S., c. 365, s. 11; 1994, c. 29, s. 6.
13 (1) The Deputy Minister shall have the direction and control of all issues of public money out of the Consolidated Fund.
(2) The Deputy Minister, or an officer designated by him, before the issue of public money out of the Consolidated Fund, shall ensure that there is sufficient balance available in the appropriation for the specified purpose.
(3) When an appropriation is exhausted, the Deputy Minister shall forthwith notify the department to which the appropriation was granted and the Minister, and shall not sanction any further contractual obligations or commitments to be charged to the exhausted appropriation. R.S., c. 365, s. 13; 1994, c. 29, s. 8.
14 (1) The Deputy Minister may direct to which appropriation, account or classification any expenditure shall be charged.
15 (1) The Deputy Minister, subject to subsection (2), may require that certain documents, certified in such manner as he, in his discretion, sees fit, accompany any application of a department or office of the public service for an issue of public money out of the Consolidated Fund to defray the expenses of the services coming under its control.
(2) The Deputy Minister shall not authorize the payment of any account until the same has been examined and certified by the head of the department in connection with which the expenditure was incurred, or by some official in such department authorized in that behalf, and the account so certified shall be retained as a document for such payment. R.S., c. 365, s. 15; 1998, c. 13, s. 11.
16 (1) In this Section, "government business enterprise" and "governmental unit" mean those entities designated pursuant to Section 80.
(2) A member of the Executive Council responsible for a government business enterprise or a governmental unit shall submit to the Minister, in each year, financial statements for the government business enterprise or governmental unit on or before June 30th next following the end of the fiscal year for which the statements were prepared.
(3) A government business enterprise or governmental unit shall receive approval from the Minister for the implementation of any financial management system to be used in the ongoing financial management or operation of the government business enterprise or governmental unit.
(4) The Minister may prescribe the fiscal year and the financial accounting policies and procedures for a government business enterprise or a governmental unit. 2000, c. 4, s. 65; 2004, c. 3, s. 37; 2006, c. 2, s. 33.
17 (1) All public money received by the Minister shall be deposited to the credit of the Minister in the Consolidated Fund or the appropriate special fund.
(2) Except as otherwise provided, where any expenditure is authorized by any Act such expenditure may be made from the Consolidated Fund.
(3) The Minister shall establish accounts with such banks as he designates for the deposit of public money. R.S., c. 365, s. 17.
18 Every person employed in the collection or management or charged with the receipt of public money shall
(a) deposit same to the credit of the account of the Province at such places, in such manner and at such times as the Deputy Minister directs;
(b) keep a record of receipts and deposits thereof in such form and manner as the Deputy Minister directs;
(c) account for same in such manner and at such times as the Deputy Minister directs. R.S., c. 365, s. 18.
19 (1) Where no provision is made in an enactment or agreement respecting the payment of interest on a debt due to the Province, interest shall be payable at the rate of interest per year declared by the Royal Bank of Canada as its prime rate for Canadian dollar commercial loans in Canada plus three per cent, compounded monthly.
(2) The interest rate referred to in subsection (1) shall be determined quarterly on the first day of January, the first day of April, the first day of July and the first day of October of each year.
(3) Notwithstanding subsection (1), the Minister may, by order, waive the payment of interest or prescribe a lower rate of interest than that referred to in subsection (1). 2004, c. 3, s. 33.
19A (1) The Governor in Council may remit any tax or penalty, including any interest paid or payable thereon, where the Governor in Council considers that the collection of the tax or the enforcement of the penalty is unreasonable or unjust or that it is otherwise in the public interest to remit the tax or penalty.
(1A) Notwithstanding subsection (1), the Minister may remit any tax or penalty, including any interest paid or payable thereon, where the amount of the tax or penalty is ten thousand dollars or less, where the Minister considers that the collection of the tax or the enforcement of the penalty is unreasonable or unjust or that it is otherwise in the public interest to remit the tax or penalty.
(2) The Governor in Council may remit any other debt not referred to in subsection (1), including any interest paid or payable thereon, where the Governor in Council considers that the collection of the other debt is unreasonable or unjust or that it is otherwise in the public interest to remit the other debt.
(3) A remission pursuant to this Section may be total or partial or conditional or unconditional and may be granted
(a) before, after or pending any suit or proceeding for the recovery of the tax, penalty or other debt in respect of which the remission is granted;
(b) with respect to a tax or other debt, in any particular case or class of cases and before the liability therefor arises.
(4) A remission pursuant to this Section may be granted by
(a) forbearing to institute a suit or proceeding for the recovery of the tax, penalty or other debt in respect of which the remission is granted;
(b) delaying, staying or discontinuing any suit or proceeding already instituted;
(c) forbearing to enforce, staying or abandoning execution or process on any judgment;
(d) the entry of satisfaction on any judgment; or
(e) repaying any sum of money paid to or recovered by the Minister for the tax, penalty or other debt.
(5) Where a remission is granted pursuant to this Section subject to a condition and the condition is not fulfilled, the tax, penalty or other debt may be enforced, or all proceedings may be had, as if there had been no remission.
(6) A conditional remission, on fulfilment of the condition, and an unconditional remission have effect as if the remission were made after the tax, penalty or other debt in respect of which it was granted had been sued for and recovered.
(7) Where a penalty imposed by any law relating to revenue receipts has been wholly and unconditionally remitted pursuant to this Section, the remission has the effect of a pardon for the offence for which the penalty was incurred, and thereafter the offence has no legal effect prejudicial to the person to whom the remission was granted. 1994, c. 29, s. 11; 1995, c. 2, s. 10.
19B (1) Remissions granted pursuant to this Act may be paid out of the Consolidated Fund.
(2) Remissions granted pursuant to this Act during a fiscal year shall be reported in the Public Accounts for that year in such form as the Minister may direct. 1994, c. 29, s. 11.
20 No payment out of the Consolidated Fund shall be made except under the authority of an Act of the Legislature. R.S., c. 365, s. 20.
21 Where any sum of money is directed by the judgment of a court of competent jurisdiction or the award of arbitrators having authority or other lawful authority to be paid by the Province and no appropriation has been made therefor and there is no other legislative authority for the payment of the sum, the Governor in Council may authorize and require the Minister to pay the sum out of the Consolidated Fund. R.S., c. 365, s. 21.
21A (1) Subject to subsection (2) and the enactment by the Parliament of Canada of Bill C-48 which is now before the House of Commons, the Province shall use all moneys received by the Province from the Government of Canada for education purposes pursuant to paragraph 2(1)(b) of Bill C-48 as enacted to
(a) reduce tuition fees for all post-secondary education programs;
(b) support and increase access to apprenticeship training programs; and
(c) establish a needs-based grant program for post-secondary students,
and the expenditure of those moneys must be in addition to moneys otherwise appropriated for post-secondary education.
(2) The sums required for the purpose of this Section shall be paid out of money appropriated by the Legislature for that purpose and nothing in this Section affects the appropriation or expenditure of money not appropriated for that purpose. 2005, c. 23, s. 1.
22 (1) On the application of the head of a department the Minister may authorize an accountable advance out of the Consolidated Fund for the purpose of making disbursement for travelling expenses or other contingencies or of making payment on account of expenses to be incurred.
(2) An advance for which an accounting has not been made at the termination of the fiscal year in which it was made shall be accounted for or repaid within thirty days thereafter or within such additional number of days as the Minister may fix in any particular case. R.S., c. 365, s. 22.
23 (1) Where a person has an obligation or debt due to the Province or the Province has a claim against a person, the Governor in Council may direct the Minister, subject to any other Act affecting such obligation, debt or claim, to negotiate and accept a settlement in payment and satisfaction of such obligation, debt or claim, or to determine that any such obligation, debt or claim is not collectable and to write off any loss incurred in any such settlement or determination and to charge it to the appropriation for the service in respect of which the loss was incurred or to the Consolidated Fund or to the appropriate reserve account.
(2) Where the Province has an obligation or debt to a person or a person has a claim against the Province, the Attorney General, subject to any other Act affecting such obligation, debt or claim, may negotiate and make a settlement in payment and satisfaction of such obligation, debt or claim and the Minister may charge any payment made to effect the same to the appropriation for such service as he shall deem fit or to the Consolidated Fund or the appropriate reserve account. R.S., c. 365, s. 23.
24 (1) Except as otherwise provided, every payment out of the Consolidated Fund shall be made by cheque or other instrument as the Governor in Council directs.
(2) The method for payment of money out of the Consolidated Fund or special funds shall be determined by the Minister. R.S., c. 365, s. 24; 1994, c. 29, s. 12.
25 Where by or under an Act of the Legislature a guarantee has been given by or on behalf of Her Majesty in right of the Province for the payment of a debt or obligation, any amount required to be paid by the terms of the guarantee may, subject to the Act authorizing the guarantee, be paid out of the Consolidated Fund. R.S., c. 365, s. 25.
26 Notwithstanding anything contained in this Act, the Minister may, after the close of any fiscal year, authorize the payment of any proper claim for services performed in such fiscal year in pursuance of an appropriation. R.S., c. 365, s. 26.
27 (1) After the close of a fiscal year, and pending the granting of appropriations for the then current fiscal year by the Legislature, the Minister may, subject to any restrictions that are at any time imposed by the Governor in Council, authorize the payment of all proper claims for the ordinary and usual services of the several departments of the Government and the sum so paid in any fiscal year in respect of any service shall not exceed one half of the sum appropriated for such service in the preceding fiscal year.
(2) All sums paid under authority of this Section shall be included in the estimates for the then current fiscal year when submitted to the House of Assembly. R.S., c. 365, s. 27.
27A The Governor in Council, upon the recommendation of the Minister, may order the suspension for such period as the Minister deems fit of the right to commit any appropriation or part thereof except the salaries, wages and expenses of members of the public service, including the civil service, or the indemnities and expenses of the members of the House of Assembly. 1994, c. 29, s. 13.
28 (1) Where the amount provided in an appropriation is insufficient to carry out the purpose for which the appropriation was made, the principal officer having responsibility for the service shall make a report of that fact to the Minister and shall, in such report, estimate the supplemental sum required to carry out the service.
(2) Upon receipt of a report pursuant to subsection (1), the Minister may make a report to the Governor in Council showing the need for the additional appropriation and the Governor in Council may order that such supplemental sum as is deemed necessary be appropriated accordingly.
(3) Commencing with the fiscal year 2001-02, an order under subsection (2) shall be made no later than ninety days after the tabling of the Public Accounts following the end of the fiscal year for which the appropriation that is supplemented was made.
(4) The Minister shall, within fifteen days of the making of an order pursuant to subsection (2), table the order in the House of Assembly if the House is then sitting or, if it is not then sitting, with the Clerk of the Assembly. 2002, c. 5, s. 49.
29 (1) When it appears that an expenditure which was not provided for by the Legislature is urgently and immediately required for the public good, the head of the department concerned shall make a report of that fact to the Minister of Finance and shall in such report estimate the amount of the proposed expenditure.
(2) Upon receipt of such report, the Minister may make a report to the Governor in Council that the said expenditure is urgently and immediately required for the public good, and that there is no legislative provision therefor, and the Governor in Council may thereupon order a special warrant to be prepared to be signed by the Lieutenant Governor for the issue of the amount estimated to be required, and may order the amount to be charged to Capital Account or to Current Account, or partly in one way and partly in the other.
(3) A special warrant pursuant to the provisions of this Section shall not be made when the Legislature is in session unless the House of Assembly has not sat for any of the five days immediately preceding the issue of the special warrant. R.S., c. 365, s. 29.
30 (1) Where the Minister has reason to believe that a person
(a) has received public money and has not paid it over;
(b) has received public money for which he is accountable and has not accounted for it; or
(c) has in his hands any public money applicable to a purpose and has not applied it to that purpose,
the Minister may give notice to such person or to his personal representative, in case of his death, requiring such person, within such time from the service of the notice as is stated therein, to pay over, account for or so apply such money as the case may be and to transmit to the Minister proper vouchers that he has done so.
(2) The notice may be served by prepaid registered mail addressed to such person at his usual place of residence.
(3) When default is made in the payment, accounting or application of public money by any person and the person admits such default, the Minister may issue his certificate stating the amount so due, the amount thereof remaining unpaid, including interest on the amount due at six per cent per annum from the date of the notice given under subsection (1), and the name of the person by whom it is payable, and may file the certificate with any prothonotary of the Supreme Court or a clerk of any county court and, when so filed, the certificate shall be of the same force and effect, and all proceedings may be taken thereon, as if it were a judgment of the court for the recovery of a debt of the amount stated in the certificate against the person named therein. R.S., c. 365, s. 30.
31 Where it appears to the Minister
(a) by the books or accounts kept by or in the office of any person employed in the collection or management of the revenue;
(b) in any accounting by such person; or
(c) by his written acknowledgement or confession,
that such person has, by virtue of his office or employment, received public money and has neglected or refused to pay it over to the proper persons at the proper times, an affidavit deposing to such facts made by any person having knowledge thereof, is, in any proceedings for the recovery of such money, admissible as evidence of the facts stated therein. R.S., c. 365, s. 31.
32 (1) Where, in the opinion of the Minister, a person is indebted to the Province in any specific sum of money, the Minister may authorize the Deputy Minister to retain by way of deduction or set-off the amount of such indebtedness out of any sum of money that is or may be due and payable by the Province to such person.
(2) Where the Minister owes money to a person and the person is directed by the judgment of a court of competent jurisdiction or an official demand made pursuant to law to pay to the Government of Canada a sum of money, the Minister may authorize the Deputy Minister to retain and pay to the Government of Canada that sum by way of deduction or set-off out of any sum that is or may be due and payable by the Province to that person. R.S., c. 365, s. 32.
33 All books, papers, accounts and documents kept or used by or received or taken into the possession of any person who is or has been employed in connection with the collection, management, disbursement or accounting of public money, by virtue of that employment, belong to the Province. R.S., c. 365, s. 33.
34 Nothing in this Act affects any remedy that the Province, by virtue of any other Act or law, has for recovering or enforcing the payment or delivering of any money or property belonging to the Province and in the possession of any person or any remedy that the Province or any person has against such person or his sureties or against any other person. R.S., c. 365, s. 34.
35 Subject to Section 36, the Minister shall, for the sound and efficient management of any sinking fund, the Public Debt Management Fund, the Consolidated Fund and any special funds, establish and adhere to investment policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and to obtain a reasonable return. 1994, c. 29, s. 14; 2005, c. 6, s. 27.
36 The Governor in Council may make regulations prescribing or prohibiting the investment of money and prescribing investments or classes of investments in which such money may be invested for the sound and efficient management of any sinking fund, the Public Debt Management Fund, the Consolidated Fund and any special fund. 1994, c. 29, s. 14; 2005, c. 6, s. 28.
37 to 42 repealed 1994, c. 29, s. 14.
43 (1) The Minister may, in writing, delegate to any employee of the Department of Finance any duty, act or function that the Minister is required or permitted to do pursuant to Section 35, 47, 48, 51, 54 or 62C.
(2) An authorization given pursuant to subsection (1) may be general or applicable to a particular case and may specify an employee by the employee's name or by the employee's office or title.
(3) Where an authorization is made pursuant to this Section, the authorization applies to every person holding the office or appointed to that title or office while the employee holds that title or office.
(4) An act or thing done or document or instrument executed or signed pursuant to an authorization given pursuant to this Section has the same effect as if the act or thing were done or the document or instrument were executed or signed by the Minister. 2000, c. 4, s. 66.
44 No money shall be raised by way of loan by the Province except as authorized by an Act of the Legislature. R.S., c. 365, s. 44.
45 All loans and other debts contracted by the Province before, on or after the second day of May, 1962, under any Act of the Legislature by means of the issue of provincial securities or otherwise, and the interest on such securities, loans or debts, and the annual requirements for the sinking funds established for their extinction, premiums, and any other charges of whatever nature and kind in respect of loans or debts or securities or securities issued therefor, are a charge upon the revenue, money and funds of the Province. R.S., c. 365, s. 45; 1994, c. 29, s. 15.
46 (1) Whenever, in any statute passed by the Legislature, authority is given to the Governor in Council to borrow or raise by way of loan, loan agreement or the issue of securities any sum of money, unless there is some provision to the contrary in the statute by which such authority is given, such sum may be borrowed at such times as the Governor in Council determines by the issue and sale of debentures which may be for such separate sums, may bear interest at such rate or rates and may be payable as to principal and interest at such time or times and at such place or places as the Governor in Council determines.
(2) When the Governor in Council is authorized to borrow or raise by way of loan, loan agreement or the issue of securities any sum of money, the Minister may, from time to time, pay out of the Consolidated Fund for the purposes for which such money may be borrowed or raised.
(3) Such payment out of the Consolidated Fund shall not take away or in any way affect the power given by any Act to borrow money or to issue securities and the Governor in Council shall have the same authority to borrow money or to issue securities as if such payment had not been made. R.S., c. 365, s. 46; 1994, c. 29, s. 16.
47 (1) Subject to the provisions of this Section, the Minister may borrow from time to time
(a) from any bank or banks or from any office, agency or branch of such bank by overdraft or otherwise;
(b) by the issue, sale or pledge of treasury bills or any other form of security; or
(c) from any person, company or corporation,
such amounts as he considers necessary for immediate or anticipated payments that are authorized to be made out of the Consolidated Fund.
(2) The Governor in Council may prescribe the terms, stipulations and conditions upon which such overdraft may be made, treasury bills issued or money borrowed and the form of such treasury bills or other securities and the manner in which they shall be executed. R.S., c. 365, s. 47.
48 Notwithstanding any other enactment, the Minister may execute any documents to secure borrowings authorized by any enactment. R.S., c. 365, s. 48.
49 The bonds, debentures and other securities of the Province shall be subject to such regulations or provisions as to the registration, transfer and management thereof as the Governor in Council may prescribe including registration and transfer in a register kept in Canada or in any foreign country at such places and by such banks, officers or persons as he may appoint. R.S., c. 365, s. 49.
50 A recital or declaration in the order of the Governor in Council authorizing the issue and sale of securities to the effect that the amount of the securities so authorized is necessary to realize the net sum authorized or required to be raised by way of loan, is conclusive evidence of that fact. R.S., c. 365, s. 50.
51 Any securities issued under the authority of this or any other Act heretofore or hereafter passed may be made redeemable in advance of maturity at such time or times and at such price or prices and on such notice as the Minister provides at the time of the issue thereof and, where the Minister so provides, the Minister may redeem in advance of maturity, purchase, pay, refund or renew the whole or any part of the issue of securities. R.S., c. 365, s. 51; 2000, c. 4, s. 67.
52 (1) Where in this Act or in any other Act whether heretofore or hereafter passed, authority is given to borrow or raise by way of loan a specific number of dollars, or to issue debentures or other securities for a specific number of dollars in principal amount, every such authority shall be deemed to authorize
(a) repealed 1994, c. 29, s. 17.
(b) the borrowing or raising by way of loan or loan agreement of an equivalent amount in the currency of any country other than Canada, or the issue of securities for an equivalent amount in the currency of any country other than Canada, as the case may be, calculated in each case in accordance with the nominal rate of exchange between the Canadian dollar and the currency concerned as quoted by the Bank of Canada at its closing on the business day next preceding the date on which the Governor in Council authorizes the raising of the loan or the issue of the securities.
(2) The Governor in Council may cause all such declarations to be made or may authorize some person to make all such declarations and may do or authorize some person to do all such acts, matters and things as are deemed necessary to comply with the provisions of any law of, or in force in, any province of Canada, the United States of America, or any state thereof, the United Kingdom or any other country relating to the issue, registration, transfer or sale of any debentures or other securities.
(3) The Governor in Council may appoint one or more resident agents in the United States of America or in the United Kingdom or in any other country, and may grant to any such agent or agents such powers, rights and authorities as may be required or useful in connection with the issue, registration, transfer or sale of any debentures or other securities. R.S., c. 365, s. 52; 1994, c. 29, s. 17.
52A Until the amount of the public debt of the Province represented by securities or obligations in currencies other than Canada is twenty per cent or less of the total public debt of the Province,
(a) no financial transaction or series of financial transactions directly affecting the public debt of the Province shall be completed that increases the percentage of the public debt of the Province represented by securities or obligations in currencies other than Canada; and
(b) where a security or obligation issued by the Province for a term greater than one year represented in a currency other than Canada becomes due and must be refinanced, no financial transaction or series of financial transactions for the purpose of such refinancing shall be completed unless the transaction or transactions results in the elimination of foreign currency exposure with respect to the debt represented by the security. 2000, c. 4, s. 68.
53 Securities issued under the authority of this Act may be made payable in the currency or currencies of any country or countries. R.S., c. 365, s. 53.
54 (1) The Governor in Council may authorize the Minister to redeem in advance of maturity, purchase, pay, refund or renew the whole or any part of an issue of securities of Nova Scotia.
(2) When the Governor in Council has authorized the Minister to redeem in advance of maturity, purchase, pay, refund or renew the whole or any part of an issue of securities of Nova Scotia, the Governor in Council may, in his discretion,
(a) raise by way of loan, loan agreement or the issue of securities on the credit of the Province any money necessary for those purposes or any of them; or
(b) authorize the issue and delivery of securities of Nova Scotia in exchange, substitution or renewal for other securities of Nova Scotia to such owners thereof as consent to the exchange, substitution or renewal.
(3) When a security of Nova Scotia has been acquired pursuant to this Section or through investment in a sinking fund or investment fund, the security may be cancelled and, if so, shall not be reissued, and the obligation of the Province under it shall be extinguished.
(4) This Section does not authorize the Governor in Council or the Minister to require the surrender or sale of any security otherwise than in accordance with its terms.
(5) Within twenty days after the commencement of every session of the House of Assembly, the Minister shall lay before the House a report setting out particulars of all acts done by him under the authority of this Section since the date of his last report under this subsection. R.S., c. 365, s. 54; 1994, c. 29, s. 18.
55 The Governor in Council may provide for the form of and the manner of executing securities, and that any signature upon securities and the coupons attached thereto or upon either of them may be printed, engraved, lithographed or otherwise reproduced. R.S., c. 365, s. 55.
56 The Governor in Council may designate one or more persons to perform such services in respect of the registration of securities as he prescribes. R.S., c. 365, s. 56.
57 The Province, or any officer or agent of the Province, shall be entitled to treat the registered holder of any security as the absolute holder thereof and shall not be bound to recognize any equitable or other claim to or interest in any security or to be satisfied with respect to the execution of any trust expressed or implied to which such security may be subject. R.S., c. 365, s. 57.
59 (1) Where, pursuant to any Act, the Province has guaranteed the payment of any debt or obligation, the Governor in Council may borrow such amount as is necessary to discharge the liability resulting from the guarantee.
(2) Where in any Act, the Province, the Governor in Council, a Minister or any board, commission or agency of the Province is authorized or empowered to make a loan or give financial assistance to any person, the Province, the Governor in Council, a Minister or any board, commission or agency of the Province may, in lieu of the exercise of the authority or power, guarantee the repayment of any loan made or financial assistance given to the person.
(3) Subsection (2) applies to any guarantee heretofore or hereafter made by the Province, the Governor in Council, a Minister or any board, commission or agency of the Province for the repayment of any loan made or financial assistance given.
(a) "financial obligation" means a financial transaction the total liability for which is not included in an appropriation and, for greater certainty but without restricting the generality of the foregoing, includes a guarantee, a performance dividend, the capital expenditure made in respect of a lease, a tangible capital asset, a payroll rebate program or a contingent liability;
(b) "financial transaction" means a transaction that creates a financial liability for the Province, a government business enterprise or a governmental unit and, for greater certainty but without limiting the generality of the foregoing, includes a loan, a line of credit, a bond, a debenture, a note, a lease or other security;
(c) "government business enterprise" and "governmental unit" mean those entities listed in the Schedule to this Act and any additional entities designated pursuant to Section 80. 2000, c. 4, s. 70; 2004, c. 3, s. 37.
59B (1) Notwithstanding any enactment or power or authority that authorizes the entering into of a financial transaction, directly or indirectly, by or on behalf of the Province, a department, a government business enterprise or a governmental unit, the Governor in Council may make regulations
(a) requiring that a department, governmental unit or government business enterprise obtain the prior approval of the Governor in Council with respect to a financial transaction or a class or classes of financial transactions;
(b) respecting any matter deemed necessary or advisable to carry out effectively the intent and purpose of this Section.
(2) The exercise by the Governor in Council of the authority contained in subsection (1) is regulations within the meaning of the Regulations Act.
(3) Where, pursuant to subsection (1) or any enactment, a department, government business enterprise or governmental unit requires the approval of the Governor in Council with respect to a financial transaction, the Governor in Council may, prior to considering the request for the approval, refer the request to the Minister for a report with respect to the proposed financial transaction.
(4) Where a report is requested pursuant to subsection (3), the Minister shall provide a report with respect to the following:
(a) whether the cost of the proposed financial transaction is within the limits prescribed for the department, government business enterprise or governmental unit for the fiscal year;
(b) the effect of the proposed financial transaction on the financial statements of the Province for the current or a future fiscal year;
(c) whether the terms and conditions of the proposed financial transaction are reasonable and prudent for the purpose of avoiding undue risk of loss or obtaining a reasonable return;
(d) such other information as considered appropriate by the Governor in Council or the Minister. 2000, c. 4, s. 70; 2004, c. 3, s. 37.
59C (1) Notwithstanding any enactment or power or authority that authorizes the entering into of a financial obligation, directly or indirectly, by or on behalf of the Province, a department, government business enterprise or governmental unit, the person authorized or empowered to enter into a financial obligation or to recommend to the Governor in Council the entering into of a financial obligation shall, instead of entering into the financial obligation or making a recommendation to the Governor in Council, forward a report and recommendation to the Executive Council for the approval of the financial obligation to the Minister setting out the terms and conditions of and the reasons for the financial obligation and, upon receipt of the report and recommendation to the Executive Council, the Minister shall prepare a report on the following :
(a) whether the cost of the proposed financial obligation is within the limits prescribed for financial obligations for the department, the government business enterprise or governmental unit for the fiscal year;
(b) the effect of the proposed financial obligation on the financial statements of the Province for the current or a future fiscal year;
(c) whether the terms and conditions of the proposed financial obligation are reasonable and prudent for the purpose of avoiding undue risk of loss or obtaining a reasonable return;
(d) such other information as considered appropriate by the Governor in Council or the Minister.
(1A) The Minister may, on the basis of the report referred to in subsection (1),
(a) approve the financial obligation provided the person authorized or empowered to enter into the financial obligation does not require the approval of the Governor in Council to do so; or
(b) forward the report and the report and recommendation to the Executive Council to the Governor in Council for consideration.
(2) The Governor in Council may authorize the Minister to enter into a financial obligation referred to in subsection (1) or may authorize the person to enter into such financial obligation.
(3) The Governor in Council may make regulations
(a) respecting the information required to accompany a request for authorization;
(b) exempting a program, a department, a governmental unit, a government business enterprise, a financial obligation or a class or classes of financial obligations from the application of this Section;
(c) respecting terms and conditions upon which a program, a department, a governmental unit, a government business enterprise, a financial obligation or a class or classes of financial obligation may be exempted from the application of this Section;
(d) respecting any matter deemed necessary or advisable to carry out effectively the intent and purpose of this Section.
(4) The exercise by the Governor in Council of the authority contained in subsection (3) is regulations within the meaning of the Regulations Act. 2000, c. 4, s. 70; 2004, c. 3, s. 37; 2006, c. 2, s. 35.
59D (1) Subject to subsection (2), where a department proposes to implement a program or service that the department has not provided in a previous year or for which no appropriation has been made in a previous year, the department shall not implement the program or service unless the department is able to implement the program or service from the total of the funds appropriated for the department for the fiscal year in which the program or service is to be implemented.
(2) The Governor in Council may approve the implementation of the program or service referred to in subsection (1) where
(a) the program or service can be provided within the limits of the total appropriations for the Government for the fiscal year in which the program or service is to be implemented; or
(b) the program or services is required as a result of a natural disaster or other disaster as provided by this Act. 2000, c. 4, s. 70.
60 Notwithstanding any other enactment, no Minister of a department, Crown corporation, agency of the Crown or a person acting on behalf of the Crown shall mortgage or otherwise charge assets of the Crown, a Crown corporation or an agency of the Crown except upon such terms and conditions as are approved by the Governor in Council upon the report and recommendation of the Minister. R.S., c. 365, s. 60.
60A (1) Where assets of the Crown are sold, the net proceeds of the sale shall, notwithstanding any enactment, shall be paid into the Debt Retirement Fund and be used to reduce the public debt of the Province.
(2) The Governor in Council may define any word or expression used in subsection (1) but not defined in this Act.
(3) The exercise by the Governor in Council of the authority contained in subsection (2) is regulations within the meaning of the Regulations Act. 1996, c. 5, s. 22; 1998, c. 13, s. 12; 2004, c. 3, s. 34.
61 The Minister may, from time to time, after the date of payment or cancellation, authorize the destruction of bonds, debentures, coupons, treasury bills or other securities of the Province. R.S., c. 365, s. 61; 1994, c. 29, s. 21.
62 In the event of the loss of any securities or interest coupons thereon by a holder thereof, the Minister may pay the amount thereof out of the Consolidated Fund and may take a bond in such amount and in such form as he considers advisable indemnifying the Province against loss in respect of such payment. R.S., c. 365, s. 62.
62A (1) The Public Debt Management Fund is hereby established for the purchase or sale of securities of the Province by the Minister for the sound and efficient management of the public debt.
(2) The Governor in Council may from time to time, direct the Minister to
(a) pay into the Public Debt Management Fund such sum or sums as the Governor in Council may deem necessary;
(b) pay out of the Public Debt Management Fund such sum or sums as the Governor in Council deems necessary to pay or retire debentures, securities or other debt instruments of the Province.
(3) All extraordinary revenues that accrue to the Province in any fiscal year must be paid into the Public Debt Management Fund.
(4) In this Section, "extraordinary revenue" means revenue that is not typical for a government reporting entity, not included in the annual budget of the Province or would not normally be expected to become a typical revenue source and that is designated as extraordinary revenue by the Minister. 2005, c. 6, s. 29.
62C The Minister may enter into agreements to
(a) use financial products to change interest rates from fixed rates to floating rates or floating rates to fixed rates;
(b) exchange foreign currencies to Canadian dollars or to exchange Canadian dollars to other foreign currencies;
(c) exchange any foreign currency for another foreign currency;
(d) use, purchase or sell any financial product for the sound and efficient management of the public debt. 1994, c. 29, s. 22.
63 The Governor in Council may provide for the creation, maintenance and management of a sinking fund or sinking funds for the retirement of securities of the Province. R.S., c. 365, s. 63.
64 (1) The Governor in Council is authorized to provide a Special Reserve Account into which may be paid or credited the amount or any part thereof shown or to be shown as surplus by the audited statements for the fiscal year.
(2) The money in such Special Reserve Account may be used and applied in whole or part by the Legislature or, if the House of Assembly has not sat for any of the five days immediately preceding the use and application of such money, by the Governor in Council
(a) to meet any deficit shown in the audited statement of revenue and expenditure of the Province for any fiscal year;
(b) to meet any expenditure authorized by the Legislature chargeable to capital account;
(c) to purchase securities in which the Minister by this Act is authorized to invest;
(d) for constructing, or assisting in constructing, such public works and undertakings as are from time to time deemed necessary or desirable;
(e) for the purpose of any fund established in accordance with any Act of the Legislature;
(f) for the purpose of establishing a fund from which expenditures may be made from time to time for or in relation to matters deemed to be for the general welfare of the Province.
(3) Any securities purchased pursuant to clause (c) of subsection (2) may, from time to time at the direction of the Governor in Council, be sold and the proceeds of any such sale shall be paid into or credited to the Special Reserve Account or used for any of the purposes mentioned in this Section.
(4) Where any money has been transferred from the Special Reserve Account to another fund and has not been used for the purposes of that fund, the Governor in Council may direct that such money be returned to the Special Reserve Account. R.S., c. 365, s. 64.
66 Any annual return which is required by statute to be made by any public official to the Attorney General or to the Minister shall be made on or before the thirtieth day of April for the year ending on the thirty-first day of March next preceding. R.S., c. 365, s. 66.
67 Where in any enactment the expression "Consolidated Revenue Fund" is used, it means the Consolidated Fund. R.S., c. 365, s. 67.
68 Where the Governor in Council has authorized a loan or charge out of or against a loan account and it subsequently is established that the whole or part of the loan or charge is not required for the purpose for which it was authorized, the Governor in Council, by general or special order, may authorize the Minister to cancel the whole or the part of the loan or charge not required. R.S., c. 365, s. 68.
69 The Governor in Council may authorize the Minister, on behalf of the Province or any agency thereof, to enter into agreements with the Government of Canada or any of its corporations, bodies or agencies concerning
(a) the borrowing of money by way of security or otherwise;
(b) the guaranteeing of the payment of any obligation;
(c) the transferring of any money;
(d) taxation, fiscal or other monetary or financial matters;
(e) any financial assistance program of the Government of Canada or its corporations, bodies or agencies or otherwise as the Governor in Council deems necessary. R.S., c. 365, s. 69.
(B) at least ninety per cent of its outstanding voting shares are owned beneficially by one or more or any combination of the Province and other crown corporations and the Governor in Council has not by order in council revoked its status as a crown corporation under this Act, or
(C) outstanding shares in its capital stock carrying at least a majority of the votes entitled to be cast at a shareholders meeting are owned beneficially by one or more or any combination of the Province and other crown corporations and the Governor in Council has by order in council conferred on it the status of a crown corporation under this Act, and
(ii) any other body corporate while at least a majority of its directors are entitled to be appointed and removed by the Governor in Council and the Governor in Council has by order in council conferred on it the status of a crown corporation under this Act;
(b) "current loan" means any loan which is not a funded obligation;
(c) "directors" includes commissioners, governors and other officials of any body corporate with comparable responsibilities, whether or not they are called directors;
(d) "funded obligation" means any money indebtedness the principal amount of which, by its terms, is not payable on demand and the maturity date of which is more than twelve months after such indebtedness was incurred or, if renewed, last renewed. R.S., c. 365, s. 70.
71 The Governor in Council may by order in council confer or revoke the status of crown corporation under this Act with respect to any body corporate meeting the requirements of clause (a) of Section 70. R.S., c. 365, s. 71.
72 (1) A crown corporation shall have the legal power and capacity
(a) to borrow money in or out of Canada on its own credit;
(b) to issue its bonds, debentures or other securities and to sell or pledge the same;
(c) to secure its borrowings, bonds, debentures, securities or other debts or obligations by charging all or any of its assets and undertaking, current or after acquired; and
(d) subject to subsection (2), to invest its funds in any investment in which by Part IV of this Act the Minister is authorized to invest,
but no crown corporation shall incur any funded obligation without the approval of the Governor in Council, and the Governor in Council may from time to time by order in council make subject to its approval, or otherwise curtail, the exercise by all or any one or more crown corporations of any other power or capacity conferred by this subsection.
(2) All sums appropriated by a crown corporation to sinking fund reserves for the repayment of advances made to the crown corporation by the Province or for the repayment of the principal of any bonds, debentures or other funded obligations issued by the crown corporation, together with the interest from time to time accruing on such sums, shall be invested in accordance with Sections 35 and 36.
(3) The Province or a crown corporation may, on such terms as the Governor in Council may determine, guarantee the payment of any borrowings, bonds, debentures, securities, debts or other obligations of any crown corporation, and may borrow the money necessary to discharge the liability resulting from any such guarantee.
(4) The Province may make current loans to any crown corporation and may borrow money for such purpose.
(5) The provisions of this Section shall apply to every crown corporation, notwithstanding anything to the contrary contained in any other Act or in the memorandum, articles, letters patent, by-laws or other corporate charter or constitution of such corporation, but shall only apply to such corporation while it is a crown corporation. R.S., c. 365, s. 72; 1994, c. 29, s. 23.
73 Commencing April 1, 1997, a crown corporation shall annually
(a) submit to the House of Assembly for approval during consideration of the Estimates its business plan and any proposed public financing; and
(b) table in the House of Assembly audited financial statements for the preceding fiscal year. 1996, c. 5, s. 23.
(a) "deficit" means the amount in a fiscal year by which the total of
(ii) consolidation adjustments for governmental units in that fiscal year, and
(iii) net income or losses for government business enterprises in that fiscal year,
exceed ordinary revenue for the fiscal year as defined in the budgetary summary of the annual Estimates of the Province for that fiscal year;
(b) "fiscal period" means a period of four consecutive fiscal years, with the first four-year fiscal period commencing on April 1, 2000, and each successive four-year fiscal period commencing on April 1st next following the first year of the previous fiscal period;
(c) "government business enterprise" and "governmental unit" means those entities listed in the Schedule to this Act and any additional entities designated pursuant to Section 80;
(d) "Minister" means the Minister of Finance;
(e) "surplus" means the amount by which revenues in a fiscal year exceed the total of
2000, c. 4, s. 71; 2004, c. 3, s. 37.75 Where an amount is expended in excess of an appropriation referred to in the Appropriations Act, the Minister responsible for expenditures made pursuant to the appropriation shall table in the House of Assembly or, if the House is not sitting, file with the Clerk of the House of Assembly a report setting out the amount of the over-spending and the reasons the expenses were required to be made. 2000, c. 4, s. 71.
76 In each fiscal year of the Province, commencing with the 2002-2003 fiscal year, the Minister shall not table a budget in the House of Assembly that estimates a deficit for the Province for the fiscal year to which the budget relates. 2000, c. 4, s. 71.
76A (1) The annual revenue, in an amount not to exceed that as set out for each year below, which would otherwise be recognized under generally accepted accounting principles with respect to the receipt of an offset payment in each year, as a result of an arrangement between the Government of Canada and the Province on offshore revenues, shall not be recognized for the purposes of Sections 76, 77 and 78:
(a) fiscal year 2005-2006 - fifty-seven million one hundred thousand dollars;
(b) fiscal year 2006-2007 - ninety-three million dollars;
(c) fiscal year 2007-2008 - one hundred eighty-nine million dollars;
(d) fiscal year 2008-2009 - two hundred seven million dollars;
(e) fiscal year 2009-2010 - one hundred fifty-one million dollars;
(f) fiscal year 2010-2011 - ninety-two million dollars.
(2) The annual revenue, in an amount equal to no more than eight hundred thirty million dollars less the sum of all annual revenues not recognized under subsection (1), which would be otherwise recognized in the fiscal year 2011-2012 under generally accepted accounting principles with respect to the receipt of an offset payment as a result of an arrangement between the Government of Canada and the Province on offshore revenues shall not be recognized for the purposes of Sections 76, 77 and 78 . 2005, c. 6, s. 30.
77 Where the Minister determines that a deficit has occurred, the Minister shall
(a) table, in the House of Assembly or, if the House is not sitting, file with the Clerk of the House of Assembly a report setting out the amount of the deficit and the reasons why it occurred; and
78 (1) Subject to subsection (2), a deficit in a fiscal year shall be recovered no later than the end of the fiscal year next following the year in which the deficit occurred.
(2) Where a deficit occurs in a fiscal year as a result of
(a) an expenditure required in the fiscal year because of a natural or other disaster in the Province that could not have been anticipated and that affects the Province or a region of the Province in a manner that is of urgent public concern;
(b) losses associated with a sale, dissolution, closure or other restructuring of a governmental unit or government business enterprise that are not anticipated to have a similar financial impact on future fiscal years; or
(c) an expense incurred with respect to debt servicing costs that exceeds the amount budgeted for debt servicing costs for the fiscal year,
the deficit is not required to be recovered. 2000, c. 4, s. 71; 2004, c. 3, s. 37.
79 Notwithstanding any enactment, power or authority, a governmental unit or a government business enterprise shall not exceed the net results as set out in its budget without first obtaining the written authorization of the Minister responsible for the governmental unit or government business enterprise. 2000, c. 4, s. 71; 2004, c. 3, s. 37.
80 (1) The Minister, on the basis of generally accepted accounting principles for the public sector as prescribed by the Canadian Institute of Chartered Accountants, may, from time to time, with the approval of the Governor in Council, make regulations designating as a government business enterprise or a governmental unit for the purpose of this Act a board, commission, foundation, agency, tribunal, association or other body of persons, whether incorporated or unincorporated.
(2) The exercise by the Minister of the authority contained in subsection (1) is regulations within the meaning of the Regulations Act. 2006, c. 2, s. 36.
81 (1) The Government shall pursue its policy objectives in accordance with the principles of responsible fiscal management specified in subsection (2).
(2) The principles of responsible fiscal management include
(a) achieving and maintaining Crown debt at prudent levels so as to provide a buffer against factors that may impact adversely on the level of total Crown debt in the future;
(b) achieving and maintaining levels of Crown net worth that provide a buffer against factors that may impact adversely on the Crown's net worth in the future;
(c) managing prudently the fiscal risks facing the Crown;
(d) pursuing policies that are consistent with achieving a reasonable degree of predictability about the level and stability of tax rates, programs and services for future years; and
(e) adopting and implementing a fiscal decision-making system that is rational, fair, efficient, credible, transparent and accountable. 2000, c. 4, s. 71.
82 (1) The Minister shall prepare a consolidated fiscal plan for the Government for each fiscal period.
(2) The Minister shall table a consolidated fiscal plan at the time the Minister tables the estimates for a fiscal year in the House of Assembly.
(3) A consolidated fiscal plan shall include
(a) fiscal projections for the four-year period referred to in the consolidated fiscal plan;
(b) the major economic assumptions the Minister made in preparing the plan, including the effect changes in the assumptions may have on the finances of the Government in the fiscal period to which the plan relates;
(c) a summary of the Government's business plan for the first year of the fiscal period, as well as such portions of the business plans for the first year of the fiscal period of a department, government business enterprise or governmental unit as the Minister considers appropriate; and
(d) such other information as the Minister considers appropriate. 2000, c. 4, s. 71; 2004, c. 3, s. 37.
83 (1) The Minister shall prepare a report for each fiscal year in a form and at the time determined by the Minister.
(2) A report prepared pursuant to subsection (1) shall include
(a) information that shows outcomes against the business plan information for that fiscal year; and
(b) any other information the Minister considers appropriate.
(3) Reports prepared pursuant to subsection (1) shall be submitted to the House of Assembly not later than December 31st next following the end of the fiscal year reported on and, if the House is not sitting, the Minister shall file the report with the Clerk of the House. 2000, c. 4, s. 71.
83A (1) The Governor in Council may authorize the Minister to lend money to a government business enterprise or a governmental unit.
(2) An authorization under subsection (1) shall state the maximum amount that may be outstanding and the currency of the money that may be lent under the authorization.
(3) In order to borrow money under this Section, a government business enterprise or a governmental unit shall submit to the Minister a request to borrow that
(a) is in a form and contains information as required by the Minister;
(b) proposes the borrowing on terms that are within its authority to borrow and that are satisfactory to the Minister; and
(c) is made through the minister responsible for the government business enterprise or governmental unit, or a person authorized in writing by the responsible minister.
(4) Where a body for which lending is authorized under subsection (1) submits a request under subsection (3), the Minister may, at the Minister's sole discretion, lend money to the body on such terms and conditions as determined by the Minister.
(5) The Minister may pay out of the Consolidated Fund amounts to be lent under this Section.
(6) In respect of a loan under this Section, the Minister may
(a) determine the repayment terms of the loan, including the interest chargeable on the loan, and vary the terms of the loan from time to time as the Minister considers necessary;
(b) charge the government business enterprise or governmental unit a fee that the Minister considers reasonable in relation to the services provided by the Government in connection with the loan;
(c) charge the government business enterprise or governmental unit all costs, expenses and charges that the Minister determines are incurred in the negotiation or raising of the money, including all costs relating to the issue, redemption, servicing, payment and management of the borrowing and any securities issued in respect of it; and
(d) deduct all or part of the amounts that may be charged under clauses (b) and (c) from the proceeds of the loan . 2002, c. 5, s. 51; 2004, c. 3, s. 37.
83B (1) The Minister may, subject to the regulations, make loans to students enrolled in educational programs designated in the manner provided for in the regulations on such terms and conditions as provided by the regulations.
(2) The Minister may pay out of the Consolidated Fund amounts to be lent pursuant to this Section. 2006, c. 2, s. 37.
84 (1) The Governor in Council may make regulations
(a) defining any word or expression used but not defined in this Act;
(aa) designating educational programs that qualify for loans under Section 83B;
(ab) respecting eligibility requirements for educational programs that qualify for loans under Section 83B;
(ac) respecting eligibility requirements for students to qualify for loans under Section 83B;
(ad) respecting the terms and conditions of loans under Section 83B, including the amount of any fee to be charged in respect of the loan, the rate of interest to be charged, the method of calculating interest, the terms of repayment and any security required to secure the loan;
(b) deemed necessary or advisable to carry out effectively the intent and purpose of this Act.
(2) The exercise by the Governor in Council of the authority contained in subsection (1) is regulations within the meaning of the Regulations Act. 2000, c. 4, s. 71; 2006, c. 2, s. 38.
Schedule repealed 2006, c. 2, s. 40.
