Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member from Nahendeh, that Bill 24, An Act to Amend the Financial Administration Act be read for the second time.

Mr. Speaker, this bill amends the act to provide the commissioner or the board of a public agency may, with the approval of the financial management board, on behalf of the government or a public agency, make a guarantee of an amount not exceeding the limit prescribes by regulation. Thank you.

The Commissioner of the Northwest Territories, by and with the advice and consent of the Legislative Assembly, enacts as follows:

1. The Financial Administration Act is amended by this Act.

2. Subsection 67(1) is repealed and the following is substituted:

67. (1) The Commissioner, on the recommendation of the Board and on behalf of the Government, may make

(a) a guarantee, where the maximum liability under the guarantee does not exceed the prescribed amount; or

(b) an indemnity, where the maximum liability under the indemnity does not exceed $500,000.

3. Subsection 87(1) is repealed and the following is substituted: 87. (1) A board, with the approval of the Commissioner and the Financial Management Board and on behalf of the public agency, may make

(a) a guarantee, where the maximum liability under the guarantee does not exceed the prescribed amount; or

(b) an indemnity, where the maximum liability under the indemnity does not exceed $500,000.

4. This Act or any provision of this Act comes into force on a day or days to be fixed by order of the Commissioner.