On to more dry stuff. Mr. Speaker, I am pleased to announce that later today I will table the proposed Personal Property Security Act.
Mr. Speaker, very soon after becoming Minister of Justice, last summer, I announced that this government would embark on a program of commercial law reform.
The existing commercial law of the territories has not kept pace with changing business practices and law reform elsewhere in the country.
The proposed bill is to replace the present law, set out in a number of very old statutes and many complex judicial decisions, with a comprehensive and modern regulatory framework for lenders and borrowers.
The input of members of the law society, financial institutions and consumer groups was sought in the preparation of this bill and the comments received have been taken into consideration.
A modern law, Mr. Speaker, will remove some of the existing obstacles to investment in the territories. Lenders in Canada and now used to working with laws similar to the proposed bill which provides certainty to their dealings.
Most importantly, automation will eventually allow for searches of the registry from anywhere in the territories and will allow registration by the lender from remote locations. Service to borrowers and lenders will be improved.
I look forward to the support of the Members for this proposed bill and would be pleased to respond to any concerns or comments of the Members at the appropriate time. Thank you.