Clause 4.
Debates of Oct. 16th, 1996
Topics
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Vince Steen
Does the committee agree that Bill 21 is ready for third reading? Bill 21 is now ready for third reading, and I thank the Minister.
Does the committee agree, we will move on to Bill 18, Public Trustees Act?
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Kelvin Ng Kitikmeot
Thank you Mr. Chairman. Mr. Chairman, I am pleased to present a bill to amend the Public Trustees Act, to eliminate the Special Reserve Fund held by the Public Trustee.
A Special Reserve Fund was established in Legislation to cover any shortfalls when the amount of interest owing to individual estates and trusts was greater than the amount of interest earned by the common fund. The Special Reserve Fund has grown substantially over the years, and has a current value of $577,895.40. The method of calculating the interest payable to the estates and trusts has not been tailored to the amount of interest earned by the common fund. The interest rate is set each month. As a result, the special reserve fund is no longer necessary. The full value of the special reserve fund will be transferred to the consolidated revenue fund on October 31st. Any excess interest on the common fund, after the payment of any fees and deficiencies will now be paid directly to the consolidated revenue fund, twice a year. I believe the amendment is a positive change which will assist the Government in its efforts to deal with the current fiscal realities. Thank you, Mr. Chairman.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Vince Steen
Thank you, Mr. Ng. I will now ask the Chairman of the Standing Committee on Social Programs, Mr. Enuaraq, and Committee comments on the Bill.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Tommy Enuaraq Baffin Central
Mr. Chairman, the Standing Committee on Social Programs, reviewed Bill 18, an Act to Amend the Public Trustee Act. This Bill will eliminate the Special Reserve Fund and allow access interest earned by the investment of the Common Fund to be paid straight into the Consolidated Revenue Fund.
In reviewing the legislative proposal earlier this summer, Members had a number of questions about the past use of the Special Reserve Fund. These questions were addressed to the satisfaction of the Committee. The Standing Committee on Social Programs has no concerns with this Bill. Thank you, Mr. Chairman.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Vince Steen
Thank you, Mr. Enuaraq. I would like to ask the Minister if he wants to bring in witnesses at this time.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Kelvin Ng Kitikmeot
Not right at this time, Mr. Chairman. Thank you.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Vince Steen
If the Committee agrees, we will move on to general comments on the Bill by Members. Agreed?
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Vince Steen
Are there any general comments by Members? No general comments. Does the Committee agree that we move on to clause by clause in review of the Bill?
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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