Mr. Speaker, I think my honourable colleague is probably alluding to some of the changes that we want to make into the Financial Administration Act where government is looking to, what is the word I am looking for, is looking to increase, if you want, the exposure of loans that we guarantee occasionally. Let me assure my honourable colleague that this Aurora Fund, it is not, repeat, not a government fund. Government merely was the instrument to bring it forward. We were fortunate enough to get Cabinet approval and seek the additional dollars necessary to seed it. I will check whether in fact the fiscal commitment we made has been repaid. Mr. Speaker, if my memory serves me correctly, it is my understanding that there is no requirement for this government at this time to ensure or guarantee the fund as it is currently laid out under the agreements that we have with its board of directors and the investors through the immigration policy. Thank you.

Question period is over. Item 7, written questions. Item 8, returns to written questions. Item 9. replies to opening address. Item 10, petitions. Item 11. reports of standing and special committees. Item 12. reports of committees on the review of bills. Item 13. tabling of documents. Item 14, notices of motion. Item 15, notices of motions for first reading of bills. Item 16, motions. Item 17, first reading of bills. Mr. Ng.

Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member for Aivilik that Bill 21, An Act to Amend the Companies Act be read for the first time. Thank you.

This bill amends the Companies Act to permit the registration, under the Companies Act, of mortgages and charges that pertain to corporations or extra-territorial corporations as defined in the Business Corporations Act. This amendment permits the Business Corporation Act to be brought into force before the Personal Property Security Act.

The Companies Act is also amended to correct minor errors, and amendments are made to a provision of the Personal Property Security Act that consequentially amends the Companies Act.

Thank you. Your motion is in order. To the motion. Question has been called. All those in favour? All those opposed? Motion is carried. Bill 21 has had first reading. First reading of bills. Mr. Ng.

Mr. Speaker, I move, seconded by the honourable Member of Sahtu that Bill 22, an Act to Amend the Corrections Act be read for the first time. Thank you.

Thank you. The motion is in order. To the motion. Question has been called. All those in favour? All those opposed? Motion is carried. Bill 22 has had first reading. First reading of bills. Ms. Thompson.

Mr. Speaker, I move, seconded by the honourable Member for Nahendeh that Bill 20, An Act to Amend the Property Assessment and Taxation Act be read for the first time. Thank you, Mr. Speaker.

This bill amends the Property Assessment and Taxation Act to allow a taxing authority, without a court order, to sell a taxable property that includes a parcel of land or a leasehold interest in municipal land for the purpose of recovering the arrears of property taxes on the property.

The bill sets out the procedural steps that a taxing authority must take before and after the sale of a taxable property. Some of these involve preparing a tax arrears list and giving notice of the inclusion of the taxable property on that list and of the impending and subsequent sale of the property.

The bill also provides the assessed owner of the taxable property with a right to redeem it after its sale in court. In addition, the bill provides for the transfer of title to a taxable property from the assessed owner to the purchaser and, with some exceptions, extinguishes the interests of other persons in the taxable property that existed or arose prior to the transfer.

Finally, the bill provides for the disposition of the proceeds of the sale of a taxable property, including the payment into court for distribution to claimants of any surplus proceeds in excess of $1,000.

Thank you. Your motion is in order. To the motion. Question has been called. All those in favour? All those opposed? Motion is carried. Just to make a correction. Bill 20 has had first reading for Ms. Thompson and Bill 21 has had first reading for Mr. Ng. First reading of bills. Item 18, second reading of bills. Mr. Ng.

Mr. Speaker, I seek consent to proceed with the second reading of Bill 20, An Act to Amend the Companies Act.

Bill 20, is the Property Assessment. Mr. Ng.

Sorry, Mr. Speaker, that was Bill 21. Mr. Speaker, I seek consent to proceed with second reading of Bill 21, An Act to Amend the Companies Act. Thank you.

The Member for Kitikmeot is seeking unanimous consent to deal with Bill 21. Do we have any nays? There are no nays. Mr. Ng, you have consent.

Thank you. I move, seconded by the honourable Member for Baffin South that Bill 21, An Act to Amend the Companies Act be read for the second time, Mr. Speaker.

This bill amends the Companies Act to permit the registration, under the Companies Act, of mortgages and charges that pertain to corporations or extra-territorial corporations as defined in the Business Corporations Act. This amendment permits the Business Corporation Act to be brought into force before the Personal Property Security Act.

The Companies Act is also amended to correct minor errors, and amendments are made to a provision of the Personal Property Security Act that consequentially amends the Companies Act.

Thank you. Your motion is in order. To the principle of the motion. Question has been called. All those in favour? All those opposed? The motion is carried. Bill 21 has had second reading and accordingly the bill stands referred to the committee. Second reading of bills. Mr. Ng.

Mr. Speaker, I seek consent to proceed with the second reading of Bill 22, An Act to Amend the Corrections Act. Thank you.

The Member for Kitikmeot is seeking consent to deal with Bill 22. Do we have any nays? There are no nays. Mr. Ng, you have consent.

Mr. Speaker, I move, seconded by the honourable Member for Yellowknife Frame Lake that Bill 22, An Act to Amend the Corrections Act be read for the second time, Mr. Speaker.

This bill amends the Act to change the composition of the disciplinary board established for each correctional centre to discipline inmates who contravene rules of conduct set out in the Act. Thank you.

Thank you. The motion is in order. To the principle of the bill. Question has been called. All those in favour. All those opposed. Motion is carried. Bill 22 has had second reading and accordingly the bill stands referred to a committee. Second reading of bills. Ms. Thompson.

Mr. Speaker, I seek consent to proceed with the second reading of Bill 20, An Act to Amend the Property Assessment and Taxation Act.