Thank you, Mr. Speaker, and thank you, colleagues. I move, seconded by the Honourable Member for Baffin South, that Bill 13, An Act to Amend the Financial Administration Act, be read for the second time.
Mr. Speaker, this bill amends the Financial Administration Act to expand the definition of a public officer to include a person acting as an agent for the government. The bill authorizes the investment of surplus funds in the consolidated revenue fund and the money belonging to public agencies in specified classes of investment.
The regulation-making power is added respecting the minimum standards of credit readiness that will be required of users of securities purchased by the government of public agencies. The bill also permits the territorial corporations specified in schedule C of the act, that is the Workers' Compensation Board, to invest in any class of security that its board of directors determines to be prudent. A consequential amendment is also being made to the Workers' Compensation Act.