Mr. Speaker, I move, seconded by the honourable Member for Inuvik Twin Lakes, that Bill 10, Northwest Territories Heritage Fund Act, be read for the second time.

Mr. Speaker, this bill establishes the Northwest Territories Heritage Fund. The Heritage Fund is a trust fund for the benefit and use of the people of the Northwest Territories, and the Financial Management Board serves as trustee. Excess funds will be received into the Heritage Fund but nothing can be transferred from it for 10 years in order to build up the principal, which is to be retained and invested. Transfers of income from the Heritage Fund to the Consolidated Revenue Fund will be authorized by a special act. Thank you, Mr. Speaker.