Assembly Vote
13th Assembly, 3rd SessionOctober 8, 1996
Motion Sponsor
Bill 18
An Act to Amend the Public Trustees Act
Bill Sponsor:
Kelvin Ng
Last Stage Completed:
Law (Assent given) (Oct. 18, 1996)
Topic
Motion Text
Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member of Nahendeh that Bill 18, an Act to Amend the Public Trustee Act be read for the second time. Mr. Speaker, this Bill amends the Public Trustee Act to provide that excess interest earned by the investment of the common fund to be paid into the Consolidated Revenue Fund, rather than into a special reserve fund. The Government of the Northwest Territories guarantees that the common fund will meet all lawful claims, and if necessary, funds will be appropriated out of the Consolidated Revenue Fund to meet this guarantee. When this bill comes into force, the special reserve fund will be wound up and the monies within the fund will be paid into the Consolidated Revenue Fund. Thank you, Mr. Speaker.