1992 Legislative Session: 1st Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
Certified correct as passed Third Reading on the 8th day of June, 1992
Ian D. Izard, Law Clerk.
MINISTER OF FINANCE AND
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 In this Act "special fund" means the British Columbia Endowment Fund established under section 2.
2 A fund called the British Columbia Endowment Fund is established, which shall be a special fund under the Financial Administration Act.
3 The purpose of the special fund is to hold the assets of the special fund in perpetuity, and keep them invested to produce revenue and economic benefit for British Columbia.
4 The special fund shall consist of
(a) an opening balance of the amount in the Privatization Benefits Fund immediately before April 1, 1992,
(b) proceeds arising from the disposition of assets or rights held by the Crown or an agent of the Crown and designated by the Lieutenant Governor in Council for the purpose of this paragraph,
(c) any money transferred to the special fund from a vote, as defined in the Financial Administration Act, that provides for the transfer, and
(d) money, or other assets approved by the minister, received as contributions to the special fund.
5 Subject to the approval of the Lieutenant Governor in Council, the Minister of Finance and Corporate Relations may pay all or a part of the accrued earnings of the special fund into the general fund of the consolidated revenue fund or into another special fund specified by the Lieutenant Governor in Council.
6 In addition to investments that may be made under the Financial Administration Act, the Minister of Finance and Corporate Relations, notwithstanding that Act, may invest money that is in the special fund in any investment of a class that is approved by the Treasury Board.
7 This Act shall be deemed to have come into force on April 1, 1992 and is retroactive to the extent necessary to give it effect on and after that date.
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Copyright © 1992: Queen's Printer, Victoria, British Columbia, Canada