1992 Legislative Session: 1st Session, 35th Parliament
THIRD READING


The following electronic version is for informational purposes only.
The printed version remains the official version.


Certified correct as passed Third Reading on the 19th day of May, 1992
Ian D. Izard, Law Clerk.


MINISTER OF FINANCE AND
CORPORATE RELATIONS

BILL 19 -- 1992
FINANCIAL ADMINISTRATION AMENDMENT ACT, 1992

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Section 1 (1) of the Financial Administration Act, S.B.C. 1981, c. 15, is amended by adding the following definition:

"designated institution" means an institution designated under section 59.3 (1) (e); .

2 Section 15 is amended

(a) in subsection (1) by striking out "with the approval of the Lieutenant Governor in Council," and substituting "in accordance with the regulations made under subsection (1.1)," , and

(b) by adding the following subsections:

(1.1) Subject to subsection (1.2), the Lieutenant Governor in Council may, by regulation,

(a) designate persons by whom a debt or obligation to the government may be forgiven,

(b) specify circumstances in which, before a debt or obligation is forgiven, approval must be obtained from the Lieutenant Governor in Council, the Treasury Board, a minister or another person,

(c) require that in specified circumstances, the maximum amount of a debt or obligation that may be forgiven with the approval of the Treasury Board, minister or other person is limited to a prescribed amount, not to exceed $100 000, and

(d) place such constraints, conditions and limitations on the forgiving of debts or obligations, and on the exercise of the power of approval referred to in paragraph (b) or (c), as are considered desirable.

(1.2) No debt or obligation to the government may be forgiven without the approval of the Lieutenant Governor in Council where the amount forgiven is $100 000 or more.

3 Section 36 is amended

(a) in subsection (3) by striking out "money of a government body" and substituting "money of a government body or designated institution",

(b) in subsection (4) by striking out "money of a government body," and substituting "money of a government body or designated institution,", and

(c) in subsection (8) by striking out "money of a government body," and substituting "money of a government body or designated institution,".

4 Section 36.1 is amended

(a) in subsection (1) by striking out "and the money of government bodies" and substituting "and the money of government bodies and designated institutions", and

(b) in subsection (2) (b) by striking out "or to a government body." and substituting "or to a government body or designated institution."

5 Section 36.2 is amended

(a) in subsection (1) (a) by striking out "money of government bodies," and substituting "money of government bodies and designated institutions,", and

(b) in subsection (8) by striking out "to a government body" and substituting "to a government body or designated institution".

6 Section 39.1 is amended by adding the following subsection:

(5) If, in the opinion of the Minister of Finance, there is more money in the Provincial Treasury Operations special account than is anticipated to be required for the purposes of subsection (4), the minister, for the purpose of reducing the spending authority under subsection (4), may reduce the special account by an amount not exceeding the anticipated surplus.

7 Section 59.1 (1) (a) (ii) is repealed and the following substituted:

(ii) offset banking agreements with savings institutions, government bodies and designated institutions; .

8 Section 59.2 (1) (a) is repealed and the following substituted:

(a) government bodies may, for the efficient management of their money, enter into offset banking agreements referred to in section 59.1 (1) (a) (ii) with the Minister of Finance; .

9 The following section is added:

Public institution financial agreementsspecifically authorized

59.2 (1) Without limiting an authority given by this or any other Act, but subject to any restriction, limit or condition prescribed under section 59.3 (1) (f), a designated institution and the Minister of Finance on behalf of the government may enter into the following agreements with each other:

(a) offset banking agreements referred to in section 59.1 (1)

(a) (ii);

(b) agreements for the investment of money of the institution under sections 36 and 36.1;

(c) agreements under which the government provides to the institution advice and other assistance respecting banking and cash management matters.

(2) The Minister of Finance may pay out of the consolidated revenue fund amounts required to be paid by the government in respect of agreements under subsection (1), except where the amounts are paid by other means.

10 Section 59.3 (1) is amended

(a) by repealing paragraph (b), and

(b) by adding the following paragraphs:

(e) designate institutions that are substantially publicly funded, or classes of institutions that are substantially publicly funded, as institutions with which the Minister of Finance may enter into agreements under section 59.21 (1);

(f) establish restrictions, limits and conditions on an authority under section 59.21.

Commencement

11 Section 2 comes into force by regulation of the Lieutenant Governor in Council.


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