Bill C-530
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C-530
Third Session, Fortieth Parliament,
59 Elizabeth II, 2010
HOUSE OF COMMONS OF CANADA
BILL C-530
An Act to amend the Northwest Territories Act (borrowing limits)
first reading, June 10, 2010
Mr. Bevington
403121
SUMMARY
This enactment amends the Northwest Territories Act to allow the Commissioner to borrow money up to a certain limit without the approval of the Governor in Council.
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3rd Session, 40th Parliament,
59 Elizabeth II, 2010
house of commons of canada
BILL C-530
An Act to amend the Northwest Territories Act (borrowing limits)
R.S., c. N-27
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 2 of the Northwest Territories Act is amended by adding the following in alphabetical order:
“estimated revenues”
« recettes estimatives »
« recettes estimatives »
“estimated revenues” means, in respect of any fiscal year, the aggregate estimated revenues of the Territories for that year, including revenues derived from municipalities, boards, commissions and other local authorities, as well as revenues from other governments;
2. Subsection 20(2) of the Act is replaced by the following:
Restriction
(2) If the total amount of money that is borrowed at any time under ordinances made under paragraph (1)(a) exceeds 70% of the estimated revenues, the Governor in Council must approve the borrowing of the money exceeding that percentage.
Published under authority of the Speaker of the House of Commons
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