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S.M. 1986-87, c. 13
The Manitoba Energy Foundation Act
(Assented to September 10, 1986)
WHEREAS export sales of electrical power generated in Manitoba will produce substantial net revenues; and
WHEREAS the Legislature of Manitoba considers it appropriate that a substantial portion of those net revenues be set aside and invested for the future benefit of the people of Manitoba.
NOW THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act,
"agreement" means any agreement respecting the long-term export sale of electric power by Hydro, the Authority or any corporation affiliated with Hydro or the Authority, made on or after the 1st day of January, 1984 and designated by order of the Lieutenant Governor in Council as an agreement for the purposes of this Act; ("accord")
"Authority" means The Manitoba Energy Authority established under the Manitoba Energy Authority Act; ("Régie")
"board" means the board of directors of the Manitoba Energy Foundation established under subsection 4(3); ( "conseil")
"Energy Foundation" means the Manitoba Energy Foundation established by Section 4; ("Fondation")
"Hydro" means the Manitoba Hydro-Electric Board continued under the Manitoba Hydro Act; ("Hydro")
"power resource revenue" means all moneys together with any interest thereon arising from the export sale of power under an Agreement. ("revenu provenant de ressources énergétiques")
Receipt of power resource revenue.
Where the Lieutenant Governor in Council designates an agreement as an agreement for the purposes of this Act, all power resource revenue arising from the export sale of power under that agreement shall be paid to and received by the Authority.
The Authority shall hold all power resource revenue received by it in trust for Hydro, the Authority, The Energy Foundation and any other person on whose behalf power resource revenue may be transferred, assigned, retained or secured.
Power resource revenues, while in the custody of the Authority, shall be deemed to be trust funds and are not general assets of the Authority.
Allocation and disbursement of power resource revenue by Authority.
The Authority, not later than the 31st day of March in each fiscal year, shall allocate, retain or disburse all power resource revenue received by it in that year in the following manner and sequence:
(a) to Hydro, an amount proposed by Hydro and approved by the Lieutenant Governor in Council which amount shall equal the total of the operating expenses incurred by Hydro in that year in generating, transforming and transmitting the electric power for which the power resource revenue was received and the annual amortized capital cost attributable to that year in respect of that power resource revenue;
(b) to the Authority and Hydro, an amount equal to the expense incurred by each of them in negotiating or directing the negotiation of an agreement; and
(c) to each of Hydro and The Energy Foundation, one-half of the balance of the power resource revenue remaining after the disbursements required by clauses (a) and (b) have been made.
Notwithstanding subsection (1), Hydro and the Authority may enter into arrangements whereby power resource revenue is assigned, transferred or otherwise retained or secured as part of arrangements to obtain financing for any of the capital costs of Hydro that relate to the generation, transformation and transmission of electrical power from which power resource revenue is or may be received.
Establishment of Energy Foundation.
A body corporate is hereby established to be known as the "Manitoba Energy Foundation".
The Manitoba Energy Foundation has the capacity and, subject to this Act, the rights, powers, and privileges of a natural person.
Administration of Energy Foundation.
The affairs of the Manitoba Energy Foundation shall be administered by a board of directors consisting of not less than five members of the Executive Council designated by the Lieutenant Governor in Council.
The Lieutenant Governor in Council shall designate one of the directors as chairperson who shall preside at meetings of the Board.
The Lieutenant Governor in Council shall designate one of the directors as vice-chairperson of the Board and the vice-chairperson shall act as chairperson in the event of the absence or incapacity of the chairperson.
The members of the Board are entitled to be reimbursed for reasonable out-of-pocket expenses incurred by them in the performance of their duties as members of the Board but no remuneration is payable to a member of the Board in his or her capacity as a director of The Energy Foundation.
Notwithstanding The Legislative Assembly Act, members of the Legislative Assembly who are members of the Executive Council may be directors of The Energy Foundation and may accept under subsection (6) from The Energy Foundation amounts for reimbursement of reasonable out-of-pocket expenses; and the seat of the member is not thereby vacated or forfeited nor does the member incur any of the penalties imposed by The Legislative Assembly Act for sitting and voting as a member of the Legislative Assembly.
Subject to section 8, the Minister of Finance shall hold the assets and income of The Energy Foundation in trust for carrying out its objects.
The Minister of Finance shall administer the assets of The Energy Foundation in accordance with this Act and shall establish and maintain separate accounting records in the Consolidated Fund for The Energy Foundation.
The fiscal year end of The Energy Foundation shall be the 31st day of March in each year.
Application of Corporations Act.
The Corporations Act does not apply to the Foundation.
Objects of The Energy Foundation.
The objects of The Energy Foundation are to hold and invest its assets and income for the benefit of the people of Manitoba and to make expenditures and investments of all types from such assets so as to strengthen and diversify the economy of the Province of Manitoba and to create long term economic and social benefits for the people of Manitoba so as to improve their quality of life.
L.G. in C. to authorize investments and expenditures.
Every investment and every expenditure of The Energy Foundation must be authorized by the Lieutenant Governor in Council before it is made.
Orders in Council to be tabled.
The Minister of Energy and Mines shall forthwith submit a copy of every order in council made under subsection (1) to the Legislative Assembly.
Permanent reference to committee.
Every order in council submitted to the Legislative Assembly pursuant to subsection (2) stands permanently referred to the standing committee on public utilities and natural resources of the Legislative Assembly.
Notwithstanding section 6, the Minister of Finance may invest moneys that are in excess of the amount required for the immediate purposes of The Energy Foundation.
Moneys invested by the Minister of Finance under subsection (1) form part of the Consolidated Fund and together with the interest earnings thereon shall be credited to the account of The Energy Foundation in the Consolidated Fund; and such earnings, either alone or with the principal sum invested for The Energy Foundation by the Minister of Finance, or any part thereof, shall be deemed to be trust funds held by the Minister of Finance, and shall be paid over to The Energy Foundation on request of The Energy Foundation.
All costs, expenses or other payments directly attributable to the administration of The Energy Foundation shall be paid out of the income of The Energy Foundation.
The accounts of the Energy Foundation shall be audited annually by the Provincial Auditor.
The Authority shall prepare and submit to the Minister of Energy and Mines on or before the last day of September in each year, a report that has been audited by the Provincial Auditor and which contains an accounting of all power resource revenue received, retained, allocated or disbursed by the Authority for the last preceding fiscal year.
The Minister of Finance shall prepare on or before the last day of September in each year, a report of the operations of The Energy Foundation for the last preceding fiscal year which report shall include an audited statement of its assets and liabilities and an audited statement of its income and expenditures during that fiscal year.
The Minister of Energy and Mines shall submit a copy of the annual report prepared under subsection 10(1) to the Legislative Assembly forthwith after it is received, if the Legislature is in session, and if the Legislature is not then in session, within 15 days after the opening of the next ensuing session of the Legislature.
The Minister of Finance shall submit a copy of the annual report prepared under subsection 10(2) to the Legislative Assembly forthwith after it is received, if the Legislature is in session, and if the Legislature is not then in session, within 15 days after the opening of the next ensuing session of the Legislature.
Permanent reference to Committee.
Upon being submitted to the Legislative Assembly, each annual report stands permanently referred to the standing committee on public utilities and natural resources of the Legislative Assembly.
For the purpose of carrying out the provisions of this Act, the Lieutenant Governor in Council may make such regulations as the Lieutenant Governor in Council deems necessary.
Reference in Continuing Consolidation.
This Act may be referred to as chapter E114 of the Continuing Consolidation of the Statutes of Manitoba.
This Act comes into force on a day fixed by proclamation.