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The Manitoba Investment Pool Authority Act

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If you need an official copy, contact Statutory Publications.

S.M. 1996, c. 10

THE MANITOBA INVESTMENT POOL AUTHORITY ACT


Table of Contents

(Assented to October 22, 1996)

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

Definitions

1         In this Act,

"authority" means the Manitoba Investment Pool Authority established under this Act; (« Office »)

"board" means the board of directors of the authority; (« conseil »)

"consolidated fund" means the Consolidated Fund as defined in The Financial Administration Act; (« Trésor »)

"health facility" means a hospital, personal care home, hospital district, health district, health and social services district, or other related entity, that is funded, directly or indirectly, out of the consolidated fund; (« établissement de santé »)

"minister" means the minister charged by the Lieutenant Governor in Council with the administration of The Financial Administration Act; (« ministre »)

"municipality" means, except in clauses 17(3)(c) and (d), a corporation comprising the inhabitants of an area in the province who are incorporated and continued under the authority of The Municipal Act, The Local Government Districts Act or any other Act of the Legislature and includes a rural municipality, an incorporated city, town or village, a local government district and the City of Winnipeg; (« municipalité »)

"pooled investment fund" means a fund established under section 17 in which money received by the authority from a public body may be combined in common for the purpose of investment in the manner and to the extent referred to in that section and in agreements made under subsection 17 (1); (« fonds commun de placement »)

"public body" means, except in section 18,

(a) a municipality,

(b) a health facility,

(c) a school board under The Public Schools Act,

(d) The University of Manitoba or a university established under The Universities Establishment Act,  

(e) a college under The Colleges Act,

(f) an organization representing any of the above, and

(g) any other organization or entity designated as a public body by regulation hereunder; (« organisme public »)

"securities" means bonds, debentures, promissory notes, treasury bills, commercial paper or other documents evidencing debt,  and includes documents commonly known as securities. (« titres »)

Incorporation

2         The "Manitoba Investment Pool Authority" to consist of the persons who are from time to time the members of the board is hereby established as a body corporate and politic.

Acts not to apply

3         The Corporations Act and The Securities Act do not apply to the authority.

Capacity of natural person

4         The authority has the capacity and, subject to this Act, all the rights, powers and privileges of a natural person.

Object of the authority

5         The object of the authority is to provide investment opportunities for public bodies by the establishment and operation of pooled investment funds under this Act.

Head office

6         The head office of the authority shall be in such place in the province as the authority shall decide.

Board of directors

7         The affairs of the authority shall be managed and administered by the board consisting of not fewer than seven and not more than nine persons as the board may from time to time determine and, of the members of the board

(a) three shall be appointed by the Manitoba Association of Urban Municipalities;

(b) three shall be appointed by the Union of Manitoba Municipalities;  and

(c) additional members shall be appointed jointly by the organizations referred to in clauses (a) and (b).

Terms of office

8         Each member of the board shall hold office for a term of three years or until the member's successor is appointed, unless the member sooner dies, resigns or is removed from office.

Re-appointment

9         A member of the board who has resigned or whose term of office has expired may be re-appointed.

Chairperson

10        The members of the board shall elect one of their number as chairperson and another as vice-chairperson and may appoint such other officers of the authority as the board deems necessary from time to time.

Remuneration

11        The authority may provide for the payment of remuneration to the members of the board and for the payment of additional remuneration to the chairperson, and any member of the board is entitled to be reimbursed for reasonable expenses incurred in the business of the authority specifically authorized by the board.

Quorum

12        A majority of the board constitutes a quorum for the purpose of holding any meeting of the board and the transaction of business thereat.

Powers of board

13        The board

(a) may make rules for its own procedure;

(b) has all the powers of the authority and may make by-laws for the purpose of exercising those powers.

Fiscal year

14        The fiscal year of the authority shall commence on January 1 in each year and shall end on December 31 of that year.

Annual report

15        Annually and no later than March 31 of each year, the authority shall make a report of its affairs and activities for the immediately preceding fiscal year of the authority, and the report shall be in such form and shall contain

(a) the pooled investment funds established;

(b) public bodies investing in each fund;

(c) the volume of transactions made in respect of each fund;

(d) the investment performance and compliance of each manager with any applicable stated mandate;

and such other information as the minister may require and a copy of such report shall be delivered to each public body that has entered into an agreement referred to in subsection 17(1).

Records of authority

16        The authority shall keep and maintain or cause to be kept and maintained proper books and records of its affairs.

Agreements to be entered into

17(1)     Prior to receiving money from a public body, the authority shall enter into an agreement with that public body, setting out the terms and conditions under which the authority, in its own name or otherwise, holds and invests money received from the public body for the purpose of investment in pooled investment funds as permitted under this Act.

Establish investment policies

17(2)     The authority has the power to provide for the creation and management of pooled investment funds for the purposes of subsection (1) and without limiting the generality of this subsection shall establish investment policies, objectives and guidelines.

Authorized investments

17(3)     The authority may invest money received for investment in a pooled investment fund in

(a) securities issued by or the repayment of principal of which is guaranteed by

(i) the Government of Canada or an agency of the Government of Canada, or

(ii) the government of a province or an agency of the government of a province;

(b) securities the payment of which is a charge on the Consolidated Revenue Fund of the government of Canada or a province of Canada;

(c) securities of a municipality in Canada;

(d) securities of a Canadian municipal participation corporation that is a corporation or entity in which all the members or shareholders are municipalities and which is controlled by the municipalities;

(e) securities issued or guaranteed by a bank, credit union, or trust corporation in Canada;

(f) securities issued by a company incorporated under the laws of Canada or of a province which are rated investment grade by at least two recognized rating agencies;

(g) any other investments authorized by regulation; and

(h) units in pooled funds of all or any of the investments described in clauses (a) to (g).

Board a trustee

17(4)     The board is trustee of all money received for or invested in pooled investment funds.

Municipal body

18        The authority, for the purposes of this Act and the object of the authority, is a municipal or public body performing a function of government in Canada.

Enabling authority of public bodies

19        Notwithstanding any provision to the contrary in any Act of the Legislature or in any regulation, rule or by-law made under any such Act, any public body may invest any part of its money in a pooled investment fund established under section 17 of this Act.

Regulations

20        The minister may make regulations that he or she considers necessary in connection with his or her authority under this Act, including, without limiting the generality of the foregoing, regulations

(a) prescribing the form and content of any agreement used under this Act;

(b) designating an organization or entity as a public body; and

(c) designating investments in which a pooled investment fund may invest.

C.C.S.M. reference

21        This Act may be referred to as chapter I100 of the Continuing Consolidation of the Statutes of Manitoba.

Coming into force

22        This Act comes into force on the day it receives royal assent.