Third Session, Thirty-Seventh Legislature
This version is based on the printed bill that was distributed in the Legislature after First Reading.
It is not the official version. If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications.
THE LOAN ACT, 2002
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(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act, "corporation" means a corporation mentioned in Schedule A or B unless otherwise indicated.
The Lieutenant Governor in Council may authorize the raising, by way of loan or loans, upon the credit of the government in accordance with the provisions of The Financial Administration Act and upon the credit of a corporation in accordance with its governing legislation, any sum or sums of money not exceeding in the aggregate the net sum of $1,100,000,000. that may be considered necessary for making any payments authorized or required by any Act of the Legislature to be made out of the Consolidated Fund or for reimbursing the Consolidated Fund for any such payment made therefrom or for the purposes of a corporation.
In this section, "authorized borrowing authority" means borrowing authority granted under a previous Appropriation Act or Loan Act that remains unused.
Each corporation that has borrowing authority in its governing legislation may, with the approval of the Lieutenant Governor in Council and provided that the government has sufficient authorized borrowing authority, by the issue and sale of its securities raise money by way of loan to the extent but not exceeding in the case of each corporation, the amount appearing opposite its name in Schedule A or B, as the case may be, reduced by the amount, if any, that the government has advanced to it or that has been authorized to be advanced to it under this Act.
To the extent that a corporation raises money by way of loan as provided in subsection (2), the amount that may, on the authority of the Lieutenant Governor in Council, be advanced to it under section 4 is abated.
To the extent that a corporation raises money by way of loan as provided in subsection (2), the amount that the government may, on the authority of the Lieutenant Governor in Council, raise by way of loan or loans on the credit of the government is abated.
The expenditure authority provided in subsection (1) is in addition to authority previously voted in annual Loan Acts but not yet expended or abated as set out in Schedule B and expenditures authorized pursuant to such previously voted authority are deemed to be authorized pursuant to this Act.
Any expenditure authority provided in Schedule A or B of The Loan Act, 2001 and not included in Schedule B lapses and shall be written off.
In addition to expenditure authority granted under section 4, the Lieutenant Governor in Council may authorize expenditures not exceeding in total an aggregate amount of $200,000,000. for the purpose of making loans or giving guarantees under section 63 of The Financial Administration Act.
Any authority for the government to make expenditures or commitments for any purposes that the Minister of Finance, with the approval of the Lieutenant Governor in Council, may designate pursuant to section 5 of The Loan Act, 2001 that remains unused on the day this Act receives royal assent is rescinded.
Money advanced by the government to a corporation or raised by a corporation pursuant to this Act by the issue and sale of its securities shall be expended by that corporation for its purposes.
The powers and authority herein granted to and conferred upon the Lieutenant Governor in Council or the government or the corporations do not affect but are in addition to the power and authority conferred on them by any other Act.
This Act is retroactive and is deemed to have come into force on April 1, 2002.