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The Financial Administration Act
This is an unofficial archived version of The Financial Administration Act
as enacted by SM 1987-88, c. 9 on July 17, 1987.
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R.S.M. 1987, c. F55

The Financial Administration Act

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

Definitions.

1

In this Act,

"department" means the department or branch of the executive government of the province designated by the Lieutenant Governor in Council for the purposes of this Act; ("ministère")

"fiscal year" means the fiscal year of the government as determined by Act of the Legislature or, where not determined by Act of the Legislature, by the Lieutenant Governor in Council, and, until otherwise determined is the period commencing April 1 in any year and ending on March 31 next following; ("exercice")

"government agency" means any board, commission, association, agency, or similar body, whether incorporated or unincorporated, all the members of which, or all the members of the board of management, board of directors or other governing boards, of which are appointed by an Act of the Legislature or by the Lieutenant Governor in Council; ("organisme gouvernemental")

"minister" means the member of the Executive Council charged by the Lieutenant Governor in Council with the administration of this Act; ("ministre")

"provincial securities" means securities issued and payable by the government, but does not include securities payable by government agencies or the payment of which, or the payment of any interest or charge on the principal sum of which, is guaranteed by the government; ("valeurs provinciales")

"public moneys" includes all revenue and moneys arising from whatever source belonging or payable to the government; ("deniers publics")

"revenue" means all revenue and public moneys received by the government from any source except moneys raised by the sale of provincial securities or by the undertaking of a debt obligation by the government and moneys received in trust; ("revenu")

"revenue officer" means any person employed in collecting, managing or accounting for public moneys or in carrying into effect any laws relating thereto, or in preventing the contravention of those laws, and in respect of accounting for and paying over public moneys includes any person who has received or who has been entrusted with any public moneys, whether regularly employed for the purpose or not, and without limiting the generality of the foregoing, includes a person appointed a revenue officer under this Act and a person who, under any other Act of the Legislature,

(a) is a revenue officer by operation of law, or

(b) is appointed a revenue officer; ("percepteur")

"securities" means any bonds, debentures, shares, stock, notes, treasury bills, or other documents evidencing debt, and includes any document commonly known as a security. ("valeurs")

PART I

ADMINISTRATION AND ACCOUNTING

Application of Act.

2

Except as specifically provided otherwise in an Act of the Legislature, this Act applies to all matters relating to the financial affairs and accounts of the government.

Delegation of authority, etc.

3(1)

Without limiting or restricting the provisions of subsection 18(3) of The Interpretation Act, and in addition to the power to delegate for which provision is made in any other Act of the Legislature, the minister may, in writing, delegate to his deputy, or to any person employed in the department, any power, duty or function granted, imposed or conferred to or on the minister under this or any other Act of the Legislature.

Effect of legislation.

3(2)

Upon the minister delegating a power, duty, or function to his deputy or any other person under subsection (1), the deputy minister, or the person to whom the power, duty, or function is delegated, may act for the minister in his place and stead in the exercise of the power or the performance of the duty or function, as the case may be; and, where the deputy minister or other person acts in the place and stead of the minister he shall be conclusively deemed to have acted in accordance with the delegation.

Consolidated Fund.

4

Except where otherwise provided under any Act of the Legislature, all public moneys, however arising or received, shall be paid to the minister and shall form one fund to be known as: "Consolidated Fund".

Government banking arrangements.

5(1)

The minister may establish, maintain or close accounts in the name of the government

(a) with a bank, trust company, or credit union in Canada; or

(b) with any similar financial institution carrying on business similar to that of a bank, trust company or credit union under the laws of another country;

as he designates on such terms and conditions as he deems necessary, and may make such arrangements for the deposit of public moneys as he deems necessary.

Restriction on accounts.

5(2)

Except with the written authority of the minister, no person shall open an account for the receipt and deposit of public money.

Banking arrangements of agencies.

6

The minister may direct government agencies as to their banking arrangements.

Government accounts.

7

The minister shall keep the accounts of the government and shall maintain an accounting system to show

(a) the current state of the Consolidated Fund;

(b) the receipts and payments of the current fiscal year; and

(c) the precise financial condition of the government.

Adjustments after end of fiscal year.

8(1)

After the closing dates of the books relating to revenues and expenditures referred to in sections 17 and 36 the minister may make such closing and adjusting entries in the books up to June 30 next after a fiscal year as he considers necessary to show the accurate financial condition of the government.

Effective after June 30.

8(2)

Where entries in the books are required after June 30 respecting transactions of the preceding fiscal year, they shall be clearly shown in the Public Accounts of that preceding fiscal year.

Preparation of Public Accounts.

9

The minister shall prepare accounts, to be known as: "Public Accounts", in respect of each fiscal year showing

(a) the state of the public debt;

(b) the state of the Consolidated Fund: and

(c) such other accounts and matters as are required to show what the liabilities and assets of the government are at the end of the fiscal year in respect of which the Public Accounts are prepared.

Contents of Public Accounts.

10

The Public Accounts for a fiscal year shall be prepared in accordance with accounting policies of the government stated in the Public Accounts and shall contain

(a) a statement of the expenditures and revenues of the government for the fiscal year in respect of which the Public Accounts are prepared;

(b) a statement of such of the assets and liabilities of the government as, in the opinion of the minister, are required to show the financial position of the government as of the end of the fiscal year in respect of which the Public Accounts are prepared;

(c) a statement of the changes in financial position of the government during the fiscal year in respect of which the Public Accounts are prepared;

(d) a statement of accumulated deficit or surplus for the government as of the end of the fiscal year in respect of which the Public Accounts are prepared;

(e) a statement of any change in the accounting policies of the government from those followed in the preceding fiscal year;

(f) such other statements as the minister deems necessary; and

(g) a report of the Provincial Auditor concerning his examination of the Public Accounts.

Printing of Public Accounts.

11

The minister shall order the Public Accounts to be printed, and may order their distribution as soon as printed.

Submission to Legislature.

12

The minister shall lay the Public Accounts in respect of each fiscal year before the assembly within 15 days after the commencement of the session next ensuing after the date of printing, but, in any case, not later than 12 months after the end of the fiscal year in respect of which they are prepared, unless the assembly, by resolution, extends that time.

Access to government records.

13(1)

The minister, or any person employed in the department and instructed by him, has free access at any time to the books of account and other documents relating to the accounts of the government or of any government agency, kept or held by any person, department of the executive government, branch of the government, revenue officer, or government agency, and may require that such statements, reports and documents, as to him appear reasonable and necessary, are furnished to him from time to time.

Officers stationed in other branches.

13(2)

The minister may station in any department of the executive government, or any branch thereof, a person employed in the department to enable the minister more effectively to carry out his duties, and the department of the executive government shall provide the necessary office accommodation for any person so stationed.

Security requirements.

13(3)

Any person stationed in a department of the executive government under subsection (2) shall comply with any security requirements applicable to persons employed in that department.

Accounting services.

14

On the request of the member of the Executive Council responsible for the business or administration of the department of government or government agency, or to or through whom the government agency reports, or on the direction of the Lieutenant Governor in Council, the minister may

(a) provide accounting and other services in connection with the financial management of a department of the executive government or of a government agency for whose expenditures provision is made in the appropriations of the government; or

(b) examine the collecting and accounting practices applied in any department of the executive government or any government agency, and report thereon to the member of the Executive Council responsible for the business or administration of that department or government agency or to or through whom that government agency reports.

Examination under path.

15

The minister, or a person employed in the department and instructed by him in writing, may examine any person under oath with respect to any matter that, under this Act, he is required or authorized to check, examine, or control; and for the purpose of the examination, the minister or that person has all the powers and protection conferred upon commissioners appointed under Part V of The Manitoba Evidence Act.

PART II

PUBLIC MONEY

Directives.

16

For the purpose of carrying out the provisions of this Act according to their intent, the minister may make directives ancillary thereto and not inconsistent therewith; and without restricting the generality of the foregoing, the minister may make directives not inconsistent with any other provision of this Act

(a) prescribing the times and manner of payment of public moneys to the minister;

(b) respecting the rendering of accounts against the government for payment;

(c) respecting the vouching of accounts, including prescribing the form of vouchers or requisitions for cheques;

(d) prescribing the method of accounting for public moneys to be used in the departments of the executive government and by revenue officers and prescribing forms for use in connection therewith;

(e) naming a day, not later than 30 days after the end of a fiscal year, for the purposes of subsection 17(2);

(f) respecting the manner of making payments from the Consolidated Fund.

Revenue of fiscal year.

17(1)

Subject to subsections (2), to (5) the revenues of the fiscal year shall be the revenues received by the minister during that fiscal year.

Certain revenues received after end of fiscal year.

17(2)

Subject to subsections (4) and (5) revenues received by any member of the Executive Council or revenue officer during a fiscal year that are paid to the minister on or before a day that is not later than the 30th day next after the end of the fiscal year and that is named by the minister, shall be conclusively deemed to have been received by the minister in that fiscal year.

Revenues not received in time.

17(3)

Subject to subsections (4) and (5) revenues received by a member of the Executive Council or a revenue officer during a fiscal year and not paid to the minister as provided in subsection (2), shall be conclusively deemed to be revenues of the fiscal year in which they are paid to the minister.

Deferred revenues.

17(4)

Where moneys received pursuant to an agreement or arrangement relating to special expenditures made by the government and those special expenditures to which the moneys relate are to be made in that or any subsequent fiscal year, the moneys shall be deemed to have been received in the respective fiscal years in proportion to the expenditures made in those fiscal years to which the moneys relate, and a statement of the apportionment of those moneys among the respective fiscal years shall be included in the Public Accounts.

Accruals.

17(5)

Where moneys payable to the government in a fiscal year pursuant to an agreement or arrangement relating to special expenditures made by the government and the special expenditures are made but the moneys have not been received in that fiscal year, they shall be shown as accrued revenue of that fiscal year and if they are shown as accrued revenue of that fiscal year they shall not be shown as revenue of the fiscal year in which they are received.

Payment of public moneys to minister.

18

Except as herein otherwise provided, all public moneys received by a member of the Executive Council or a revenue officer shall be promptly paid to the minister through such officers, banks, or persons, and in such manner, as the minister may, from time to time, direct: and the minister may specify the times and method in which the members of the Executive Council and revenue officers shall account for and pay over public moneys which they receive.

Investments of public moneys.

19(1)

Where he deems it advisable for th sound and efficient management of public money or public debt, the minister may invest

(a) in promissory notes, certificates of deposit, deposit receipts, or other documents evidencing indebtedness given or issued by a bank in Canada in consideration of money deposited with the bank or in drafts or notes drawn on the bank for payment on a date specified in the draft or note and certified or guaranteed by the bank; or in securities unconditionally guaranteed by the bank as to repayment of principal and interest; or

(b) in securities issued by the Government of Canada, the Government of Manitoba, the government of any other province of Canada, the Government of the United Kingdom, or the Government of the United States of America; or

(c) in securities the payment of which is guaranteed by the Government of Canada, the Government of Manitoba, the government of any other province of Canada, the Government of the United Kingdom, or the Government of the United States of America; or

(d) in securities issued by any government agency; or

(e) in securities issued by any corporation, 51% of the outstanding common shares of which are beneficially owned, directly or indirectly, by the government or a government agency;

(f) in guaranteed trust certificates or receipts of a trust company

(i) that is incorporated under the laws of Canada or of any province of Canada,

(ii) that is registered and entitled to transact business as a trust company in Manitoba, and

(iii) that is a member institution as defined in the Canada Deposit Insurance Corporation Act (Canada); or

(g) in any securities issued by

(i) a municipality in the province, or

(ii) a school district, school area or school division in the province, or

(iii) a hospital, hospital district or other institution in the province funded by Manitoba Health Services Commission under The Health Services Insurance Act; or

(h) in any securities in which trustees are authorized under The Trustee Act to invest trust moneys in their hands; or

(i) in promissory notes or other short term obligations issued by a company incorporated under the laws of Canada or of a province, which mature in less than a year from the date of issue, which have been accorded a high quality credit rating by a recognized credit rating agency;

and may pay therefor out of the Consolidated Fund.

Sale of securities.

19(2)

The minister may sell any of the promissory notes, certificates of deposit, deposit receipts, documents evidencing indebtedness, drafts, notes, guaranteed trust certificates or receipts, or securities, in which he has invested public moneys under subsection (1) whether purchased before or after the coming into force of this section, and the proceeds of the sale shall be dealt with in the same manner as if the moneys had not been so invested.

Investments authorized by Lieutenant Governor in Council.

19(3)

The Lieutenant Governor in Council may authorize or direct the minister to invest in

(a) securities of the government of any country other than those mentioned in subsection (1); or

(b) securities guaranteed by the government of any country other than those mentioned in subsection (1); or

(c) securities issued by Co-operative Credit Societies Manitoba Ltd. or La Centrale Des Caisses Populaires du Manitoba; or

(d) securities issued by Canadian Co-operative Credit Society Limited; or

(e) securities, other than those mentioned in subsection (1), issued by a bank:

and he may pay therefor out of the Consolidated Fund.

Realizing on investments.

19(4)

The minister may sell any of the stocks, bonds, debentures, or other securities in which he has invested public moneys under subsection (3), whether purchased before or after the coming into force of this Act; and the proceeds shall be dealt with in the same manner as if such moneys had not been so invested.

Investment of trust and special moneys.

19(5)

Where moneys received in trust are invested, it is not necessary to establish or show that any part of the total sum invested is applicable to a particular trust or purpose.

Voting shares.

19(6)

Where voting shares of a corporation are owned by the government, whether in the name of Her Majesty the Queen in right of Manitoba, the Government of Manitoba or the Province of Manitoba, or in any similar name, or in the name of a minister, the minister or any person designated in writing by the minister for the purpose, may attend any meeting of the shareholders of the corporation and cast votes for and on behalf of the government as a shareholder.

Meaning of indirect ownership.

20(1)

For the purposes of this section, shares of a corporation which are owned by a government agency or by another corporation in which the government owns not less than 70% of the common shares, are shares indirectly owned by the government.

Investment in shares of corporations.

20(2)

With the approval of the Lieutenant Governor in Council, the minister may invest in the common shares of a corporation if the investment in the shares will result in the government owning, directly or indirectly, not less than 70% of the common shares of the corporation.

Investment in shares by government agency.

20(3)

With the approval of the Lieutenant Governor in Council a government agency or a corporation in which the government owns not less than 70% of the common shares may invest in the common shares of a corporation if the investment in the shares will result in the government owning directly or indirectly not less than 70% of the common shares of the corporation.

Incorporation of corporations.

20(4)

The Lieutenant Governor in Council may authorize the minister to cause a corporation to be incorporated under the laws of Manitoba or the laws of Canada and to invest in the shares of the corporation if the investment in the shares in the corporation will result in the government owning, directly or indirectly, not less than 70% of the common shares of the corporation, and the minister may accordingly cause the corporation to be incorporated and invest in the shares of the corporation.

Relationship of corp. to government.

20(5)

Notwithstanding that the government owns, directly or indirectly, all or any of the shares in a corporation in the shares of which the minister has invested under subsection (2) or which the minister has caused to be incorporated under subsection (4), the corporation is not an agent of the government unless the articles of incorporation of the corporation state that it is to act as an agent of the government and the Lieutenant Governor in Council has designated or appointed it as an agent of the government.

Incorporation of corp. by government agency or government corp.

20(6)

With the approval of the Lieutenant Governor in Council, a government agency or a corporation in which the government owns not less than 70% of the common shares may cause a corporation to be incorporated and may invest in the shares of the corporation if the acquisition of the shares would result in the government owning, directly or indirectly, not less than 70% of the common shares of the corporation.

Relationship of corp, owned by government agency.

20(7)

Notwithstanding that a government agency owns all or any part of the shares in a corporation in the shares of which the government agency has invested under subsection (3) or which it has caused to be incorporated under subsection (6), the corporation is not

(a) an agent of the government agency unless the articles of incorporation of the corporation state that it is to act as an agent of the government agency and the government agency, or the governing board thereof, has designated or appointed the corporation as an agent of the government agency; nor

(b) an agent of the government unless the articles of incorporation of the corporation state that it is to act as an agent of the government and the Lieutenant Governor in Council has designated or appointed it as an agent of the government.

Relationship of corporation owned by government owned corp.

20(8)

Notwithstanding that a corporation in which the government owns, directly of indirectly, not less than 70% of the common shares (in this subsection referred to as "the government owned corporation") owns all or any part of the shares in another corporation (in this subsection referred to as "the other corporation") in the shares of which the government owned corporation has invested under subsecton (3) or which it has caused to be incorporated under subsection (6), the other corporation is not

(a) an agent of the government owned corporation unless the articles of incorporation of the other corporation state that it is to act as an agent of the government owned corporation and the government owned corporation has designated or appointed the other corporation as an agent of the government owned corporation; nor

(b) an agent of the government unless the articles of incorporation of the other corporation state that it is to act as an agent of the government and the Lieutenant Governor in Council has designated or appointed it as an agent of the government.

Reserve for assets.

21(1)

Notwithstanding any other Act of the Legislature, the minister may establish and maintain reserves for the depreciation and replacement of assets.

Payments from reserves.

21(2)

The minister may authorize payments from any reserve established under subsection (1)

(a) for the purpose of purchasing equipment in replacement of any of the items in respect of the depreciation of which payments have, from time to time, been made into the reserve, whether or not the amount of those payments is sufficient to pay the cost of the equipment; and

(b) for the purpose of purchasing additional equipment and not for the purpose mentioned in clause (a).

Payments to reserves.

21(3)

Payments into a reserve established under subsection (1) may be made from such appropriation as the minister deems suitable, and the payments may be held in the reserve and may thereafter, from time to time, be expended as provided in this Act.

Abolition of reserve.

21(4)

The minister may abolish any reserve established under subsection (1), and transfer to revenue any funds remaining in the reserve at the time it is abolished.

Refunds, etc.

22(1)

Where a refund or repayment of an expenditure charged to an appropriation is received in the same fiscal year as the expenditure was made, the amount received as the refund or repayment shall be deposited to the credit of the Consolidated Fund and credited to the appropriation against which the expenditure was charged.

Cost sharing payments.

22(2)

Subsection (1) does not apply to moneys received from any other government or from a government agency under any arrangement, agreement or Act providing for that other government or that government agency sharing in the cost of a program.

Refunds in subsequent years.

22(3)

Where a refund or repayment of an expenditure charged to an appropriation is received in a fiscal year subsequent to the fiscal year in which the expenditure was made, the amount received as the refund or repayment shall be credited to the revenue of the fiscal year in which it is received.

Refund of trust expenditure.

22(4)

Where a refund or repayment of an expenditure made from and out of moneys held in trust is received, the amount of the refund or repayment shall be credited to the account against which the expenditure was charged.

Authority to make refunds.

23(1)

Where any money has been paid to the government and credited to the Consolidated Fund and it appears to the minister or to the incumbent to a specific position in the department of Finance appointed for the purpose by the minister that the money, or a part thereof, is not properly payable to the government, the minister or the incumbent may repay the money or the part thereof to the person entitled thereto, and where the repayment is made by the incumbent he shall comply with any directions made by the minister.

Accounting for repayments.

23(2)

Where repayments in respect of any revenue, tax, duty, fee, fine, penalty, forfeiture or other public moneys, are made in a fiscal year under subsection (1), the repayments may be made and accounted for as a diminution of the revenue of the government received in that fiscal year and shall be shown by revenue account in the Public Accounts as a separate item.

Delegation to government agency.

23(3)

With the approval of the Lieutenant Governor in Council, the minister may authorize a government agency to make refunds under subsection (1) on behalf of the government subject to such terms and conditions as may be specified by the Lieutenant Governor in Council, and may reimburse the government agency for the refunds made on behalf of the government and may enter into an agreement with the government agency respecting the manner of making and other details concerning the refunds and reimbursement therefor.

Delegation to deputy minister.

23(4)

With the approval of the Lieutenant Governor in Council, the minister may authorize the deputy minister or the incumbents to specific positions of a department other than the department of Finance to approve refunds under subsection (1) in amounts not exceeding $1,000. each in accordance with the directives of the Minister of Finance.

Remission of moneys payable.

24(1)

Upon being satisfied that it would be right and conducive to the public good, or that great hardship or injustice to any person would otherwise ensue, the Lieutenant Governor in Council may authorize the minister to remit any moneys paid or payable to the government, whether by way of tax, fee, fine, penalty, forfeiture, or otherwise, notwithstanding that any part of the moneys is given by law to an informer or prosecutor or to any other person.

Terms of remission.

24(2)

The remission of moneys under subsection (1) may be total or partial, conditional or unconditional, and may be granted before, after, or during the course of, any suit or proceeding for the recovery of the moneys, and either before or after any payment thereof has been made or enforced by process or execution.

Conditional remission.

24(3)

Where a remission authorized under subsection (1) is conditional, if the condition is not performed, the order authorizing the remission is void and all proceedings may be had or taken as if it had not been made.

Statement of remissions.

24(4)

A statement of all remissions made under this section shall be included in the Public Accounts.

Authority for write-offs.

25(1)

Subject to subsection (2), where it is shown by evidence satisfactory to the minister that

(a) any claim, obligation, debt or money due and payable to the government is uncollectable; or

(b) the collection of any claim, obligation, debt or money due and payable to the government would create a great hardship or injustice to any person or would not be right and conducive to the public good;

the minister may authorize, by way of certificate, the cancellation, discharge and release in whole or in part, or extend the time for payment, of the claim, obligation, debt, or money due to the government.

Authority of Lieutenant Governor in Council.

25(2)

If the amount of any claim, obligation, debt or money due and payable to the government exceeds $5,000., the minister shall not authorize the cancellation, discharge or release thereof unless it is approved by the Lieutenant Governor in Council.

Supplemental authority.

25(3)

The authority conferred by this section does not affect, and is in addition to, any other power or authority granted by any other Act of the Legislature to cancel, discharge or release any claim, obligation, debt or money due and payable to the government.

Statement in Public Accounts.

25(4)

A statement of the total amount of all claims, obligations, debts and moneys due and payable to the government discharged, cancelled and released, in whole or in part, under this section, shall be included in the Public Accounts.

Appointment of revenue officers.

26(1)

Without limiting or restricting the provision of any other Act of the Legislature under which any person is by law, or may be appointed, a revenue officer, the minister may appoint revenue officers necessary for the collection and management of revenue.

Direction of minister.

26(2)

Subject as otherwise provided in any other Act of the Legislature, the minister may direct revenue officers as to their duties and the management of the business entrusted to them.

Offence by revenue officer.

27(1)

A revenue officer who refuses or neglects to transmit any account, statement, or return, with proper vouchers, to the minister when required to do so is guilty of an offence and liable, on summary conviction, to a fine of not less than $25. and not more than $500.

Onus.

27(2)

In any prosecution under this section the onus of proving that an account, statement, or return, with proper vouchers, was transmitted to the minister rests upon the defendant.

Revenue officers not accounting.

28(1)

Where the minister has reason to believe that a revenue officer has received public moneys and has not paid over or duly accounted therefor, the minister may mail or cause to be delivered to the revenue officer, or to his representative in case of his death, a notice requiring that within a time mentioned therein, not fewer than 30 days from the mailing or delivery thereof, the money to be paid over or accounted for to the minister, or to an officer of the government mentioned in the notice, with the proper vouchers.

Failure to comply with notice.

28(2)

Where a revenue officer or his representative fails to pay over or account for money or to transmit vouchers within the time limited by a notice mailed or delivered under subsection (1), the minister may fix and determine the amount of money that the revenue officer has received and not paid over or accounted for or transmitted vouchers for, and may state an account thereof; and a copy of the account stated, signed by the minister, in any proceeding by the government for the recovery of the amount is prima facie proof of the revenue officer's indebtedness to the government either as against the revenue officer or his representative or any surety for the revenue officer.

Liability for public moneys lost.

29(1)

Where, by reason of malfeasance or gross carelessness or neglect of duty, of or by a revenue officer, a sum of money is lost to the government, the revenue officer is accountable for the sum as if he had collected and received it; and it may be recovered from him on proof of malfeasance, gross carelessness, or neglect of duty, in like manner as if he had collected and received it.

Accounting for moneys received.

29(2)

Where a revenue officer receives public moneys, he is accountable for the amount he has received and it may be recovered from him by the government in a court of competent jurisdiction.

Accepting unauthorized fees.

30

A revenue officer who takes or receives, directly or indirectly, any fee, perquisite, gratuity, or reward, whether pecuniary or of any other description, from a person not authorized to pay or allow it, on account of anything done by the revenue officer in his office or employment, except as authorized by an Act of the Legislature or by order or with permission of the Lieutenant Governor in Council, is guilty of an offence and liable, on summary conviction, to a fine of not less than $25. and not more than $50Q.

Payment of unauthorized fee.

31

Any person who, not being authorized by an Act of the Legislature or by order or with the permission of the Lieutenant Governor in Council, to pay or allow it. gives, offers. or promises to a revenue officer any fee, perquisite, gratuity or reward, whether pecuniary or of any other description, on account of anything done by the revenue officer in his office or employment, is guilty of an offence and liable, on summary conviction, to a fine of not less than $50. and not more than $500.

Accounts of revenue officer.

32

All books, papers, accounts and documents, used by or in the possession of a revenue officer which relate to public moneys or revenues, and all moneys and valuable securities received or taken into the possession of the revenue officer by virtue of his office or employment as a revenue officer belong to and are the property of the government.

Payment of balance to minister.

33

Every revenue officer, on the termination of his employment or appointment as a revenue officer, or his representative in the case of the death of the revenue officer, shall forthwith pay to the minister or other officer authorized to receive it any balance of public moneys then due to the government by the revenue officer, and shall deliver up all books, papers, accounts, documents and valuable securities relating to his office or employment.

Time of accounting by officials.

34

Notwithstanding any other Act of the Legislature, where in his opinion the alteration will facilitate the correct preparation of the Public Accounts or of the estimates of the revenues and expenditures of the government, the Lieutenant Governor in Council may alter the period or time at or to which any person accountable for public money, revenue officer, public officer, corporation, or institution, is required to render any account or make any return.

PART III

PUBLIC DISBURSEMENTS

Period of estimates.

35

All estimates of expenditures, other than for reserves for depreciation and replacement of assets, submitted to the assembly shall be for goods and services for which payment is required during such terms as the estimates may expressly purport to cover.

Contents of estimates.

36

The estimates of expenditures submitted to the assembly shall show the statutory appropriations that do not require to be voted by the Legislature, and the respective amounts required for goods and services in addition to the statutory appropriations and for which a vote of the Legislature is required to authorize the expenditure thereof.

Lapse of appropriations.

37(1)

Subject to subsections (2) and (3), all balances of appropriations voted by the Legislature for expenditure in a fiscal year, including appropriations authorized or supplemented under special warrant, that remain unexpended when the books for that fiscal year are closed, lapse and shall be written off.

Payment after end of fiscal year.

37(2)

Where an appropriation has been voted or authorized for expenditures to be made in a fiscal year, and an account for a liability incurred during that fiscal year, properly examined and vouched for, is received by the minister not later than the 20th day of the month following the end of that fiscal year, it may be paid up to and including the 15th day of the month following the month following the end of that fiscal year, or such earlier date as may be designated by the minister but not later, and be charged to the expenditures of the fiscal year just ended.

Late accounts.

37(3)

Accounts for liabilities incurred in any fiscal year, but not presented for payment prior to the close of the books for that fiscal year, shall be paid by the minister and charged to any appropriation for similar purposes for any subsequent fiscal year or if there is no appropriation for similar purposes in that subsequent year, to such appropriation as the minister may direct, and the minister shall include a statement of any account so paid in the Public Accounts.

Restriction on payments.

38

No payment shall be made from the Consolidated Fund for any purpose

(a) which, where the payment is to be charged to an appropriation authorized for that purpose is in excess of the sums remaining unexpended in that appropriation; or

(b) which, when the expenditure is to be charged to a trust account held in trust for that purpose, is in excess of the sums remaining in that trust account; or

(c) which, where the expenditure is to be charged to an account for funds received for that purpose, is in excess of the amounts remaining in that account.

Special warrants.

39(1)

Where, when the Legislature is not in session or when the Legislature is in session but has been adjourned for a period of more than 10 days, an expenditure not foreseen or provided for, or insufficiently provided for, is urgently and immediately required for the public good, upon the report of the minister that there is no legislative provision or no sufficient provision therefor, and of the member of the Executive Council having charge of the service in question that the necessity is urgent and the expenditure for the public good, the Lieutenant Governor in Council may order a special warrant to be prepared and to be signed by the Lieutenant Governor authorizing the expenditure of the amount estimated to be required; and that amount shall be placed to the credit of an appropriation and against which payments may be made in the same manner as in the case of any other appropriation.

Statement of special warrants.

39(2)

A statement of the amounts authorized to be expended under special warrants issued under this section shall be included in the Public Accounts.

Trust payments.

40(1)

The payments out of the Consolidated Fund of moneys received in trust may be made for the express purposes for which the moneys were received without further legislative authority than this subsection subject to the provisions of any Act of the Legislature dealing specifically with those trust moneys.

Interest on trust accounts.

40(2)

Notwithstanding any other Act of the Legislature, interest may be allowed and paid from the Consolidated Fund in respect of money held in trust, in accordance with conditions and rates of interest prescribed by the minister.

Deposit deemed to be investment.

40(3)

Where under any Act of the Legislature moneys are authorized or required to be deposited with the minister for investment, the deposit of those moneys in the Consolidated Fund shall be conclusively deemed to be an investment of the moneys.

Payment of judgments.

41(1)

Where any sum of money is directed to be paid by the government by the award of arbitrators having authority and no appropriation has been made therefor, and there is no other legislative authority for the payment of the sum, the minister may pay the sum from and out of the Consolidated Fund without further legislative authority than this subsection.

Settlement of claims.

41(2)

Subject to subsection (3) where a person makes a claim against the government, and the minister is satisfied, on the opinion of a legal officer of the government, that, if the person sued the government in a court of competent jurisdiction he might reasonably be expected to obtain a judgment against the government, the minister may pay to the person out of the Consolidated Fund without further legislative authority other than this subsection an amount recommended by the legal officer as a settlement of the claim, and shall charge the expenditure against any appropriation he designates for the purpose and every payment made under this subsection and not approved under subsection (3) shall be separately reported in the Public Accounts as settlements of claims.

Authority of L. G. in C. in certain cases.

41(3)

If any amount to be paid pursuant to subsection (2) exceeds $5,000. and is not a liquidated amount which the government is obligated to pay under a contract authorized under an Act of the Legislature, the minister shall not make the payment unless it is approved by the Lieutenant Governor in Council.

Limitation on contracts.

42(1)

Subject to subsections (2) and (3), no member of the Executive Council, or officer of the government, or any other person, shall contract any indebtedness on behalf of the government or assume to bind the government for any purpose not authorized by the Legislature, or for any amount in excess of the money appropriated by the Legislature for that purpose or otherwise lawfully available.

Future commitments.

42(2)

A member of the Executive Council may in any fiscal year with the approval of the minister or subject to guidelines established by written directive of the minister, enter into a contract on behalf of the government which commits the government to expenditures in future years in an amount not to exceed in the aggregate the amount provided in the annual Appropriation Act other than a contract guaranteeing the payment of a debt incurred or to be incurred by any person, and the minister shall report on such commitments to expenditures in future fiscal years in the Public Accounts of each fiscal year.

Guarantees.

42(3)

Subsection (1) does not prohibit the government, or a member of the Executive Council on behalf of the government, guaranteeing the payment of principal or interest or both of a debt where the guarantee is authorized under an Act of the Legislature and if, where there is a limit placed on the amount of debt that can be guaranteed, the guarantee does not result in the limit being exceeded.

Accountable advances.

43(1)

Subject to the regulations, the minister may from time to time make accountable advances out of the Consolidated Fund in such sums as may be required for the purpose of providing for exigencies in and facilitating the public service.

Request for advance.

43(2)

A request for an accountable advance shall be in such form as may be prescribed by the minister.

Accounting for advances.

43(3)

A person who has received an accountable advance shall promptly account therefor by the presentation of adequate vouchers charging the proper appropriations.

Repayment of advances.

43(4)

A person who has received an accountable advance that remains unaccounted for at the end of a fiscal year in which it was advanced shall repay or account for the accountable advance within 15 days after the end of the fiscal year.

Payment for work etc.

44

No payment shall be made from the Consolidated Fund for the performance of work, supply of goods, or the rendering of services unless the deputy minister or the incumbent to an authorized position of the department delegated for such purpose by the minister of the department of the executive government for which the work was performed, the goods supplied, and the services rendered, certifies

(a) that the work has been performed, the goods supplied, or the services rendered, as the case may be, and that the price charged is according to contract, or if not specified in the contract, is reasonable;

(b) where a payment is to be made before the completion of the work, delivery of the goods, or rendering of the service, as the case may be, that the payment is in accordance with a contract therefor; or

(c) that the payment of the whole or part of expenses related to advance subscriptions or registrations not exceeding $1.000. for any individual item of expenditure is required.

Minister's control of payments.

45(1)

The minister has control and direction of all payments out of the Consolidated Fund.

Payments by cheque.

45(2)

All payments out of the Consolidated Fund shall be made by cheque on a bank or by some other banking instrument in such manner as may be determined by the minister.

Execution of cheques.

45(3)

The minister has the direction and control of the preparation of cheques for payments from and out of the Consolidated Fund, and every such cheque shall be executed by such officer as may be authorized by the minister for that purpose.

Facsimile signatures.

45(4)

The Lieutenant Governor in Council may authorize the execution of cheques, or other banking instruments, for payment out of the Consolidated Fund by the use of mechanical or other means of reproducing facsimile signatures thereon.

Other forms of payment.

45(5)

Notwithstanding subsection (2), where he deems it expedient, the minister, with the approval of the Lieutenant Governor in Council, may authorize payments otherwise than by cheque or banking instrument.

Regulations.

45(6)

Subject as herein otherwise provided in this or any other Act of the Legislature, payments from the Consolidated Fund shall be made in accordance with the regulations.

PART IV

PUBLIC DEBT

Authorization of debt.

46

No money shall be raised by way of loan by the government except under the authority of an Act of the Legislature.

Form of provincial securities.

47

Provincial securities may

(a) be in such form;

(b) be in such denominations;

(c) be payable in such currency or unit of monetary value;

(d) bear interest at such rate or rates or be noninterest bearing;

(e) be exchangeable for other securities of the province; and

(f) contain such terms and conditions as to the payment of principal, interest, if any, and premium on redemption, if any;

as the Lieutenant Governor in Council may determine.

L.G. in C. may set parameters for borrowing.

48(1)

Notwithstanding any other provision of this Act, the Lieutenant Governor in Council may authorize the borrowing of money on the credit of the government for any of the purposes mentioned in section 52 by the issue of provincial securities payable in the currency of any country or in units of monetary value within a specified period, to a specified maximum aggregate principal amount and bearing interest at a rate not exceeding a specified maximum rate, and the sale of the provincial securities at a price that will realize net proceeds to the province of not less than a specified percentage of the principal amount thereof, and may also authorize the minister or another designated officer in the department, to determine, within the aforesaid limits, any one or more of the following,

(a) the principal amount of the provincial securities to be issued at any time;

(b) the form and denomination of the provincial securities;

(c) the date of issue and maturity of the provincial securities;

(d) the rate of interest payable on the provincial securities;

(e) the rate of premium, if any, payable on the redemption of the provincial securities prior to the maturity thereof: and

(f) the sale price of the provincial securities;

and to enter into an agreement on behalf of the province with any person providing for the issue and sale by the province of the provincial securities on the terms and conditions that the minister or designated officer may consider advisable.

Details of borrowing to be reported.

48(2)

Where the Lieutenant Governor in Council authorizes the borrowing of money on the credit of the government pursuant to this section the Minister of Finance shall report to the Lieutenant Governor in Council the details of the provincial securities sold.

Debt charged on Consolidated Fund.

49

Provincial securities shall be charged upon and paid out of the Consolidated Fund.

Borrowed moneys credited to Consolidated Fund.

50

All moneys raised by the issue or sale of provincial securities shall be paid to the minister and form part of the Consolidated Fund.

Authority for borrowing.

51

The Lieutenant Governor in Council may authorize the borrowing of money upon the credit of the government in such manner and at such times as he may deem expedient for any of the purposes mentioned in section 52.

Purposes of borrowing.

52

The Lieutenant Governor in Council may authorize the minister from time to time to borrow money

(a) where it appears to the minister that the Consolidated Fund is insufficient to meet the disbursements lawfully authorized to be made from it; or

(b) for any object or purpose for which authority to raise money by way of loan is given by any Act of the Legislature; or

(c) for the purpose of funding advances previously made from the Consolidated Fund and which have not been repaid; or

(d) for the payment, refunding, refinancing or renewal, from time to time, of the whole or any part of any loan made or provincial securities issued under this or any other Act; or

(e) for the payment of the whole or any part of the principal and interest or principal or interest of any loan or of any liability or of any securities, payment whereof is guaranteed by the government.

Performance bonds, etc.

53

With the approval of the Lieutenant Governor in Council, the minister for and on behalf of the government may give a bond, penal or otherwise, guaranteeing the performance of any contract to which a government agency or a corporation 51% of the outstanding common shares of which are beneficially owned, directly or indirectly, by the government, is or will be a party, or guaranteeing that a government agency or such a corporation that has submitted a tender for a contract will if the tender is accepted enter the contract but the aggregate of the possible obligations of the government under any bonds given under this section shall not at any time exceed $25,000,000.

Guarantee of lines of credit.

54

With the approval of the Lieutenant Governor in Council, the minister, for and on behalf of the government, may guarantee the lines of credit of any government agency or of any corporation 51% of the outstanding common shares of which are beneficially owned, directly or indirectly, by the government, but the aggregate of the possible obligations of the government arising under guarantees given under this section shall not, at any time, exceed $25,000,000. and the authority granted under this section to guarantee lines of credit is in addition to authority to guarantee loans or lines of credit granted under any other Act of the Legislature.

Assuming government agency debt.

55(1)

With the approval of, and subject to such terms and conditions as may be established by, the Lieutenant Governor in Council, the minister may assume the servicing and repayment of debt obligations of a government agency.

Declaration of nature of debt.

55(2)

Where the servicing or repayment of debt is assumed under subsection (1), the Lieutenant Governor in Council shall declare whether the debt is to be treated as self-sustaining or general purpose debt in accordance with the provisions of section 78

Funds for sinking fund.

55(3)

Where any government agency debt assumed under subsection (1) is declared under subsection (2) to be treated as general purpose debt, any funds which have been accumulated by the government agency for the retirement of that debt may be transferred to the sinking fund.

Supplementary loan and guarantee authority.

56(1)

With the approval of the Lieutenant Governor in Council the minister may loan or advance money to or guarantee the payment of money by any person, corporation or undertaking pursuant to such terms and conditions as the Lieutenant Governor in Council may establish but the aggregate of the possible obligations of the government arising from loans and advances authorized and guarantees made under this section shall not, at any time exceed $15,000,000. and the authority granted under this section to make loans, advances and guarantees is in addition to such authority granted under any other Act of the Legislature.

Administration.

56(2)

The Lieutenant Governor in Council may direct or authorize any department or agency of the government to administer a loan, advance or guarantee authorized under subsection (1), and where an agency of the government is directed to administer such loan, advance or guarantee, it shall have all the power and capacity necessary to do so.

Report to Legislature.

56(3)

Within four months after the end of each fiscal year of the government, if the Legislature is then in session, and, if the Legislature is not then in session, within 15 days after the beginning of the next ensuing session of the Legislature, the minister shall table in the assembly a report showing

(a) for that fiscal year, all loans, advances and guarantees authorized, made and outstanding under this section;

(b) particulars as to whom the loans, advances and guarantees were authorized or made;

(c) the purposes for which they were authorized or made;

(d) the terms and conditions, if any, relating to each of them; and

(e) all repayments of loans and advances and guarantee cancellations and reductions.

Guarantees and other undertakings for corporations.

57(1)

With the approval of the Lieutenant Governor in Council, the minister, for and on behalf of the government,

(a) may, subject to such terms and conditions as may be prescribed by the Lieutenant Governor in Council, guarantee the dividend and the redemption value of preferred shares issued by a corporation specified by the Lieutenant Governor in Council; and

(b) may, subject to such terms and conditions as may be prescribed by the Lieutenant Governor in Council, enter into agreements to protect the investment of investors who purchase preferred shares issued by a corporation specified by the Lieutenant Governor in Council, including, without limiting the generality of the foregoing, offers to purchase the preferred shares under circumstances and at prices determined in accordance with the agreement.

Abatement of borrowing authority.

57(2)

Where the government gives a guarantee under subsection (1) or enters into an agreement under subsection (1), the authority of the government to borrow on the credit of the government authorized under Acts of the Legislature is abated to the extent of

(a) the aggregate amount of the redemption value of the preferred shares guaranteed, except any portion thereof representing a redemption premium or dividends payable on redemption; or

(b) the aggregate amount of the redemption value of the shares offered to be purchased under the agreement except any portion thereof representing a redemption premium or dividends payable on redemption;

as the case may be, and the Lieutenant Governor in Council may, at the time of approval of the guarantee or the agreement under subsection (1), or at any time thereafter, direct which authority to borrow on the credit of the government authorized under an Act of the Legislature is the authority to be abated under this subsection.

Payment of loans and guarantees.

58

The Consolidated Fund is permanently and directly subject to the following charges:

(a) repayment of all loans and other debts contracted by the government under any Act of the Legislature, before or after the coming into force of this Act, whether by the issue of provincial securities or otherwise, the interest on those loans and other debts and any other charges and expenses incidental thereto;

(b) the payment of any guarantee that has been given under this or any other Act of the Legislature by the government, the Lieutenant Governor in Council, or the minister, for the payment of any loan, debt, or obligation, or the payment of any interest thereon, and default in payment of which in accordance with the terms thereof is made by the primary debtor;

(c) the payment of any obligations arising from an agreement entered into under clause 57(l)(b).

Annual debt charges.

59(1)

Notwithstanding any other provision of this Act, or any other Act of the Legislature, or any regulation or order, there shall be allocated annually from the Consolidated Fund the amount required to be allocated annually for sinking fund or other means of retirement of debt and there shall be charged annually to the Consolidated Fund

(a) the amounts required for the payment of interest;

(b) amounts sufficient to pay or otherwise satisfy the discount or other loss and all other costs and expenses incurred or sustained upon or in connection with the placement, sale or other disposition of provincial securities that constitute the debt;

(c) amounts sufficient to pay or otherwise satisfy bank charges, the cost of premiums and foreign exchange, and all other costs and expenses incurred or sustained in connection with the principal sum of, or the interest upon, the debt: and

(d) interest allowed and paid from the Consolidated Fund under subsection 40(2) in respect of money held in trust:

and the annual or other amounts so allocated or charged are statutory provisions which do not require to be voted annually by the Legislature.

Charges on self-sustaining debt

59(2)

Where a debt is self-sustaining debt, any charges mentioned in subsection (1) relative to that debt shall be recovered from the government agency on whose behalf the debt is created, and shall be credited to the Consolidated Fund except where the debt is created by advances under subsection 61(1) and the Lieutenant Governor in Council has fixed the rate of interest to be charged thereon under subsection 61(1), the charges shall be deemed to be interest at the rate so fixed.

Retirement of securities held by government.

60

Subject to the requirements of any sinking fund legislation, where provincial securities are acquired by the government and held by the government, the minister, with the approval of the Lieutenant Governor in Council, may retire and cancel them in advance of the date upon which they mature.

Advances to government agencies.

61(1)

Where any Act of the Legislature authorizes the raising of money by way of loan on the credit of the government for the purpose of advancing money to a government agency, the Lieutenant Governor in Council may authorize the minister to advance the moneys from and out of the Consolidated Fund otherwise than by a loan raised specifically for that purpose and may set and vary the terms and conditions applying to the advance, including where the advance is by way of loan, the rate of interest to be charged thereon which shall not be less than the rate of interest estimated at the time the rate of interest is fixed to be the cost of borrowing for the term over which the repayment of the loan is to be made; but the authority for raising the moneys by way of loan under that Act on the credit of the government and the government agency shall be abated to the extent of the amount of moneys advanced under this section.

Cancellation of securities not to affect agency liability.

61(2)

The cancellation or redemption of provincial securities which were issued for the purpose of making or funding advances to a government agency does not extinguish the liability of the government agency to repay the advances made to it.

Advances by way of investment.

61(3)

Where the government is authorized by an Act of the Legislature to advance money to a government agency, the money may be advanced to the government agency by way of loan or as investment in the stock of the government agency as the Lieutenant Governor in Council may direct, and subject to such conditions as the Lieutenant Governor in Council may determine.

Unexpended borrowings.

62

Where moneys are raised and not expended for the purposes for which they were raised and, in the opinion of the minister, the amount of the unexpended balance is not required for expenditure for those purposes, the Lieutenant Governor in Council may direct that the amount

(a) be used in payment or part payment of any liability of the government for which it has issued provincial securities; or

(b) be used in lieu of raising moneys by way of loan for any other purpose.

Termination of authority for loans.

63

Where authority for

(a) the raising of moneys by way of loan on the credit of the government; or

(b) expenditure of moneys;

for any specified purpose has been given by an Act of the Legislature, if it is found unnecessary to raise or expend the whole or any part of the moneys for the purpose for which they were authorized to be raised or expended, the Lieutenant Governor in Council may direct that the authority given for that purpose shall not be exercised either wholly or to the extent, as specified in the order, that the moneys so authorized to be raised or expended for that purpose are not required: and thereupon the authority given by that Act, in so far as it relates to that purpose, shall be deemed to be exhausted, and no further moneys shall be raised or authorized to be raised or expended or authorized to be expended for that purpose by virtue of that authority

Recitals in orders in council.

64

A recital or declaration in an order of the Lieutenant Governor in Council authorizing the issue and sale of provincial securities to the effect that the amount of the provincial securities so authorized is necessary to realize the net sum authorized or required to be raised by way of loan is conclusive proof of that fact.

Agreements respecting loans.

65(1)

The minister may enter into such contracts and agreements relating to the raising of loans or the issue and sale of provincial securities as the Lieutenant Governor in Council approves; but, where the Lieutenant Governor in Council authorizes the raising or renewal of a loan by the issue and sale of treasury bills or notes, he may authorize the minister to offer the treasury bills or notes for sale upon such terms and conditions, including the date of issue and the date of maturity thereof, and the rate of interest, if any, to be paid thereon as the minister deems expedient and to sell any or all of the treasury bills or notes in such principal amount or amounts and for such price or prices as the minister may accept.

Agreement to prepay or refinance borrowing.

65(2)

With the approval of the Lieutenant Governor in Council the minister may enter into contracts and agreements with the holder of any provincial securities for the purpose of redeeming the provincial securities prior to maturity, or of postponing the maturity of the provincial securities or of refinancing the provincial securities.

Amortization of debt discounts and premiums.

66(1)

Where provincial securities are issued and sold for a consideration that differs from the par value of the securities

(a) the amount by which the par value of the securities exceeds the cash value of the consideration received (in this section referred to as "debt discount"); or

(b) the amount by which the cash value of the consideration received exceeds the par value of the securities;

shall be amortized over such period, not extending beyond the date of maturity of the securities, as may be prescribed by the minister.

Moneys accumulated for debt discount

66(2)

Where moneys have been accumulated for amortization of debt discount, the minister may pay out the full amount or any part of the amount accumulated for reduction of any debt of the government for which provincial securities have been issued.

Loans in foreign currencies.

67(1)

Where any Act of the Legislature, heretofore or hereafter enacted, authorizes the government to raise by way of loan a specific or maximum number of dollars by the issue and sale of provincial securities, if the amount of the loan is raised, in whole or in part, by the issue and sale of provincial securities payable in the currency of any country other than Canada or in units of monetary value, the Act authorizes the raising of an equivalent amount in that other currency or unit of monetary value calculated in accordance with the nominal rate of exchange between the Canadian dollar and that currency or unit of monetary value on the business day next preceding the day on which the Lieutenant Governor in Council authorizes the issue of the provincial securities as that nominal rate is determined by any bank in Canada.

Abatement in foreign currencies.

67(2)

Where the proceeds in Canadian dollars from the sale of provincial securities issued as payable in the currency of the country other than Canada or in units of monetary value differs from the equivalent amount of Canadian dollars determined under subsection (1), the authority of any Act of the Legislature to raise money by way of loan and under which the provincial securities were issued shall be abated by the amount of the proceeds; and, if the amount abated under this subsection together with the proceeds of other loans raised under that Act, exceeds the amount authorized under the Act of the Legislature, a statement of the amount of the excess shall be included in the Public Accounts, and that excess shall be applied in repayment of any debt of the government.

Issue of temporary securities.

68(1)

Pending the sale of any provincial securities, or in lieu of selling or disposing of provincial securities, the Lieutenant Governor in Council may authorize the minister to raise by way of loan on the provincial securities such sums of money, in such manner and on such terms and conditions, as may be deemed expedient, and to deposit, hypothecate, or charge the provincial securities to secure the loan, and to give provincial securities as securities for the loan, and to enter into any agreement for the purpose of carrying out the terms and conditions of the loan as may be deemed expedient.

Reissue of redeemed securities.

68(2)

Where provincial securities issued under this or any other Act of the Legislature have been pledged as security for a loan, and the loan has been paid off and the pledge redeemed, the provincial securities shall be conclusively deemed not to have been extinguished but shall be conclusively deemed to be still alive, and may be reissued and sold or pledged as if the former pledging had not taken place.

Exemption from taxes.

69

The Lieutenant Governor in Council may direct that provincial securities or securities guaranteed by the government, or both, the money invested therein, and the interest thereon, shall be free from all or any taxes, duties, charges or impositions, now or hereafter imposed by the government or by any taxing authority in Manitoba under the jurisdiction of the Legislature; and thereupon those provincial securities or securities guaranteed by the province, the money invested therein and the interest thereon shall be exempt from those taxes, duties, charges or impositions, as the case may be.

Reproduced signatures.

70(1)

A signature that is printed, engraved, lithographed or otherwise reproduced on a provincial security in accordance with the regulations shall for all purposes be valid and binding upon the government notwithstanding that the person whose signature is so reproduced has ceased to hold office before the date of the provincial security or before the issue thereof.

Counter signature.

70(2)

The Lieutenant Governor in Council may require a provincial security bearing a reproduced signature to be countersigned by an officer of the department or any other person appointed for that purpose by the Lieutenant Governor in Council.

Execution of trusts.

71

No person employed by the government in the inscription, registration, transfer, management or redemption of provincial securities, or in the payment of any dividend or interest on provincial securities, is bound to see to the execution of any express or implied trust to which the provincial securities are subject, or is liable in any way for anything done by him in accordance with this Act or the regulations.

Compliance with disclosure requirements.

72

The Lieutenant Governor in Council may do or cause to be done or authorize to be done all things with reference to the issue and sale of provincial securities that may be required by any stock exchange or by the government of any province, state or country or any agency or authority thereof.

Application of Act.

73

Subject to section 86, this Act applies to

(a) all loans authorized;

(b) all provincial securities issued; and

(c) all guarantees of securities guaranteed by the government;

under any Act of the Legislature heretofore or hereafter enacted.

Validity of provincial securities.

74

Except in the case of fraud on the part of any one other than a person employed by the government in the issue of the provincial security, where the interest for one year or more on provincial securities has been paid by the government, the provincial securities shall be deemed to be legal, valid and binding upon the government.

Sinking fund maintained.

75

The minister shall maintain a sinking fund for the purpose of providing for the orderly retirement of provincial securities.

Credits to sinking fund.

76(1)

Subject to subsections (2), (3) and (4), in each fiscal year there shall be allocated for the repayment of general purpose debt and credited to the sinking fund

(a) a sum equal to 3% of the aggregate amount, as of March 31, immediately preceding that fiscal year, of the principal amount in Canadian dollars of the outstanding provincial securities issued for general purpose debt calculated as of the date of issue thereof or such greater sum as the Lieutenant Governor in Council, in his discretion, may determine; and

(b) all earnings of the sinking fund.

Exception.

76(2)

Subsection (1) does not apply to general purpose debt created by the issue and sale of provincial securities payable not more than one year after the date thereof.

Where debt redeemed.

76(3)

No amount shall be allocated or credited to the sinking fund with respect to any debt under provincial securities that have been redeemed or that have matured.

Where sinking fund sufficient.

76(4)

Where, on March 31 preceding a fiscal year, the amount in the sinking fund equals or exceeds the amount of general purpose debt of the government outstanding, no amount shall be allocated or credited to the sinking fund in that fiscal year.

Determination of foreign currency securities.

77

On March 31 in each year, the minister shall determine the amount in Canadian dollars of the general purpose debt of the government under provincial securities issued in foreign currencies and the amount so determined shall be shown in the Public Accounts.

Self-sustaining debt.

78(1)

The Lieutenant Governor in Council may declare any provincial securities in respect of which

(a) the principal sum; or

(b) the provision for sinking fund; or

(c) the interest, exchange and other charges; or

(d) any other means of retirement;

under ordinary circumstances do or does not ultimately constitute a charge on the revenue division to be self-sustaining debt for the purposes of this Act; and the declaration shall be conclusive for the purposes of this Act.

General purpose debt.

78(2)

Any provincial securities that are not declared to be self-sustaining debt under subsection (1) are, for the purposes of this Act, general purpose debt.

PART V

MISCELLANEOUS

Set-offs.

79

Where a person is indebted to the government in any specific sum, the minister may authorize the retention by way of deduction or setoff of the amount of that indebtedness out of any sum that may be due or payable by the government to that person.

Recovery of penalties, etc.

80

Where no mode for the recovery thereof is prescribed, or where another mode for recovery is prescribed, then in addition to that mode, the government may sue for and recover with costs any tax, duty, fee, fine, penalty, forfeiture, or other public moneys due or payable to the government from or by any person in the same manner as any other debt may be sued for and recovered by any person from any other person.

Other legal remedies.

81

Nothing in this Act prevents, lessens, removes or reduces any right, remedy or recourse given by law to Her Majesty in right of Manitoba or to the government.

Reproduction of seal.

82

Where a seal has been appointed for the department, it may be reproduced upon documents or provincial securities by engraving, lithographing, printing, or any other method of reproduction, and when so reproduced shall have the same force and effect as if manually fixed to the documents or provincial securities.

Discontinuance of reports, etc.

83

Where it appears to the Lieutenant Governor in Council that any account, statement, return, report or document required by an Act of the Legislature or otherwise to be laid before the assembly contains substantially the same or less information than is contained in the Public Accounts, the Lieutenant Governor in Council may direct that the account, statement, return, report or other document need not be prepared or laid before the Legislature and thereupon it need not be prepared and laid before the Legislature; but a reference to the direction shall be included in the first issue of the Public Accounts published after the direction is made.

Powers of Lieutenant Governor in Council.

84

The Lieutenant Governor in Council may do whatever is from time to time necessary to provide for the full and proper implementation of this Act in accordance with the purposes and intent thereof; and for that purpose may exercise any power granted under this or any other Act of the Legislature.

Regulations.

85

For the purpose of carrying out the provisions of this Act according to their intent, the Lieutenant Governor in Council may make regulations ancillary thereto and not inconsistent therewith; and every regulation made under, and in accordance with the authority granted by, this section has the force of law; and without restricting the generality of the foregoing, the Lieutenant Governor in Council may make regulations

(a) respecting accountable advances;

(b) respecting the issue and sale of provincial securities and the management, including the repayment, of the public debt;

(c) providing for the form of, and the manner of executing, provincial securities, and providing that any signature required on provincial securities and coupons attached thereto, or upon either of them, may be printed, engraved, lithographed, or otherwise reproduced;

(d) providing for the form and manner of executing guarantees of any securities by the government;

(e) respecting the registration and transfer of provincial securities including registration and transfer in a register kept elsewhere in Canada, or in any other country, at such places and by banks, officers, or other persons, as may be appointed for that purpose;

(f) fixing and prescribing the rate of interest to be charged and paid, notwithstanding any other Act of the Legislature,

(i) on debts owing to the government under any Act of the Legislature that imposes or prescribes a tax, duty or royalty payable to the government or the minister, or

(ii) on any tax, duty or royalty, and any penalties associated therewith, owing to the government under any such Act of the Legislature;

(g) notwithstanding the Legislative Library Act, respecting the retention or destruction, or both, of any books, records, documents or accounts required to be kept under the Act or the regulations.

Rights preserved.

86

Nothing in this Act impairs or prejudicially affects the rights of any person in respect of

(a) obligations of the government created or assumed before the coming into force of this Act;

(b) any contract entered into by the government before the coming into force of this Act; or

(c) any provincial securities issued before the coming into force of this Act.

Reports by Provincial Auditor.

87

The minister may request the Provincial Auditor to investigate the financial affairs of any organization that receives financial aid from the government and to report thereon to the minister; and the Provincial Auditor shall investigate and report thereon to the minister as requested.

References to repealed statutes.

88(1)

Where in any statute, regulation, order, contract, or other document, reference is made to The Treasury Act, The Loans Act or The Reserve for Debt Retirement Act, or any provision thereof, the reference shall be deemed to be a reference to this Act or to the provisions of this Act corresponding or parallel thereto; and where any uncertainty exists in the interpretation of this section, the Lieutenant Governor in Council may direct that the reference is to a specific provision of this Act and the direction is conclusive.

References to Provincial Treasurer.

88(2)

Where in any statute, regulation, order, contract, or other document, reference is made to the Provincial Treasurer or to the Minister of Finance, unless the Lieutenant Governor in Council designates another member of the Executive Council who shall be deemed to be the member of the Executive Council to whom the reference is made, the reference shall be deemed to be a reference to the minister.

References to divisions of fund.

89

Where in any Act of the Legislature or in any regulation or order made under an Act of the Legislature

(a) authority is granted or a direction is given

(i) to make payments from or to, or

(ii) to charge expenditures against, or

(iii) to credit or allocate moneys received to, the revenue division of the Consolidated Fund or the capital division of the Consolidated Fund, it shall be deemed to be authority or a direction to make the payments to or from, to charge the expenditures against or to credit or allocate moneys received to the Consolidated Fund; and

(b) authority is granted or a direction is given

(i) to make payments to or from, or

(ii) to charge expenditures against, or

(iii) to credit or allocate moneys received to, the trust and special division of the Consolidated Fund, it shall be deemed to be authority or a direction to make the payments to or from, to charge the expenditures against or to credit or allocate the moneys received to, an account in the Consolidated Fund for moneys held in trust for the purposes in respect of which the payment, charge, credit or allocation is to be made or to an account in the Consolidated Fund for moneys received by the government for the special purposes in respect of which the payment, expenditure, credit or allocation is to be made.

Debts due to government to pay interest.

90

From and after the date on which, by agreement, or under this Act or the regulations, any debt due to the government is to be paid or remitted to the minister by

(a) the recipient of government goods or services; or

(b) a person against whom a levy has been imposed;

the debt bears interest at such rates as may be prescribed in directives issued from time to time by the minister; and the interest accrued on any such debt is recoverable as such in a court of competent jurisdiction.

Agreements re C.P.P.

91

With the consent of the Lieutenant Governor in Council, the minister may enter into agreements with the Government of Canada respecting the inclusion in pensionable employment for the purposes of the Canada Pension Plan of persons employed by the Government of Manitoba or by an agent of the Government of Manitoba.