Temporary loan or issuance of securities
2(1)Subject to subsections (2), (3) and (4), the Minister may raise by way of temporary loan from any chartered bank, corporation or government or by the issue and sale of securities having a term to maturity of one year or less
(a)
such sums of money as are required to make any expenditures authorized by any Act of the Legislature;
(b)
such sums of money as are required by a Crown agency for temporary purposes if the Crown agency is authorized to borrow for temporary purposes; and
(c)
such sums of money as are required by a regional health authority, as defined in the
Regional Health Authorities Act, for temporary purposes if the regional health authority is authorized to borrow for temporary purposes.
2(2)The aggregate principal amount of all such temporary indebtedness outstanding at any one time shall not exceed the maximum to be established by Order in Council.
2(3)Any loans or securities authorized under this section may be raised or issued and sold on such terms and conditions as the Minister deems advisable.
2(4)The Minister may only borrow money in accordance with this Act for Crown agencies which have been designated by the Lieutenant-Governor in Council.
2(5)The amounts borrowed by the Minister for a Crown agency shall be loaned to the Crown agency on such terms and conditions as the Minister deems appropriate.
2(6)The amounts borrowed by the Minister for a regional health authority shall be loaned to the regional health authority on such terms and conditions as the Minister deems appropriate.
1969, c.18, s.3; 1983, c.70, s.1; 2000, c.33, s.1; 2002, c.1, s.18