Marginal note:Borrowing and lending
20. (1) The Commissioner in Council may make ordinances
(a) for the borrowing of money by the Commissioner on behalf of the Territories for territorial, municipal or local purposes;
(b) for the lending of money by the Commissioner to any person in the Territories; and
(c) for the investing by the Commissioner of surplus money standing to the credit of the Northwest Territories Consolidated Revenue Fund.
(2) The aggregate of all borrowings shall not exceed the maximum amount set under subsection (4).
Marginal note:Charge on Northwest Territories C.R.F.
(3) The repayment of any money borrowed under the authority of this section, and the payment of interest thereon, is a charge on and payable out of the Northwest Territories Consolidated Revenue Fund.
Marginal note:Maximum amount — borrowings
(4) The Governor in Council may, on the recommendation of the Minister of Finance, set the maximum amount of the aggregate of all borrowings.
(5) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations respecting borrowings for the purposes of subsections (2) and (4), including regulations respecting
(a) what constitutes, or is deemed to constitute, borrowing;
(b) the entities, or classes of entities, whose borrowings shall be taken into account; and
(c) the manner in which the value of a borrowing is determined.
- R.S., 1985, c. N-27, s. 20;
- 2012, c. 19, s. 214.
Marginal note:Ordinances to be laid before Parliament
21. (1) A copy of every ordinance made by the Commissioner in Council shall be transmitted to the Governor in Council within thirty days after the passing thereof and shall be laid before both Houses of Parliament as soon as conveniently may be thereafter.
(2) Any ordinance or any provision of any ordinance may be disallowed by the Governor in Council at any time within one year after its passage.
- R.S., c. N-22, s. 16;
- R.S., c. 48(1st Supp.), s. 18.
Laws Applicable to the Territories
Marginal note:Laws of England
22. (1) Subject to this Act, the laws of England relating to civil and criminal matters, as such laws existed on July 15, 1870, are in force in the Territories, in so far as they are applicable to the Territories and in so far as they have not been or are not hereafter repealed, altered, varied, modified or affected in respect of the Territories by any Act of the Parliament of the United Kingdom or of the Parliament of Canada or by any ordinance.
Marginal note:Laws applicable to Inuit
(2) All laws of general application in force in the Territories are, except where otherwise provided, applicable to and in respect of Inuit in the Territories.
- R.S., c. N-22, s. 18;
- 1984, c. 40, s. 54.
- Date modified: