Canada-Newfoundland Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Marginal note:Auditor

26. The Board shall appoint an auditor, for such term as is set by the Board, for the purposes of auditing the financial statements of the Board.

Marginal note:Budget

• 27. (1) The Chief Executive Officer shall, in respect of each fiscal year, prepare a budget for the Board sufficient to permit the Board to properly exercise its powers and perform its duties and functions.

• Marginal note:Submission to governments

  (2) Following approval of the budget by the Board, the budget shall be submitted to the Federal Minister and the Provincial Minister, at such time as may be specified by each Minister, for their consideration and approval.

• Marginal note:Revised budget

  (3) Where it appears that the actual aggregate of the expenditures of the Board in respect of any fiscal year is likely to be substantially greater or less than that estimated in its budget in respect of that fiscal year, the Board shall submit to both Ministers for their consideration and approval a revised budget in respect of that fiscal year containing such particulars as may be requested by either Minister.

• Marginal note:Payment of operating costs

  (4) The Government of Canada shall pay one-half of the aggregate of the expenditures set out in the budget or revised budget, where applicable, submitted and approved pursuant to this section in respect of each fiscal year.

• Marginal note:Appropriation

  (5) Subject to any other Act of Parliament that appropriates moneys for the payment required by subsection (4), the sums required for such payment shall be paid out of the Consolidated Revenue Fund from time to time as required.

Marginal note:Access to books and accounts

28. Subject to subsection 18(2), both the Federal Minister and the Provincial Minister are entitled to have access to the books and accounts of the Board.

Marginal note:Annual report

• 29. (1) The Board shall, in respect of each fiscal year, prepare a report and submit it to the Federal Minister and the Provincial Minister not later than ninety days after the expiration of that fiscal year.

• Marginal note:Contents of report

  (2) Each annual report submitted pursuant to subsection (1) shall contain an audited financial statement and a description of the activities of the Board during the fiscal year covered by the report.

• Marginal note:Tabling of report

  (3) The Federal Minister shall cause the annual report referred to in this section

  • (a) to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the day the report is submitted to the Federal Minister; or

  • (b) where it is not possible to cause the report to be laid pursuant to paragraph (a) within thirty days after the day the report is submitted to the Federal Minister, to be published within that thirty day period.