Nunavut Act

Marginal note:Borrowing and lending

• 27 (1) The Legislature may make laws

  • (a) for the borrowing of money by the Commissioner on behalf of Nunavut for territorial, municipal or local purposes;

  • (b) for the lending of money by the Commissioner to any person in Nunavut; and

  • (c) for the investing by the Commissioner of surplus money standing to the credit of the Nunavut Consolidated Revenue Fund.

• Marginal note:Restriction

  (2) No money may be borrowed under a law made pursuant to paragraph (1)(a) without the approval of the Governor in Council.

• Marginal note:Charge on Nunavut C.R.F.

  (3) The repayment of money borrowed under a law made pursuant to paragraph (1)(a), and the payment of interest on the money, is a charge on and payable out of the Nunavut Consolidated Revenue Fund.