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Nunavut Act

Version of section 27 from 2013-03-08 to 2024-05-14:


Marginal note:Borrowing and lending

  •  (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) The aggregate of all borrowings must not exceed the maximum amount set under subsection (4).

  • 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.

  • 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.

  • Marginal note:Regulations

    (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 must be taken into account; and

    • (c) the manner in which the value of a borrowing is determined.

  • 1993, c. 28, s. 27
  • 2012, c. 19, s. 215

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