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) 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.