Acts and Regulations

S-5.5 - Securities Act

Section 25
Disposition versions

Full text
Financial matters
Repealed: 2013, c.31, s.36
2013, c.31, s.36
25Repealed: 2013, c.31, s.36
2011, c.20, s.21; 2011, c.43, s.6; 2012, c.31, s.3; 2013, c.31, s.36
Financial matters
25(1)The Commission shall maintain in its own name one or more accounts in any bank, trust company or credit union designated by the Minister of Finance for the purposes of subsection 17(1) of the Financial Administration Act.
25(2)Notwithstanding the Financial Administration Act, all money received by the Commission through the conduct of its operations or otherwise shall be deposited to the credit of the account or accounts maintained under subsection (1) and shall be administered by the Commission exclusively for the purposes of this Act.
25(3)The Commission
(a) may, with the approval of the Minister of Finance, borrow money for the purposes of carrying on its activities, and
(b) may, for the purposes of carrying on its activities, invest money in any kind of property, real, personal or mixed, and in doing so shall exercise the judgment and care that a person of prudence, discretion and intelligence would exercise as a trustee of the property of others.
25(4)For the purposes of subsection (2), amounts received by the Commission from administrative penalties under section 186 shall not be used for the normal operating expenditures of the Commission and shall be used only for endeavours or activities that in the opinion of the Commission enhance or may enhance the capital market in New Brunswick.
25(4.1)For the purposes of subsection (2), amounts disgorged to the Commission under paragraph 184(1)(p) or 187(4)(o) shall not be used for the normal operating expenditures of the Commission and shall be used only in accordance with the regulations.
25(5)When ordered to do so by the Minister, the Commission shall pay into the Consolidated Fund such of its surplus funds as, subject to the approval of the Board of Management, are determined by the Minister.
25(6)In determining the amount of any payment to be made under subsection (5), the Minister shall allow such reserves for the future needs of the Commission as he or she considers appropriate and shall ensure that the payment will not impair the Commission’s ability to pay its liabilities, to meet its obligations as they become due or to fulfil its contractual commitments.
2011, c.20, s.21; 2011, c.43, s.6; 2012, c.31, s.3
Financial matters
25(1)The Commission shall maintain in its own name one or more accounts in any bank, trust company or credit union designated by the Minister of Finance for the purposes of subsection 17(1) of the Financial Administration Act.
25(2)Notwithstanding the Financial Administration Act, all money received by the Commission through the conduct of its operations or otherwise shall be deposited to the credit of the account or accounts maintained under subsection (1) and shall be administered by the Commission exclusively for the purposes of this Act.
25(3)The Commission
(a) may, with the approval of the Minister of Finance, borrow money for the purposes of carrying on its activities, and
(b) may, for the purposes of carrying on its activities, invest money in securities authorized by the Trustees Act as investments in which trustees or executors may invest money.
25(4)For the purposes of subsection (2), amounts received by the Commission from administrative penalties under section 186 shall not be used for the normal operating expenditures of the Commission and shall be used only for endeavours or activities that in the opinion of the Commission enhance or may enhance the capital market in New Brunswick.
25(4.1)For the purposes of subsection (2), amounts disgorged to the Commission under paragraph 184(1)(p) or 187(4)(o) shall not be used for the normal operating expenditures of the Commission and shall be used only in accordance with the regulations.
25(5)When ordered to do so by the Minister, the Commission shall pay into the Consolidated Fund such of its surplus funds as, subject to the approval of the Board of Management, are determined by the Minister.
25(6)In determining the amount of any payment to be made under subsection (5), the Minister shall allow such reserves for the future needs of the Commission as he or she considers appropriate and shall ensure that the payment will not impair the Commission’s ability to pay its liabilities, to meet its obligations as they become due or to fulfil its contractual commitments.
2011, c.20, s.21; 2011, c.43, s.6
Financial matters
25(1)The Commission shall maintain in its own name one or more accounts in any bank, trust company or credit union designated by the Minister of Finance for the purposes of subsection 17(1) of the Financial Administration Act.
25(2)Notwithstanding the Financial Administration Act, all money received by the Commission through the conduct of its operations or otherwise shall be deposited to the credit of the account or accounts maintained under subsection (1) and shall be administered by the Commission exclusively for the purposes of this Act.
25(3)The Commission
(a) may, with the approval of the Minister of Finance, borrow money for the purposes of carrying on its activities, and
(b) may, for the purposes of carrying on its activities, invest money in securities authorized by the Trustees Act as investments in which trustees or executors may invest money.
25(4)For the purposes of subsection (2), money received by the Commission from administrative penalties under section 186 shall not be used for the normal operating expenditures of the Commission and must only be used for endeavours or activities that in the opinion of the Commission enhance or may enhance the capital market in New Brunswick.
25(5)When ordered to do so by the Minister, the Commission shall pay into the Consolidated Fund such of its surplus funds as, subject to the approval of the Board of Management, are determined by the Minister.
25(6)In determining the amount of any payment to be made under subsection (5), the Minister shall allow such reserves for the future needs of the Commission as he or she considers appropriate and shall ensure that the payment will not impair the Commission’s ability to pay its liabilities, to meet its obligations as they become due or to fulfil its contractual commitments.
2011, c.20, s.21
Financial matters
25(1)The Commission shall maintain in its own name one or more accounts in any bank, trust company or credit union designated by the Minister of Finance for the purposes of subsection 23(1) of the Financial Administration Act.
25(2)Notwithstanding the Financial Administration Act, all money received by the Commission through the conduct of its operations or otherwise shall be deposited to the credit of the account or accounts maintained under subsection (1) and shall be administered by the Commission exclusively for the purposes of this Act.
25(3)The Commission
(a) may, with the approval of the Minister of Finance, borrow money for the purposes of carrying on its activities, and
(b) may, for the purposes of carrying on its activities, invest money in securities authorized by the Trustees Act as investments in which trustees or executors may invest money.
25(4)For the purposes of subsection (2), money received by the Commission from administrative penalties under section 186 shall not be used for the normal operating expenditures of the Commission and must only be used for endeavours or activities that in the opinion of the Commission enhance or may enhance the capital market in New Brunswick.
25(5)When ordered to do so by the Minister, the Commission shall pay into the Consolidated Fund such of its surplus funds as, subject to the approval of the Board of Management, are determined by the Minister.
25(6)In determining the amount of any payment to be made under subsection (5), the Minister shall allow such reserves for the future needs of the Commission as he or she considers appropriate and shall ensure that the payment will not impair the Commission’s ability to pay its liabilities, to meet its obligations as they become due or to fulfil its contractual commitments.