Acts and Regulations

2013, c.7 - Electricity Act

Section 45
Disposition versions

Full text
Sinking fund payment
45(1)The Corporation shall pay to the Minister of Finance and Treasury Board such payments for sinking fund purposes as may be required by the terms of any notes, bonds, debentures or other securities issued by the Corporation, and the funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of the notes, bonds, debentures or other securities.
45(2)Despite anything else contained in this Act,
(a) the Corporation may make other arrangements approved by the Lieutenant-Governor in Council
(i) for sinking fund payments by the Corporation to the Minister of Finance and Treasury Board to be applied by the Corporation, before maturity, in repayment of the whole or any part of any securities to be issued by the Corporation, and
(ii) for the application by the Minister of Finance and Treasury Board on behalf of the Corporation of the whole or any part of the sinking fund and any interest earnings on the fund to the purchase, and, in the case of securities issued subject to prior redemption in advance of maturity, to the redemption by call of the securities, and
(b) the Minister of Finance and Treasury Board shall apply the sinking fund in accordance with an arrangement approved under paragraph (a).
2019, c.29, s.46
Sinking fund payment
45(1)The Corporation shall pay to the Minister of Finance such payments for sinking fund purposes as may be required by the terms of any notes, bonds, debentures or other securities issued by the Corporation, and the funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of the notes, bonds, debentures or other securities.
45(2)Despite anything else contained in this Act,
(a) the Corporation may make other arrangements approved by the Lieutenant-Governor in Council
(i) for sinking fund payments by the Corporation to the Minister of Finance to be applied by the Corporation, before maturity, in repayment of the whole or any part of any securities to be issued by the Corporation, and
(ii) for the application by the Minister of Finance on behalf of the Corporation of the whole or any part of the sinking fund and any interest earnings on the fund to the purchase, and, in the case of securities issued subject to prior redemption in advance of maturity, to the redemption by call of the securities, and
(b) the Minister of Finance shall apply the sinking fund in accordance with an arrangement approved under paragraph (a).
Sinking fund payment
45(1)The Corporation shall pay to the Minister of Finance such payments for sinking fund purposes as may be required by the terms of any notes, bonds, debentures or other securities issued by the Corporation, and the funds shall be retained and invested for the account of the Corporation and be used by the Corporation to make payment at the maturity of the notes, bonds, debentures or other securities.
45(2)Despite anything else contained in this Act,
(a) the Corporation may make other arrangements approved by the Lieutenant-Governor in Council
(i) for sinking fund payments by the Corporation to the Minister of Finance to be applied by the Corporation, before maturity, in repayment of the whole or any part of any securities to be issued by the Corporation, and
(ii) for the application by the Minister of Finance on behalf of the Corporation of the whole or any part of the sinking fund and any interest earnings on the fund to the purchase, and, in the case of securities issued subject to prior redemption in advance of maturity, to the redemption by call of the securities, and
(b) the Minister of Finance shall apply the sinking fund in accordance with an arrangement approved under paragraph (a).