Pioneer Trust Payment Continuation Act

An Act to provide for the continuation of payments under certain guaranteed income averaging certificates issued by the Pioneer Trust Company Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Short title This Act may be cited as the Pioneer Trust Payment Continuation Act. Agreements and arrangements generally The Minister of State (Finance), or any officer of the Office of the Superintendent of Financial Institutions designated by the Minister, may, on behalf of Her Majesty, enter into such agreements or arrangements as may be necessary for or incidental to the continuation of payments under and in accordance with the guaranteed income averaging certificates issued by the Pioneer Trust Company for a term of more than five years and outstanding on February 15, 1985. Powers Where the Minister or a designated officer enters into an agreement or arrangement under subsection (1), the Minister or officer may do such things and perform such acts as may be necessary for or incidental to carrying out the agreement or arrangement. Agreement with Saskatchewan The Minister of State (Finance) may, on behalf of Her Majesty, enter into an agreement with the government of Saskatchewan to provide for the sharing of any costs incurred under this Act. Appropriation The Minister of State (Finance) may, from time to time, pay out of the Consolidated Revenue Fund such amounts as are required for the purposes of section 2. Limitation The aggregate of the amounts paid out of the Consolidated Revenue Fund under subsection (1) shall not exceed the aggregate of five million dollars, and the amounts paid into the Fund that are received pursuant to agreements entered into under section 2.