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SAVINGS MANAGEMENT REPEAL ACT

SAVINGS MANAGEMENT REPEAL ACT

Chapter 16

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Repeal of SA 2014 cS‑2.5

1   The Savings Management Act, SA 2014 cS‑2.5, is repealed.

Disestablishment of Accounts and Fund

2   The Social Innovation Endowment Account, the Agriculture and Food Innovation Endowment Account and the Alberta Future Fund established under the Savings Management Act are disestablished.

Consequential amendments

3(1)  The Access to the Future Act is amended by repealing section 4(4.2) and substituting the following:

(4.2)  For the purpose of subsection (4.1)(a), the adjustment is determined in accordance with the following formula:

A x B

where

                                   A    is the opening balance of the account in the fiscal year;

                                   B    is the annual rate of return for the Alberta Heritage Savings Trust Fund as published in the Alberta Heritage Savings Trust Fund’s audited annual financial statements for that fiscal year.

(2)  The Alberta Heritage Scholarship Act is amended by repealing section 2(2.2).