Mr. Speaker, it is a pleasure for me to join my colleagues from Willowdale and Frontenac in the debate on Senate Bill S-15.
Bill S-15 amends an Act to Incorporate the Bishop of the Arctic of the Church of England in Canada, an act passed by Parliament in 1934.
The main purpose of the amendment is to allow the Anglican diocese of the Arctic more flexibility in how it administers the endowment fund of the bishop of the Arctic.
Since 1934 and up to the present this fund is limited to investments in securities of the governments of the Dominion of Canada and the United Kingdom and first mortgages in Canada.
Churches across Canada, as has already been indicated by my hon. colleague from Willowdale, find themselves in increasing financial constraints, and the Anglican diocese of the Arctic is no exception.
I believe this amendment will provide it additional versatility in investment alternatives for its endowment fund. Being able to secure the best return possible on its investments will obviously increase the funds available for the diocese to carry on its good work in the Arctic and in northern Quebec. The other two amendments are merely housekeeping items, necessary changes to the French text of the act to name the corporation, and the term corporation itself in French terms, which will bring the act into line with current French terminology.
On behalf of the Reform Party it gives me great pleasure to indicate our support for Bill S-15 and I call on the House for its speedy passage.