It's Wait And See On Treasury Branch
Provincial Treasurer A. O. Aalborg refused to speculate Monday on what would happen if operations of provincial treasury branches are declared illegal.
Opposition Leader Mike Maccagno asked if the government is taking any action now because of an appeal of a Supreme Court decision that the Treasury Branch Act is within the powers of the province.
The appeal, filed by the legal firm of Macdonald, Spitz and Lavallee, is against a previous decision by Mr. Justice Neil Primrose. The appeal maintains the provincial government has no power to carry on the business of banking.
Mr. Aalborg said in the legislature: "Treasury branches have been in operation a good many years. This is not the first time the basis of operations has been challenged."
Mr. Maccagno asked: "Suppose the appeal is successful. What would happen?"
Mr. Aalborg replied: "We have not been doing any speculating on the outcome. We are not in a position to give any speculative answer."