Marginal note:Short title

1 This Act may be cited as the Newfoundland and Labrador Additional Financial Assistance Act.

Marginal note:Annual payment to Newfoundland and Labrador by way of additional financial assistance

2 In addition to all other payments, grants, subsidies and allowances payable to the Province of Newfoundland and Labrador, the Minister of Finance, on behalf of the Government of Canada, shall, out of the Consolidated Revenue Fund, cause to be paid to the Province of Newfoundland and Labrador in each and every fiscal year, until otherwise provided by any agreement in that behalf entered into between the Government of Canada and the Government of Newfoundland and Labrador, an annual amount, by way of additional financial assistance as contemplated by Term 29 of the Terms of Union of Newfoundland with Canada, of eight million dollars.