of Bill :
WHEREAS by an Act of the Legislature of the Province of New Brunswick being An Act to Incorporate Moncton Central Business Development Corporation, chapter 57 of the Acts of New Brunswick, 1977, the Moncton Central Business Development Corporation was duly incorporated;
AND WHEREAS by Supplementary Letters Patent dated May 2, 1991, Moncton Central Business Development Corporation changed its name to Downtown Moncton Inc.;
AND WHEREAS by Supplementary Letters Patent dated November 29, 2002, Downtown Moncton Inc. changed its name to Downtown Moncton Centreville Inc;
AND WHEREAS it is desirable to amend the name from Downtown Moncton Centreville Inc. to Downtown Moncton Centre-ville Inc.;
AND WHEREAS it is appropriate to revise the legislation by which the Act to incorporate the Moncton Central Business Development Corporation was established;
AND WHEREAS Downtown Moncton Centreville Inc. prays that it be enacted as hereinafter set forth;
THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 This Act may be cited as "Downtown Moncton Centre-ville Inc. Act".
2 The Moncton Central Business Development Corporation, a body corporate, established pursuant to An Act to Incorporate Moncton Central Business Development Corporation, chapter 57 of the Acts of New Brunswick, 1977, is hereby continued as a body corporate under the name Downtown Moncton Centre-ville Inc. (hereinafter called the "Corporation").
3 The head office of the Corporation shall be at the City of Moncton, in the County of Westmorland and Province of New Brunswick.
4 The objects of the Corporation shall be and it shall have the power
(a) to solicit and maintain membership in the Corporation of all those persons or corporations interested in the objects of the Corporation as set out herein;
(b) to assist, promote, encourage, co-ordinate and advance the commercial, residential, recreational, cultural and civic development and economic welfare of the Downtown Moncton Business Improvement Area as may be defined by the Corporation from time to time by by-law;
(c) to assist, co-operate and act on its own or in conjunction with other authorities, organizations or agencies, public or private, in establishing parking, transportation, cultural, recreational and other civic facilities, and to enter into any arrangements with any authorities, municipal, local or otherwise, that may seem conducive to the Corporation's objects or any of them, and obtain from any such authority any rights, privileges and concessions that the Corporation may think desirable to obtain and carry out, exercise and comply with any such rights, privileges, arrangements or concessions;
(d) to buy, acquire, exchange, lease, hold, improve and enjoy property, both real and personal, and to sell, alienate, assign, exchange, lease, hypothecate, mortgage and pledge its movable and immovable property or otherwise dispose of the Corporation in such manner as may be deemed most advantageous for the purpose of carrying out its said objects;
(e) to borrow money and to draw, make, endorse and accept bills of exchange, promissory notes and create and issue bonds and debentures as may be necessary for the purposes of the Corporation; and
(f) to enjoy all benefits and powers conferred upon it by the Companies Act, being chapter C-13, Revised Statutes of New Brunswick, 1973, except where inconsistent herewith.
5 For the purposes of receiving benefits, grants, loans or other assistance, the Corporation shall be deemed to be a municipal non-profit Corporation.
6(1) Subject to the provisions of section 7 hereof, the Corporation shall be governed and managed by as many Directors as permitted by the by-laws of the Corporation from time to time in effect.
6(2) The directors shall hold office for a term of two (2) years and they may be reappointed or re-elected for a maximum of three further two year terms.
6(3) No director shall hold office for more than eight consecutive years.
7 The Corporation, in order to carry out its objects, shall be empowered
(a) to make by-laws not inconsistent with this Act or the Companies Act governing the administration of the Corporation;
(b) to make by-laws, rules and regulations as it may deem necessary respecting the admission and expulsion of members of the Corporation and the respective rights and privileges of such members, and the fees, subscriptions and dues which it may deem advisable to be assessed to its members;
(c) to elect a president, vice-presidents, secretary, and treasurer from amongst its directors;
(d) to provide for or set up such committees as the Corporation may deem necessary to most effectively serve the objects of the Corporation; and
(e) to employ such personnel as may be deemed necessary by the Corporation to carry out its objects.
8 The accounts of the Corporation shall be audited annually and subject to an inspection and audit by the auditors for the City of Moncton at any time.
9 On dissolution or winding-up of the Corporation, any and all assets of the Corporation held by the Corporation at the time of such winding-up or dissolution shall become vested in the City of Moncton.
10 An Act to Incorporate Moncton Central Business Development Corporation, chapter 57 of the Acts of New Brunswick, 1977, is hereby repealed.