BILL 31

An Act to Amend the Regional Development Corporation Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1Section 3 of the Regional Development Corporation Act, chapter R-5.01 of the Revised Statutes, 1973, formerly known as the Community Improvement Corporation Act, chapter C-11 of the Revised Statutes, 1973, is amended by striking out "general manager" and substituting "President".

2Paragraph 4.1(b) of the Act is repealed and the following is substituted:

(b)to assist in the establishment and development of enterprises and institutions operated by corporations, trusts, partnerships, societies and individuals;

3Subsection 5(1) of the Act is amended

(a)by repealing paragraph (a) and substituting the following:

(a)make any grant, contribution or loan or issue any loan guarantee that has been approved by the Lieutenant-Governor in Council;

(b)by repealing paragraph (b) and substituting the following:

(b)make any grant, contribution or loan or issue any loan guarantee conducive to the attainment of the objects and purposes of the Corporation that is made or issued in connection with the administration or management of an agreement, program or project assigned by the Lieutenant-Governor in Council;

(c)by adding after paragraph (b) the following:

(b.1)in accordance with the regulations, charge a fee for the issuance of a loan guarantee referred to in paragraph (a) or (b) subject to such terms and conditions as the Corporation may, in its discretion, impose, or adjust, defer, reduce or waive such a fee or vary such terms and conditions;

4Section 9 of the Act is repealed and the following is substituted:

9The Corporation, through the member of the Executive Council responsible for the Corporation, shall render an annual report to the Legislative Assembly.

5Section 10 of the Act is amended

(a)by renumbering the section as subsection (1);

(b)by repealing paragraph (1)(d) and substituting the following:

(d)may make regulations

(i)respecting fees charged by the Corporation, the adjustment, deferral, reduction or waiver of fees charged by the Corporation, or the variation of terms and conditions imposed by the Corporation, under paragraph 5(1)(b.1);

(ii)for the better administration of this Act.

(c)by adding after subsection (1) the following:

10(2)Regulations made under subparagraph (1)(d)(i) may be retroactive in their operation to September 1, 1996, or any date after September 1, 1996.

6Sections 2, 3 and 5 of this Act shall be deemed to have come into force on September 1, 1996.

EXPLANATORY NOTES

Section 1

With the amendment, the term used to describe the general manager of the Regional Development Corporation will be "President".

Section 2

The existing provision is as follows:

4.1The objects and purposes of the Corporation are...

(b)to assist in the establishment and development of private manufacturing and industrial operations;

Section 3

(a) and (b)The existing provisions are as follows:

5(1)Subject to subsection (2), the Corporation may

(a)make any grant, contribution or loan that has been approved by the Lieutenant-Governor in Council;

(b)make any grant, contribution or loan conducive to the attainment of the objects and purposes of the Corporation that is made in connection with the administration or management of an agreement, program or project assigned by the Lieutenant-Governor in Council;...

(c)With the amendment, the Regional Development Corporation will be authorized to charge a fee for the issuance of loan guarantees authorized under the amendments made in paragraphs 3(a) and (b) of this amending Act, impose terms and conditions, and adjust, defer, reduce or waive such a fee or vary the terms and conditions in accordance with the regulations.

Section 4

With the amendment, the member of the Executive Council responsible for the Regional Development Corporation, rather than the Premier, will render the Corporation's annual report to the Legislative Assembly.

Section 5

(a)A section is renumbered.

(b)Regulation-making authority is added as a consequential amendment to the amendments made in section 3 of this amending Act.

(c)Authority is added to made retroactive regulations under the regulation-making authority added in paragraph 5(b) of this amending Act.

Section 6

Commencement provision.

Chapter Outline Update

Section 1

In section 3 strike out

General manager of corporation 3

and substitute

President of Corporation 3

Sections 2 to 6

No change required.

Endorse: Hon. Jean Paul Savoie


Last Modified: 10:00am , January 26, 1998