3(1)The Minister, with the approval of the Lieutenant-Governor in Council or in accordance with the regulations, may provide financial assistance to aid and encourage the establishment or development of industry in the Province and such financial assistance shall be in accordance with the terms and conditions specified by the Minister or specified in the approval of the Lieutenant-Governor in Council.

3(1.1)The Minister, with the approval of the Lieutenant-Governor in Council or in accordance with the regulations, may forgive, commute or rescind any or all of the principal and any or all of the interest of a loan provided under this Act and such forgiveness, commutation or rescission shall be in accordance with the terms and conditions specified by the Minister or specified in the approval of the Lieutenant-Governor in Council.

3(2)The Minister may take such security as the Minister considers appropriate for any financial assistance provided under subsection (1) and has authority to enforce the security in accordance with the terms thereof.

3(3)The Minister may, in carrying out the enforcement of security held under this section, make an advance of money to a receiver, guarantee the accounts of a receiver, pay or guarantee a payroll of an industry in default under such security and expend money in attracting a person to revive, take over or re-establish the industry that is in default thereunder.

3(4)When any amount becomes legally due and payable by virtue of anything done pursuant to subsections (1) and (3) or as a result of a call of a guarantee issued thereunder, such amount is a liability of the Province and is payable out of the Consolidated Fund.

3(5)Notwithstanding any other provision of this Act, the Minister may provide financial assistance under subsection (1) to a person for the purpose of investing in an industry.

4(1)The Minister may, subject to such terms and conditions as the Lieutenant-Governor in Council prescribes, acquire lands, buildings, structures, facilities and chattels for industrial development purposes.

4(2)The Minister may hold, develop and use lands acquired under this section and may construct buildings, facilities and structures thereon and therein.

4(3)The Minister may, subject to such terms and conditions as the Lieutenant-Governor in Council prescribes, manage, operate, carry on a business on and use any lands, buildings, structures or facilities acquired or constructed by the Minister.

4(4)The Minister, with the approval of the Lieutenant-Governor in Council or in accordance with the regulations, may

5(1)The Minister, with the approval of the Lieutenant-Governor in Council, may enter into an agreement with Canada, a provincial government or a person.

5(2)With the approval of the Lieutenant-Governor in Council, there may be paid out of the Consolidated Fund to corporations, all shares of which are held by or on behalf of the Crown, such advances as the Minister may request.

6(1)There shall be a board called the New Brunswick Industrial Development Board to be established by the Lieutenant-Governor in Council consisting of not more than nine members and not less than three members, all of whom or some of whom may be appointed from within the Civil Service.

6(2)Members of the Board shall be appointed for a term of up to two years and are eligible for re-appointment.

6(3)The Lieutenant-Governor in Council shall designate from among the members of the Board a Chairperson and a Vice-Chairperson.

6(4)The Minister on the recommendation of the Board and with the approval of the Lieutenant-Governor in Council may appoint a person to be the secretary of the Board.

6(5)The Board shall meet at least once each month unless a quorum receives approval from the Minister to cancel the monthly meeting.

6(6)A majority of the members constitutes a quorum.

6(7)The members of the Board, except those appointed from within the Civil Service, shall be paid such per diem allowance for their attendance at meetings of the Board as is fixed by the Lieutenant-Governor in Council together with reasonable and necessary travelling expenses.

7(1)Subject to subsection (1.1), the Minister shall not take any action under subsection 3(1) unless

7(1.1)The Minister is not required to refer an application to the Board if

7(2)A person who seeks the financial assistance referred to in subsection 3(1) shall make an application for such assistance to the Minister in the form and manner prescribed by regulation.

7(3)The Board shall consider all applications referred to it and shall transmit to the Minister, within a reasonable time of considering each application, a recommendation setting forth

7(4)The Board may, or at the request of the Minister shall, transmit its recommendations to the Minister on matters arising out of anything done or about to be done under the authority of section 3 and such recommendations may include advice on the deferment of loan payments, the extension of a loan guarantee, a bond guarantee or a debenture guarantee period, the forgiveness, commutation or rescission of a debt due the Minister or the amendment of the terms and conditions of anything done under the authority of section 3.

7(5)The Board may recommend to the Minister amendments to or alteration of legislation or policy in regard to financial assistance provided for under this Act.

7(6)The Minister is not bound by a recommendation of the Board made under this section.

8(1)Where the Minister is of the opinion that the financial assistance sought by an application under subsection 7(1) should not be granted, the Minister shall notify the person submitting the application that the Minister will not take any action under subsection 3(1) in respect of the application.

8(2)Where it is required under section 7 that an application be referred to the Board, the Minister shall not give the notification referred to in subsection (1) unless the Board has transmitted its recommendation in respect of the application to the Minister.

8(3)The Minister is not required to give reasons for refusing to act on an application nor, in the case where an application has been referred to the Board, to disclose the Board’s recommendations.

9(1)Where a person has submitted an application in accordance with subsection 7(2) and has been advised by the Minister under section 8 that the Minister will not take any action under subsection 3(1) in respect of the application, the person may, by written application to the Minister, request that the application be reviewed by the Appeal Board.

9(2)The Minister may, upon receipt of an application for review under subsection (1), reject that application by notice in writing to the person making the application or may refer the matter to the Appeal Board with written notice to the person making the application.

9(3)The Appeal Board shall, upon receipt from the Minister of an approved authorization to review an application made under subsection 7(2), advise the person making the application of the time, date and place of the hearing and on that date, at the time and place, carry out a review of the application made under subsection 7(2).

9(4)The Appeal Board, upon concluding the hearing provided for in this section shall transmit to the Minister in writing its conclusions and recommendations concerning the application considered.

9(5)The Minister is not bound by a conclusion or recommendation transmitted to the Minister by the Appeal Board.

10(1)There shall be a board called the New Brunswick Industrial Development Appeal Board to be established by the Lieutenant-Governor in Council consisting of not more than seven members, none of whom shall be appointed from within the Civil Service.

10(2)Members of the Appeal Board shall be appointed for a term of two years and are eligible for reappointment.

10(3)The Lieutenant-Governor in Council shall designate from among the members of the Appeal Board a Chairperson and a Vice-Chairperson.

10(4)The Minister on the recommendation of the Appeal Board and with the approval of the Lieutenant-Governor in Council may appoint a person to be the secretary of the Appeal Board.

10(5)The Appeal Board shall meet within thirty-one days of being requested by the Minister in writing to do so.

10(6)Three members of the Appeal Board constitute a quorum.

10(7)The members of the Appeal Board shall be paid such per diem allowance for their attendance at meetings of the Appeal Board as are fixed by the Lieutenant-Governor in Council together with reasonable and necessary travelling expenses.

10(8)The Appeal Board in carrying out its duties under this Act

11(1)Where the conclusion or recommendation of the Appeal Board transmitted to the Minister under section 9 is against the granting of the financial assistance sought in the application under review and the Minister concurs in that conclusion or recommendation, the Minister shall notify the person submitting the application that no action will be taken by the Minister under subsection 3(1) in respect of the application.

11(2)The Minister is not required to give reasons for refusing to act on an application nor to disclose the Appeal Board’s conclusions and recommendations.

12(1)The Lieutenant-Governor in Council may make regulations

12(2)A regulation made under paragraph (1)(d) or (d.2) may be retroactive to February 15, 2003, or to any date after February 15, 2003.

14(1)Any person who receives financial assistance under this Act shall pay to the Minister an annual charge in accordance with the terms and conditions prescribed by regulation.

14(2)The annual charges received by the Minister under this section shall be paid into the Consolidated Fund.

15(1)Upon the coming into force of this section all business and assets including

15(2)Upon the coming into force of this section the rights of a creditor whether secured or unsecured against a former authority shall be unimpaired and by virtue of the coming into force of this section the obligation of such former authority with regard to such right shall be assumed by the Province; but nothing contained in this subsection shall be interpreted to give any unsecured creditor any security right or any secured creditor any greater security right than is possessed by such creditor on the date of coming into force of this section.

15(3)Upon the coming into force of this section all debts, liabilities, duties, benefits held by and obligations of a former authority including, without restricting the generality of the foregoing guarantees, contracts of indemnity and benefits given are enforceable against the Province to the same extent as if the same had been incurred or contracted by the Province.

15(4)No suit, action, appeal, application or other proceeding being carried on or power, right or remedy being exercised by a former authority shall be discontinued as a result of the coming into force of this section and section 16; but may be continued in the name of the Province and the Province shall have the same rights and be subject to the same liabilities and shall pay or receive the like costs, as if the suit, action, appeal, application or other proceeding had been commenced or defended in the name of the Province.

15(5)The Province may bring, maintain and exercise in its name any suit, action, appeal, application or other proceeding, or exercise any power, right or remedy that a former authority was, could have been or could have become entitled to bring, maintain or exercise.

15(6)Nothing in this section shall expose or cause the Province to be exposed to or to be liable for any greater liability, cost or expense than would have occurred had this section and section 16 not come into force.

15(7)Registration of the notice provided for in this subsection in a registry office in which instruments affecting land or an interest therein may be registered is sufficient notice to all persons of the matters dealt with in this Act.

15(8)The notice under subsection 15(7) shall be registered under the Registry Act in any registry office by the Registrar thereof upon the same being tendered to the Registrar for registration, and in the office of the Registrar of the Corporation Securities Registration Act.

15(9)For the purpose of any instrument required to be registered or filed under the Bills of Sale Act, Conditional Sales Act, Assignment of Book Debts Act or Corporation Securities Registration Act, it shall be sufficient in order to show the transmission of title in respect of any personal property or interest in personal property included or intended to be included in the Minister by virtue of this Act, if the instrument affecting such property or interest recites this Act.

15(10)For the purpose of this section, “former authority” means any corporation, agency, board or minister created by, acting pursuant to or having any rights, powers, privileges, benefits, responsibilities or liabilities by virtue of the Industrial Development and Expansion Act, the New Brunswick Development Corporation Act and the Guarantee Act but nothing herein shall affect such corporation, agency, board or minister acting outside provisions of said Acts.