Acts and Regulations

2015-7 - General

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NEW BRUNSWICK
REGULATION 2015-7
under the
Opportunities New Brunswick Act
(O.C. 2015-62)
Filed March 31, 2015
Under section 33 of the Opportunities New Brunswick Act, the Lieutenant-Governor in Council makes the following Regulation:
Citation
1This Regulation may be cited as the General Regulation - Opportunities New Brunswick Act.
Definitions
2(1)In this Regulation, “Act” means the Opportunities New Brunswick Act.
2(2)In the Act and this Regulation, “application” includes
(a) a form or other document that records the information that is provided or verified by the applicant to enable an appropriate assessment of the request for financial assistance, and
(b) a proposal or other document that records the terms being negotiated for an agreement between Opportunities NB and a person in relation to foreign direct investment or multifaceted projects.
Application for financial assistance
3For the purposes of subsection 22(1) of the Act, an application for financial assistance shall be in writing and shall set forth the following:
(a) the amount and type of financial assistance requested;
(b) the purpose for which the financial assistance is requested; and
(c) the financial situation of the applicant.
Approval required
4The prescribed amount for the purpose of section 23 of the Act is $2,000,000.
Information respecting security
5On the request of the Board or the Executive Committee, an applicant shall provide the Board or the Executive Committee, as the case may be, with the design, plans and specifications for buildings and equipment that are being offered as security for financial assistance.
Interest
6(1)Opportunities NB may charge interest at the rate it determines on a loan provided under the Act.
6(2)The rate of interest may be fixed or variable and may be adjusted by Opportunities NB in accordance with the terms of the loan.
Annual charge
7(1)The amount of an annual charge is equal to 1 ½% of the principal amount of the financial assistance outstanding on the date of its issue and on the decreasing balance of the financial assistance to be calculated on each annual anniversary of the date of its issue.
7(2)For the purposes of calculating an annual charge, the full amount of the financial assistance shall be deemed to have been advanced by the lending institution and to be outstanding on the date on which the annual charge is payable.
7(3)Opportunities NB may waive an annual charge in the circumstances it considers appropriate unless the financial assistance is a guarantee, guaranteed loan or guaranteed bond.
7(4)Despite subsection (1), with the approval of the Board, an annual charge may be paid in instalments commencing on the anniversary date directed by the Board.
Amending terms and conditions
8(1)The prescribed amount for the purpose of subsection 26(2) of the Act is $2,000,000.
8(2)The prescribed amount for the purpose of subsection 26(3) of the Act is $2,000,000.
Commencement
9This Regulation comes into force on April 1, 2015.