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 fisheries in the Province, and such financial assistance shall be in accordance with terms and conditions specified in the approval of the Lieutenant-Governor in Council or as specified by the Minister, where the Minister is authorized in accordance with the regulations to provide the financial assistance.

3(2)The Minister may take such security as he 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)When any amount becomes legally due and payable by virtue of anything done pursuant to subsection (1) 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.

4(1)There shall be a board called the New Brunswick Fisheries Development Board to be established by the Lieutenant-Governor in Council consisting of not more than eleven members, not more than two of whom may be appointed from within the Civil Service.

4(2)Members of the Board shall be appointed for a term of up to four years and are eligible for re-appointment.

4(3)The Lieutenant-Governor in Council shall designate from among the members of the Board a Chairman and a Vice-Chairman.

4(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.

4(5)A majority of the members constitutes a quorum.

4(6)The Board shall meet at least once each month, unless a quorum receives approval from the Minister to cancel the monthly meeting.

4(7)The members of the Board, except those appointed from within the Civil Service, shall be paid a 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.

5(1)The Minister shall not act under the authority of subsection 3(1), unless

5(2)Any person who seeks financial assistance shall make an application for such assistance to the Board in accordance with the regulations.

5(3)The Board shall consider all applications made to it and shall transmit to the Minister, within a reasonable time of considering each application, a recommendation setting forth

5(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 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.

5(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.

5(6)The Minister is not bound by a recommendation of the Board made under this section.

6(1)Where the recommendations of the Board transmitted to the Minister under section 5 is against the granting of the financial assistance sought in an application and the Minister concurs in that recommendation, then the Minister shall notify the person submitting the application that no action will be taken by the Minister to seek approval therefor under section 3.

6(2)The Minister is not required to give reasons for refusing to act on an application nor to disclose the Board’s recommendations.

9(1)Any person who receives financial assistance under this Act shall pay to the Minister a service fee as prescribed by regulation.

9(2)The service fees received by the Minister under this section shall be paid into the Consolidated Fund.

10(1)Upon the coming into force of this section all business and assets including

10(2)Upon the coming into force of this section, the rights of a creditor whether secured or unsecured against the Fishermen’s Loan Board of New Brunswick and any rights accrued by or accruing to the Fishermen’s Loan Board of New Brunswick shall be unimpaired, and by virtue of the coming into force of this section the obligation of the Fishermen’s Loan Board of New Brunswick with regard to such right and the rights accrued by or accruing to the Fishermen’s Loan Board of New Brunswick 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 of the date of coming into force of this section.

10(3)Upon the coming into force of this section all debts, liabilities, duties, benefits held by, and obligations of, the Fishermen’s Loan Board of New Brunswick 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 they had been incurred or contracted by the Province.

10(4)No suit, action, appeal, application or other proceeding being carried on, or power, right or remedy being exercised by, the Fishermen’s Loan Board of New Brunswick shall be discontinued as a result of the coming into force of this section and section 11; 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.

10(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 the Fishermen’s Loan Board of New Brunswick was, could have been or could have become entitled to bring, maintain or exercise.

10(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 11 not come into force.

10(7)Registration of the notice provided for in this subsection in a registry office under the Registry Act is sufficient notice to all persons of the matters dealt with in this Act.

10(8)The notice under subsection 10(7) shall be registered under the Registry Act in any registry office by the Registrar thereof upon it being tendered to him for registration and in the office of the Registrar under the Corporation Securities Registration Act.

10(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.