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.

3(1.1)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 aquaculture in the Province.

3(1.2)Financial assistance provided under subsections (1) and (1.1) shall be in accordance with terms and conditions specified in the approval of the Lieutenant-Governor in Council or, if the Minister is authorized by the regulations to provide financial assistance, the terms and conditions specified by the Minister.

3(2)The Minister may take such security as he considers appropriate for any financial assistance provided under subsection (1) or (1.1) 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 (1.1) 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)The New Brunswick Fisheries Development Board is continued under the name New Brunswick Fisheries and Aquaculture Development Board.

4(2)A member of the Board who held office immediately before the commencement of this subsection continues in office until the member resigns or is reappointed or replaced.

4(3)The change in name of the Board does not affect the rights and obligations of the Board and all proceedings that might have been continued or commenced by or against the Board under its former name may be continued or commenced by or against the Board under its new name.

4(4)Any reference to the New Brunswick Fisheries Development Board in any other Act or in any regulation, rule, order, by-law, agreement or other instrument or document shall be read as a reference to the New Brunswick Fisheries and Aquaculture Development Board unless the context otherwise requires.

4(5)The Lieutenant-Governor in Council may appoint a minimum of 5 members and a maximum of 9 members to the Board, all or some of whom may be employees of the Civil Service as defined in the Civil Service Act.

4(6)The Lieutenant-Governor in Council shall designate a Chair and Vice-Chair from among the members of the Board.

4.1(1)The members of the Board shall be appointed for a term not exceeding 3 years and are eligible for reappointment.

4.1(2)Any appointment to the Board may be revoked by the Lieutenant-Governor in Council for cause.

4.1(3)Despite subsection (1) and subject to subsection (2), a member of the Board shall remain in office until the member resigns or is reappointed or replaced.

4.2(1)When a vacancy occurs on the Board, the Lieutenant-Governor in Council may appoint a person to fill the vacancy for the balance of the term of the member replaced.

4.2(2)The Lieutenant-Governor in Council may, in the case of the temporary absence, illness or incapacity to act of any member of the Board, appoint a substitute for the member for the period of the temporary absence, illness or incapacity.

4.2(3)A vacancy on the Board does not impair the capacity of the Board to act.

4.4(1)Each member of the Board who is not an employee of the Civil Service as defined in the Civil Service Act is entitled to be paid remuneration in accordance with the regulations.

4.4(2)Each member of the Board is entitled to be reimbursed in accordance with the regulations for the travelling and living expenses incurred by the member in the performance of his or her duties.

5(1)The Minister shall not act under the authority of subsection 3(1) or (1.1) unless an application has been made to the Board, and

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 for financial assistance for more than twenty-five thousand dollars made to it and shall transmit to the Minister, within a reasonable time of considering each application, a recommendation setting forth

5(3.1)The Board shall refer to the Minister all applications for financial assistance for twenty-five thousand dollars or less made to it.

5(3.2)The Board is not required to make a recommendation with respect to an application referred to the Minister under subsection (3.1).

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.

7(1)The Lieutenant-Governor in Council may make regulations

7(2)A regulation made under paragraph (1)(n) may be retroactive to February 15, 2003, or to any date after February 15, 2003.

9(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.

9(2)The annual charges 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.