Acts and Regulations

2015, c.2 - Opportunities New Brunswick Act

Section 24
Disposition versions

Full text
Taking of security
24(1)Subject to subsection (1.1), Opportunities NB may take any security that it considers appropriate for any financial assistance provided under this Act and may enforce the security in accordance with its terms or release the security on terms and conditions that Opportunities NB specifies.
24(1.1)Opportunities NB shall not take or release any security of a person under subsection (1) without the approval of the Lieutenant-Governor in Council if at the time of the release the sum of the following exceeds the amount prescribed by regulation:
(a) any financial assistance sought by the person;
(b) all financial assistance previously provided to the person and not repaid; and
(c) all financial assistance that Opportunities NB has decided to provide to the person but has not yet provided.
24(1.2)Despite subsection (1.1), Opportunities NB may release any security on any terms and conditions it specifies if it considers that the release does not substantially impact the financial risk of the Province.
24(2)In carrying out the enforcement of security held under this section, Opportunities NB may make an advance of money to a receiver, guarantee the accounts of a receiver, pay or guarantee a payroll of a business in default under the security and expend money in attracting a person to revive, take over or re-establish the business.
2015, c.35, s.3
Taking of security
24(1)Opportunities NB may take any security that it considers appropriate for any financial assistance provided under this Act and may enforce the security in accordance with its terms or release the security on terms and conditions that Opportunities NB specifies.
24(2)In carrying out the enforcement of security held under this section, Opportunities NB may make an advance of money to a receiver, guarantee the accounts of a receiver, pay or guarantee a payroll of a business in default under the security and expend money in attracting a person to revive, take over or re-establish the business.
Taking of security
24(1)Opportunities NB may take any security that it considers appropriate for any financial assistance provided under this Act and may enforce the security in accordance with its terms or release the security on terms and conditions that Opportunities NB specifies.
24(2)In carrying out the enforcement of security held under this section, Opportunities NB may make an advance of money to a receiver, guarantee the accounts of a receiver, pay or guarantee a payroll of a business in default under the security and expend money in attracting a person to revive, take over or re-establish the business.