Acts and Regulations

2015, c.2 - Opportunities New Brunswick Act

Section 51
Disposition versions

Full text
Transfer and vesting
51(1)In this section, “obligations” includes letters of offer, letters of intent and letters of commitment made by the Crown in right of New Brunswick as represented by the Minister of Economic Development before the commencement of this section and agreements entered into by the Crown in right of New Brunswick as represented by the Minister of Economic Development before the commencement of this section.
51(2)On the commencement of this section,
(a) subject to paragraph (b), the property vested in the Crown in right of New Brunswick as represented by the Minister of Economic Development becomes the property of Opportunities NB,
(b) industrial parks owned by the Crown in right of New Brunswick as represented by the Minister of Economic Development become the property of the Regional Development Corporation,
(c) subject to paragraph (d), the claims, rights, liabilities, obligations and privileges of the Crown in right of New Brunswick as represented by the Minister of Economic Development are transferred to and become vested in Opportunities NB, and
(d) the claims, rights, liabilities, obligations and privileges of the Crown in right of New Brunswick as represented by the Minister of Economic Development in relation to industrial parks referred to in paragraph (b) are transferred to and become vested in the Regional Development Corporation.
51(3)On the commencement of this section, in any document dealing with property transferred to and vested in Opportunities NB under paragraph (2)(a) or a claim, right, liability, obligation or privilege transferred to and vested in Opportunities NB under paragraph (2)(c), it is sufficient to cite this Act as effecting the transfer to and vesting in Opportunities NB of the property, claim, right, liability, obligation or privilege.
51(4)On the commencement of this section, in any document dealing with property transferred to and vested in the Regional Development Corporation under paragraph (2)(b) or a claim, right, liability, obligation or privilege transferred to and vested in the Regional Development Corporation under paragraph (2)(d), it is sufficient to cite this Act as effecting the transfer to and vesting in the Regional Development Corporation of the property, claim, right, liability, obligation or privilege.
Transfer and vesting
51(1)In this section, “obligations” includes letters of offer, letters of intent and letters of commitment made by the Crown in right of New Brunswick as represented by the Minister of Economic Development before the commencement of this section and agreements entered into by the Crown in right of New Brunswick as represented by the Minister of Economic Development before the commencement of this section.
51(2)On the commencement of this section,
(a) subject to paragraph (b), the property vested in the Crown in right of New Brunswick as represented by the Minister of Economic Development becomes the property of Opportunities NB,
(b) industrial parks owned by the Crown in right of New Brunswick as represented by the Minister of Economic Development become the property of the Regional Development Corporation,
(c) subject to paragraph (d), the claims, rights, liabilities, obligations and privileges of the Crown in right of New Brunswick as represented by the Minister of Economic Development are transferred to and become vested in Opportunities NB, and
(d) the claims, rights, liabilities, obligations and privileges of the Crown in right of New Brunswick as represented by the Minister of Economic Development in relation to industrial parks referred to in paragraph (b) are transferred to and become vested in the Regional Development Corporation.
51(3)On the commencement of this section, in any document dealing with property transferred to and vested in Opportunities NB under paragraph (2)(a) or a claim, right, liability, obligation or privilege transferred to and vested in Opportunities NB under paragraph (2)(c), it is sufficient to cite this Act as effecting the transfer to and vesting in Opportunities NB of the property, claim, right, liability, obligation or privilege.
51(4)On the commencement of this section, in any document dealing with property transferred to and vested in the Regional Development Corporation under paragraph (2)(b) or a claim, right, liability, obligation or privilege transferred to and vested in the Regional Development Corporation under paragraph (2)(d), it is sufficient to cite this Act as effecting the transfer to and vesting in the Regional Development Corporation of the property, claim, right, liability, obligation or privilege.