BILL 27

An Act to Amend the Economic Development Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 12 of the Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975, is amended

(a)  by renumbering the section as subsection 12(1);

(b)  in subsection (1)

(i) by repealing paragraph (d) and substituting the following:

(d)  respecting annual charges and the terms and conditions applicable to annual charges;

(ii) by repealing paragraph (d.1);

(iii) by repealing paragraph (d.2) and substituting the following:

(d.2)  respecting an adjustment, deferment, reduction or waiver by the Minister of the annual charges referred to in paragraph (d) and alterations by the Minister of the terms and conditions referred to in paragraph (d);

(c)  by adding after subsection (1) the following:

12(2) A regulation made under paragraph (1)(d) or (d.2) may be retroactive to February 15, 2003, or to any date after February 15, 2003.

2 Section 14 of the Act is amended

(a)  by repealing subsection (1) and substituting the following:

Annual charge

14(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.

(b)  in subsection (2), by striking out “service fees” and substituting “annual charges”.

TRANSITIONAL PROVISION

3 Any reference to “service fee” in any agreement or other instrument or document that was valid and of full force and effect immediately before the commencement of this section shall be deemed to be a reference to “annual charge”.

COMMENCEMENT

4 Sections 1 and 2 of this Act shall be deemed to have come into force on February 15, 2003.

EXPLANATORY NOTES

Section 1

(a)  The amendment is consequential on the amendment made in paragraph 1(c) of this amending Act.

(b)  

i)  The existing provision is as follows:

12 The Lieutenant-Governor in Council may make regulations...

(d)  respecting service fees and the terms and conditions applicable to service fees;

ii)  The existing provision is as follows:

12 The Lieutenant-Governor in Council may make regulations...

(d.1)  respecting legal fees and application assessment fees and the terms and conditions applicable to legal fees and application assessment fees;

iii)  The existing provision is as follows:

12 The Lieutenant-Governor in Council may make regulations...

(d.2)  respecting an adjustment, deferment, reduction or waiver by the Minister of the fees referred to in paragraphs (d) and (d.1) and alterations by the Minister of the terms and conditions referred to in paragraphs (d) and (d.1);

(c)  New provision.

Section 2

(a)  The existing provision is as follows:

14(1) Any person who receives financial assistance under this Act shall pay to the Minister a service fee in accordance with the regulations.

(b)  The existing provision is as follows:

14(2) The services fees received by the Minister under this section shall be paid into the Consolidated Fund.

Section 3

Transitional provision.

Section 4

Commencement.