Bill 6 - Opportunities New Brunswick Act

BILL 6

Opportunities New Brunswick Act

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

DEFINITIONS

Definitions

1 The following definitions apply in this Act.

“Board” means the board of directors of Opportunities NB. (conseil)

“Chair” means the Chair of the Board. (président)

“Chief Executive Officer” means the Chief Executive Officer of Opportunities NB. (directeur général)

“client” means a business, investor or organization with a commercial focus located or intending to locate in New Brunswick. (client)

“Executive Committee” means the Executive Committee of the Board. (comité exécutif)

“financial assistance” includes assistance by way of loan, loan guarantee, grant or the purchase or acquisition of any common or preferred shares or other equity securities, including, but not limited to, venture capital investments. (aide financière)

“high-growth opportunity” includes a business, economic sector or economic initiative that performs better or is reasonably expected to perform better than its industry counterparts or the broader marketplace. (possibilité à forte croissance)

“Minister” means the member of the Executive Council designated by the Lieutenant-Governor in Council to administer this Act. (ministre)

“Opportunities NB” means the body corporate established under section 2 under the name Opportunities New Brunswick. (Opportunités N.-B.)

“Vice-Chair” means the Vice-Chair of the Board. (vice-président)

OPPORTUNITIES NEW BRUNSWICK

Establishment of Opportunities New Brunswick

2 There is established a body corporate, without share capital, to be known as Opportunities New Brunswick consisting of those persons who compose the Board.

Head office

3( 1) The head office of Opportunities NB shall be at the location in New Brunswick that is designated by the Board in the by-laws.

3( 2) A by-law referred to in subsection (1) is ineffective until it has been approved by the Minister.

Objects and purposes

4 The objects and purposes of Opportunities NB are as follows:

(a) to lead and facilitate the execution of high-growth opportunities that will accelerate private sector growth and job creation in New Brunswick through the following:

( i) the identification and pursuit of strategic and viable high-growth opportunities with its clients;

( ii) the promotion of New Brunswick opportunities outside New Brunswick and the development of strategic national and international markets for its clients;

( iii) the delivery of seamless and responsive business development services to its clients in all regions of New Brunswick;

( iv) the identification and development of economic sectors or projects that have a high potential for growth; and

( v) the assessment of opportunities and needs among its clients to support business productivity, growth, capacity, long-term sustainability and retention;

(b) to provide assistance and facilitate access to Government of New Brunswick assets and services to support the opportunities referred to in paragraph (a) for its clients, including, but not limited to, the following services:

( i) financial assistance;

( ii) attraction of foreign direct investment;

( iii) policy development and support;

( iv) export and market development;

( v) supply chain development; and

( vi) access to or provision of training and development;

(d) to carry out any other activities or duties that the Lieutenant-Governor in Council directs.

Powers

5 Subject to this Act and the regulations, Opportunities NB has, in respect of its objects and purposes, the capacity, rights, powers and privileges of a natural person and, without limitation, may

(a) provide financial assistance on the terms and conditions that it considers appropriate,

(b) receive, acquire, take, hold, mortgage, sell, convey or otherwise dispose of or deal with real and personal property and any interest in real and personal property,

(c) enter into an agreement with the Government of Canada or the government of a jurisdiction outside New Brunswick or a municipality, a rural community or any other person, and

(d) do any other things that are required or authorized by this Act or the regulations or that Opportunities NB considers necessary or incidental to the attainment of its objects and purposes.

Agent of the Crown in right of New Brunswick

6 Opportunities NB is for all purposes an agent of the Crown in right of New Brunswick.

BOARD

Role of Board

7( 1) The Board shall administer the business and affairs of Opportunities NB, and all decisions and actions of the Board are to be based generally on sound business practice.

7( 2) For the purpose of administering the business and affairs of Opportunities NB, the Board may exercise all the powers of Opportunities NB.

Composition of Board

8( 1) The Board shall consist of

(a) the Chief Executive Officer,

(b) a deputy head whose mandate has a direct impact on the economy or his or her designate as a non-voting member, and

8( 2) The deputy head referred to in paragraph (1)(b) shall be appointed by the Minister.

8( 3) A member of the Board referred to in paragraph (1)(c) shall be appointed by the Lieutenant-Governor in Council from outside the Public Service as defined in the Public Service Labour Relations Act and shall meet the criteria, if any, that the Board has established in the by-laws.

8( 4) The by-laws referred to in subsection (3) do not apply to the first members of the Board referred to in paragraph (1)(c).

Terms of office and vacancies

9( 1) A member of the Board referred to in paragraph 8(1)(c) shall be appointed for a term not exceeding three years and may, subject to subsection (8), be reappointed.

9( 2) Subject to subsections (7) and (8), a member of the Board referred to in paragraph 8(1)(c) remains in office despite the expiry of his or her term until the member resigns or is reappointed or replaced.

9( 3) Subject to subsection (8), if a member of the Board who remains in office as a result of the application of subsection (2) is reappointed, the appointment shall be for a term ending not later than three years from the date of the expiry of the previous term.

9( 4) A vacancy on the Board does not impair the capacity of the Board to act.

9( 5) If a member of the Board referred to in paragraph 8(1)(c) fails to attend three regular meetings of the Board in a 12-month period without, in the opinion of the Board, reasonable cause, the Board may declare the member’s position vacant.

9( 6) In the case of the temporary absence or inability to act of a member of the Board referred to in paragraph 8(1)(c), the Lieutenant-Governor in Council may appoint a substitute for the member for the period of the temporary absence or inability to act.

9( 7) A member of the Board referred to in paragraph 8(1)(c) may be removed for cause by the Lieutenant-Governor in Council.

9( 8) No person is eligible to serve as a member of the Board referred to in paragraph 8(1)(c) for more than nine years, whether consecutively or otherwise.

9( 9) For the purposes of subsection (8), time served as a substitute appointed under subsection (6) shall count as time served as a member of the Board referred to in paragraph 8(1)(c).

Chair and Vice-Chair

10 The Lieutenant-Governor in Council shall appoint from among the members of the Board referred to in paragraph 8(1)(c) a Chair and a Vice-Chair who shall hold office as such for a term to be fixed by the Lieutenant-Governor in Council.

Secretary

11 The Board shall appoint an employee of Opportunities NB to be the secretary of the Board who shall perform the duties and functions directed by the Board.

Meetings and quorum

12( 1) A majority of the members of the Board, including the deputy head referred to in paragraph 8(1)(b) or his or her designate, constitutes a quorum.

12( 2) Subject to subsection (3), the Chair or, in his or her absence, the Vice-Chair shall preside at the meetings of the Board.

12( 3) If the Chair and Vice-Chair are absent from a meeting of the Board, the members present may elect from among themselves a person to preside at the meeting.

12( 4) Decisions of the Board are to be made by majority vote of the members present, and, in the event of a tie vote, the Chair or other person presiding at the meeting shall cast the deciding vote.

12( 5) The Board shall meet at least four times in each fiscal year.

12( 6) The Board shall ensure that minutes of each of its meetings are taken and that the minutes, once approved by the Board and certified to be correct by the secretary of the Board, are submitted to the Minister.

Executive Committee

13( 1) By by-law, the Board may establish an Executive Committee consisting of

(a) the Chief Executive Officer,

(b) the Chair,

(d) any other members who are appointed or elected by the Board from among its members in accordance with the by-laws and who meet the criteria, if any, established by the Board in the by-laws.

13( 2) The Board may make by-laws respecting

(a) the operation and dissolution of the Executive Committee,

(b) the term of office and removal of members of the Executive Committee and the filling of vacancies among members of the Executive Committee, and

13( 3) By by-law, the Board may delegate to the Executive Committee any of the powers of Opportunities NB that relate to its financial assistance activities under this Act or any of the powers of Opportunities NB that the Board considers to be necessary for carrying out those financial assistance activities, including, but not limited to, the powers under paragraph 5(a), (b) or (c) or section 24 or 26.

13( 4) A majority of the members of the Executive Committee, including the deputy head referred to in paragraph 8(1)(b) or his or her designate, constitutes a quorum.

13( 5) Subject to subsection (6), the Chair shall preside at the meetings of the Executive Committee.

13( 6) If the Chair is absent from a meeting of the Executive Committee, the members present may elect from among themselves a person to preside at the meeting.

13( 7) Decisions of the Executive Committee shall be made by majority vote of the members present, and, in the event of a tie vote, the Chair or other person presiding at the meeting shall cast the deciding vote.

13( 8) A decision of the Executive Committee shall be deemed to be a decision of the Board.

13( 9) Despite the establishment of an Executive Committee under this section, the Board may also perform any power that it has delegated to the Executive Committee.

Consultative committee

14( 1) The Board shall make by-laws respecting the establishment, composition and operation of a consultative committee consisting of deputy heads whose mandates have a direct impact on the economy.

14( 2) The consultative committee shall advise the Executive Committee or the Board concerning any matter assigned to it by the Board.

14( 3) A by-law made under subsection (1) is ineffective until it has been approved by the Lieutenant-Governor in Council.

EMPLOYEES

Chief Executive Officer

15( 1) The Chief Executive Officer of Opportunities NB shall be appointed as provided for in this section.

15( 2) The first Chief Executive Officer shall be appointed by the Lieutenant-Governor in Council for a term not exceeding five years.

15( 3) Each subsequent Chief Executive Officer shall be appointed by the Lieutenant-Governor in Council from among those nominated by the Board in accordance with subsection (7) for a term not exceeding five years.

15( 4) The Chief Executive Officer is charged with the supervision, operation and control of the business and affairs of Opportunities NB and may exercise any other powers conferred on him or her by the Board in the by-laws.

15( 5) The Chief Executive Officer shall be paid the remuneration that the Lieutenant-Governor in Council determines and the payment shall be made out of the funds of Opportunities NB.

15( 6) Before making nominations under this section, the Board shall advise the Lieutenant-Governor in Council of the skills and qualification requirements for nominees for the position of Chief Executive Officer.

15( 7) In making nominations under this section, the Board shall

(a) use a merit-based and objective approach,

(b) ensure that nominees have the necessary skills and qualifications to hold the office of Chief Executive Officer, and

(c) provide to the Lieutenant-Governor in Council a description of the recruitment, assessment and selection processes used and the results of those processes.

15( 8) A Chief Executive Officer may be reappointed, but no person is eligible to serve as Chief Executive Officer for more than ten years, whether consecutively or otherwise.

15( 9) The Chief Executive Officer is, by virtue of the office, a non-voting member of the Board and of the Executive Committee.

15( 10) On the recommendation of the Board, the Lieutenant-Governor in Council may remove the Chief Executive Officer from office in accordance with a contract of employment between Opportunities NB and him or her or in accordance with applicable law.

15( 11) In the case of the temporary absence or inability to act of the Chief Executive Officer, the Board may appoint a substitute for the Chief Executive Officer for the period of the temporary absence or inability to act.

15( 12) For the purposes of subsection (8), time served as a substitute appointed under subsection (11) shall count as time served as the Chief Executive Officer.

15( 13) Despite subsections (2) and (3), and subject to subsections (10) and (11), the Chief Executive Officer shall remain in office until he or she resigns or is reappointed or replaced.

Employees

16( 1) The first employees of Opportunities NB shall be the employees referred to in sections 38 and 50.

16( 2) Despite the Financial Administration Act, every subsequent employee of Opportunities NB, other than the Chief Executive Officer, shall be appointed in accordance with the staff requirements and mode of appointment established by the Board in the by-laws.

16( 3) The pension plan converted to a shared risk plan in accordance with An Act Respecting Public Service Pensions applies to the Chief Executive Officer and all other employees of Opportunities NB.

Closed competitions

17 A person who is an employee within the meaning of the Civil Service Act may be a candidate in a closed competition in relation to a position with Opportunities NB and, in relation to a closed competition in which that person is a candidate, has the status of an employee of Opportunities NB.

FINANCIAL MATTERS AND TRUSTEE

Fiscal year

18 The fiscal year of Opportunities NB begins on April 1 of one year and ends on March 31 in the next year.

Holding over of funds

19( 1) Despite the Financial Administration Act, but subject to subsection (2), Opportunities NB may hold funds over any fiscal year, whether received from the Consolidated Fund or from another source.

19( 2) The Minister of Finance may direct that any funds that would otherwise be held over be paid into the Consolidated Fund.

Audit

20 The financial statements of Opportunities NB shall be audited at least once a year by an auditor appointed by Opportunities NB, and may be audited by the Auditor General at any time on his or her initiative or on the request of the Lieutenant-Governor in Council.

Appointment of trustee

21( 1) At any time and by order, the Minister may appoint a person as a trustee to act in place of the voting members of the Board if, in the opinion of the Minister,

(a) the Board is not properly carrying out its responsibilities, duties or powers under this Act or the regulations,

(b) the Board fails to comply or ensure that Opportunities NB complies with any provision of this Act or the regulations, or

21( 2) On the appointment of a trustee, the voting members of the Board cease to hold office and shall not perform any duties or exercise any powers conferred on them under this Act or the regulations.

21( 3) A trustee has all the responsibilities, duties and powers of the Board and shall receive the remuneration and reimbursement of expenses determined by the Minister.

21( 4) If a trustee is appointed, the former voting members of the Board shall immediately deliver to the trustee all books, records and documents respecting the management and activities of Opportunities NB.

21( 5) If, in the opinion of the Minister, a trustee is no longer required, the Minister may terminate the appointment of the trustee on the terms and conditions that the Minister considers advisable.

FINANCIAL ASSISTANCE

Application

22( 1) An application for financial assistance shall be made in accordance with the regulations and shall contain the information prescribed by regulation and any other information required by Opportunities NB.

22( 2) A decision of the Board or the Executive Committee with respect to an application for financial assistance is final and may not be questioned or reviewed in any court.

Approval required

23( 1) Unless it obtains the approval of the Lieutenant-Governor in Council, Opportunities NB shall not provide financial assistance to a person if the sum of the following exceeds the amount prescribed by regulation:

(a) the financial assistance sought by the person;

(b) all financial assistance previously provided to the person and not repaid; and

23( 2) If the Lieutenant-Governor in Council grants an approval for the provision of financial assistance, the Lieutenant-Governor in Council may require that Opportunities NB impose specified terms and conditions on the provision of the financial assistance.

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.

Annual charge

25 A person who receives financial assistance under this Act shall pay to Opportunities NB an annual charge in accordance with the terms and conditions prescribed by regulation.

Amending terms and conditions

26( 1) Subject to subsections (2) and (3), Opportunities NB may amend the terms or conditions of any financial assistance provided under this Act, including, without limitation, by extending, deferring, adjusting or compromising the time for repayment of financial assistance or by commuting, rescinding or forgiving any or all of the principal and any or all of the interest of a loan provided under this Act.

26( 2) If the amount of the principal and interest exceeds the amount prescribed by regulation, Opportunities NB shall not commute, rescind or forgive the principal and interest without the approval of the Lieutenant-Governor in Council.

26( 3) If the amount of the principal and interest exceeds the amount prescribed by regulation, Opportunities NB shall not amend the terms and conditions referred to in subsection 23(2) without the approval of the Lieutenant-Governor in Council.

Debt deleted from assets

27 Despite the Financial Administration Act, if a debt due is commuted, rescinded or forgiven under this Act, that debt shall be deleted from the assets of the Crown in right of New Brunswick.

GENERAL PROVISIONS

By-laws

28( 1) In addition to any other by-laws authorized or required to be made under this Act and subject to this Act, the Board may make by-laws for the control and management of the business and affairs of Opportunities NB, including, but not limited to, by-laws respecting

(a) the establishment, composition, operation and dissolution of committees of the Board,

(b) the term of office and removal of members of a committee established under paragraph (a) and the filling of vacancies among members of the committee,

(c) the time and place for the holding of meetings of the Board or of a committee established under paragraph (a) and the procedure at the meetings,

(d) subject to any applicable collective agreement and despite the Financial Administration Act, the remuneration, rate of reimbursement for expenses and other conditions of employment of the employees of Opportunities NB, other than the Chief Executive Officer, and their functions and duties,

(e) the remuneration and rate of reimbursement for expenses of members of the Board referred to in paragraph 8(1)(c),

(f) the appointment of an auditor, and

(g) the determination of the corporate seal of Opportunities NB.

28( 2) The Board shall make by-laws establishing the policy of Opportunities NB in respect of situations considered by the Board to constitute an actual or potential conflict of interest pertaining to the members of the Board, including, but not limited to, the circumstances that constitute an actual or potential conflict of interest, the disclosure of the actual or potential conflict of interest and the manner in which it is to be dealt with.

28( 3) A by-law made under paragraph (1)(d) or (e) or subsection (2) is ineffective until it has been approved by the Lieutenant-Governor in Council.

Regulations Act does not apply

29 The Regulations Act does not apply to a by-law made under this Act.

Filing of by-laws

30 The Board shall file a by-law made under this Act with the Minister as soon as possible after it is made.

Immunity

31 No action, application or other proceeding lies or shall be instituted against any of the following persons in relation to anything done or purported to be done in good faith, or in relation to anything omitted in good faith, under this Act by the person:

(a) the Chief Executive Officer or a former Chief Executive Officer;

(b) any other member or former member of the Board; and

Indemnity

32 The following persons shall be indemnified by the Crown in right of New Brunswick against all costs, charges and expenses incurred by him or her in relation to any action, application or other proceeding brought against him or her in connection with the duties of the person and with respect to all other costs, charges and expenses that he or she incurs in connection with those duties, except costs, charges and expenses that are occasioned by that person’s own wilful neglect or wilful default:

(a) the Chief Executive Officer or a former Chief Executive Officer;

(b) any other member or former member of the Board;

(d) the heirs and legal representatives of the persons referred to in this section.

Regulations

33 The Lieutenant-Governor in Council may make regulations

(a) prescribing an amount for the purposes of section 23;

(b) governing annual charges and the terms and conditions applicable to annual charges;

(c) governing an adjustment, deferment, reduction or waiver by Opportunities NB of the annual charges referred to in paragraph (b) and alterations by Opportunities NB of the terms and conditions referred to in paragraph (b);

(d) with the approval of the Board, authorizing an annual charge to be paid in instalments commencing on the anniversary date directed by the Board;

(e) prescribing an amount for the purposes of subsection 26(2);

(f) prescribing an amount for the purposes of subsection 26(3);

(g) governing the charging of interest and the rates of interest on loans provided under this Act, including, but not limited to, authorizing Opportunities NB to charge interest at a rate it determines;

(h) governing the form and manner of application for financial assistance and prescribing information to be contained in an application;

(i) governing information to be provided in respect of a security that may vary for different kinds of security and authorizing the Board to require this information;

(j) defining any word or expression used in but not defined in this Act for the purposes of this Act, the regulations or both;

(k) governing any matter that the Lieutenant-Governor in Council considers necessary for the administration of this Act.

SAVING AND TRANSITIONAL PROVISIONS

PART 1

Invest New Brunswick Act

Definitions for the purposes of Part 1

34 The following definitions apply in this Part.

“Board” means the board of directors of Invest NB. (conseil)

“Chair” means the Chair of the Board. (président)

“Chief Executive Officer” means the Chief Executive Officer of Invest NB. (directeur général)

“Executive Committee” means the Executive Committee of the Board. (comité exécutif)

“financial assistance” means financial assistance as defined in section 1 of the former Act. (aide financière)

“former Act” means the Invest New Brunswick Act, chapter 24 of the Acts of New Brunswick, 2011. (ancienne loi)

“Invest NB” means the body corporate established under section 2 of the former Act under the name Invest New Brunswick. (Investir N.-B.)

“Vice-Chair” means the Vice-Chair of the Board. (vice-président)

Dissolution of Invest NB

35( 1) The body corporate known as Invest New Brunswick established under section 2 of the Invest New Brunswick Act, chapter 24 of the Acts of New Brunswick, 2011, is dissolved.

35( 2) The appointment of a person as Chief Executive Officer is revoked.

35( 3) All appointments of persons as other members of the Board, the Chair, Vice-Chair and secretary of the Board and the members of the Executive Committee are revoked.

35( 4) All contracts, agreements, orders or by-laws relating to the remuneration, the rate of reimbursement for expenses or severance pay to be paid to the Chief Executive Officer are null and void.

35( 5) All contracts, agreements, orders or by-laws relating to the remuneration or the rate of reimbursement for expenses to be paid to the other members of the Board or the members of the Executive Committee are null and void.

35( 6) Despite the provisions of a contract, agreement, order or by-law, no remuneration, expenses or severance pay shall be paid to the Chief Executive Officer.

35( 7) Despite the provisions of a contract, agreement, order or by-law, no remuneration or expenses shall be paid to the other members of the Board or the members of the Executive Committee.

35( 8) The Deputy Minister of the Department of Economic Development is appointed as the acting Chief Executive Officer beginning on October 16, 2014, and ending on the date of the appointment of a Chief Executive Officer under this Act.

35( 9) Any act or thing done on or after October 16, 2014, to the date of the appointment of a Chief Executive Officer under this Act by the acting Chief Executive Officer in the exercise or performance or intended exercise or performance of any right, power, duty, function, responsibility or authority of the Chief Executive Officer under the former Act

(a) shall be deemed to constitute a valid exercise or performance of the right, power, duty, function, responsibility or authority, and

(b) is confirmed and ratified.

35( 10) Nothing in subsection (9) shall be taken as providing any indication that any right, power, duty, function, responsibility or authority referred to in that subsection was not validly exercised or performed by the acting Chief Executive Officer.

35( 11) Sections 31 and 32 of this Act apply with the necessary modifications to the acting Chief Executive Officer.

35( 12) No action, application or other proceeding lies or shall be instituted against Invest NB, Opportunities NB, the Minister, the acting Chief Executive Officer or the Crown in right of New Brunswick before any court or administrative body in New Brunswick as a result of

(a) the dissolution of Invest New Brunswick,

(b) the revocation of the appointment of the Chief Executive Officer, or

(c) the revocation of the appointments of other members of the Board, the Chair, Vice-Chair and secretary of the Board and the members of the Executive Committee.

35( 13) Without restricting the generality of subsection (12), no action, application or other proceeding for dismissal, whether express, implied or constructive, lies or shall be instituted against Invest NB, Opportunities NB, the Minister, the acting Chief Executive Officer or the Crown in right of New Brunswick before any court or administrative body in New Brunswick as a result of the revocation of the appointment of the Chief Executive Officer.

35( 14) A reference to Invest New Brunswick in an Act, other than this Act, or in a regulation, rule, order, by-law, agreement or other instrument or document shall be read as, unless the context otherwise requires, a reference to Opportunities New Brunswick.

Agreements entered into under the Invest New Brunswick Act

36( 1) Subject to subsection (2), an agreement entered into under paragraph 5(c) of the former Act before the commencement of this section continues to be valid and effective.

36( 2) In accordance with paragraph 5(c) of this Act, Opportunities NB may enter into further agreements with respect to agreements entered into under the former Act before the commencement of this section.

By-laws made under the Invest New Brunswick Act

37 By-laws made by the Board under the former Act before the commencement of this section are revoked.

Employees of Invest NB transferred to Opportunities NB

38( 1) Subject to subsection 35(2), every person who was an employee of Invest NB immediately before the commencement of this section is transferred to and becomes an employee of Opportunities NB.

38( 2) An employee referred to in subsection (1) is not terminated by the transfer and shall be deemed

(a) to have been transferred to Opportunities NB without interruption in service, and

(b) not to have been dismissed, constructively dismissed or laid off.

38( 3) The transfer of employees under subsection (1) shall be deemed not to constitute a breach, termination, repudiation or frustration of any contract of employment.

Books, records, documents and files of Invest NB

39 The books, records, documents and files of Invest NB become the books, records, documents and files of Opportunities NB.

Transfer and vesting provision with respect to Invest NB

40( 1) In this section, “obligations” includes letters of offer, letters of intent and letters of commitment made by Invest NB before the commencement of this section and agreements entered into by Invest NB before the commencement of this section. (obligations)

40( 2) On the commencement of this section,

(a) the property of Invest NB becomes the property of Opportunities NB, and

(b) the claims, rights, liabilities, obligations and privileges of Invest NB are transferred to and become vested in Opportunities NB.

40( 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)( b), 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.

Legal proceedings with respect to Invest NB

41( 1) On the commencement of this section,

(a) subject to paragraph (b), an existing cause of action or claim by or against Invest NB is unaffected,

(b) a civil or administrative action, application or other proceeding pending by or against Invest NB may be continued by or against Opportunities NB, and

41( 2) On the commencement of this section, Opportunities NB may bring or maintain in its name any action, application or other proceeding or exercise any power, right or remedy that Invest NB was, could have been or could have become entitled to bring, maintain or exercise on or before the commencement of this section.

Financial assistance provided under the Invest New Brunswick Act

42( 1) Subject to subsection (2), the terms and conditions of financial assistance provided under the former Act before the commencement of this section continue to apply.

42( 2) In accordance with section 26 of this Act, Opportunities NB may amend the terms or conditions of financial assistance provided under the former Act before the commencement of this section.

42( 3) Sections 24 and 27 of this Act apply with the necessary modifications in relation to any financial assistance provided under the former Act before the commencement of this section.

Immunity with respect to Invest NB

43 Section 31 of this Act applies with the necessary modifications to the following persons:

(a) the former Chief Executive Officer in relation to any act or thing done by him on or before October 15, 2014;

(b) any other former member of the Board; and

Indemnity with respect to Invest NB

44 Section 32 of this Act applies with the necessary modifications to the following persons:

(a) the former Chief Executive in relation to any act or thing done by him on or before October 15, 2014;

(b) any other former member of the Board;

(d) the heirs and legal representatives of the persons referred to in this section.

Notice with respect to real property and interests in real property transferred to and vested in Opportunities NB

45( 1) The following definitions apply in this section.

“approved parcel identifier” means an approved parcel identifier as defined in the Land Titles Act. (numéro d’identification approuvé)

“Chief Registrar of Deeds” means the Chief Registrar of Deeds appointed under the Registry Act. (conservateur en chef des titres de propriété)

“instrument record” means instrument record as defined in the Land Titles Act. (registre des instruments)

“land titles office” means a land titles office as defined in the Land Titles Act. (bureau d’enregistrement foncier)

“register” (enregistrer)

(a) in paragraph (5)( a) means register as defined in the Land Titles Act, and

(b) in paragraph (5)( b) means register within the meaning of the Registry Act.

“registered land” means registered land as defined in the Land Titles Act. (bien-fonds enregistré)

“registrar” (registrateur)

(a) in paragraph (5)( a) means registrar as defined in the Land Titles Act, and

(b) in paragraph (5)( b) means registrar as defined in the Registry Act.

“Registrar General” means the Registrar General as defined in the Land Titles Act. (registrateur général)

45( 2) Without delay after the commencement of subsection 40(2), Opportunities NB shall file a notice in a land titles office for the District of New Brunswick and in the registry office established under the Registry Act for each county in New Brunswick that indicates

(a) that the transfer and vesting effected under subsection 40(2) has taken place, and

(b) that all title and interests in real property transferred to and vested in Opportunities NB under subsection 40(2) are now held in the name of Opportunities NB.

45( 3) The notice referred to in subsection (2) shall be deemed to be an instrument for the purposes of the Land Titles Act and the Registry Act.

45( 4) The notice referred to in subsection (2) shall be in a form acceptable to the Registrar General and the Chief Registrar of Deeds.

45( 5) On receipt of the notice referred to in subsection (2),

(a) despite section 18 of the Land Titles Act and despite any failure of Opportunities NB to comply with any provision of the Land Titles Act or any regulation under that Act, the registrar shall

( i) assign a registration number, date and time to the notice and enter a record of the notice, date, time and number in the instrument record,

( ii) enter a record of the acceptance of the notice for registration in the instrument record,

( iii) register the notice in respect of the registered land represented by the approved parcel identifiers, and

( iv) issue new certificates of registered ownership to Opportunities NB in respect of all registered land that is transferred to and vested in Opportunities NB under subsection 40(2), and

(b) despite any failure of Opportunities NB to comply with any provision of the Registry Act or any regulation under that Act, the registrar for each county in New Brunswick shall register the notice.

45( 6) Section 55 of the Land Titles Act and section 44 of the Registry Act do not apply to the registration of the notice referred to in subsection (2).

45( 7) No claim shall be made and no action, application or other proceeding lies or shall be instituted against the Minister, the Crown in right of New Brunswick or Opportunities NB by reason of any prejudice suffered as a result of any delay in filing a notice under subsection (2).

Notice with respect to transmission of personal property and interests in personal property to Opportunities NB

46 Despite any other Act, for the purpose of a document required to be registered under the Personal Property Security Act, it shall be sufficient in order to show the transmission of title in respect of any personal property or interest in personal property vested in or intended to be vested in Opportunities NB under this Act if the instrument affecting the property or interest recites this Act.

PART 2

Economic Development Act

Definitions for the purposes of Part 2

47 The following definitions apply in this Part.

“Appeal Board” means the New Brunswick Industrial Development Appeal Board established under the former Act. (Commission d’appel)

“Board” means the New Brunswick Industrial Development Board established under the former Act. (Conseil)

“financial assistance” means financial assistance as defined in section 1 of the former Act. (aide financière)

“former Act” means the Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975. (ancienne loi)

Dissolution of Boards

48( 1) The New Brunswick Industrial Development Board established under section 6 of the Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975, is dissolved.

48( 2) The New Brunswick Industrial Development Appeal Board established under section 10 of the Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975, is dissolved.

48( 3) All appointments of persons as Chairperson, Vice-Chairperson and other members of the Board and the Appeal Board and as secretary of the Board and the Appeal Board are revoked.

48( 4) All contracts, agreements or orders relating to the allowance and expenses to be paid to the members of the Board and the Appeal Board and the secretary of the Board and the Appeal Board are null and void.

48( 5) Despite the provisions of a contract, agreement or order, no allowance or expenses shall be paid to the members of the Board and the Appeal Board and the secretary of the Board and the Appeal Board.

48( 6) No action, application or other proceeding lies or shall be instituted against the Minister or, in relation to property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d), the Minister who administers the Regional Development Corporation Act or the Crown in right of New Brunswick as a result of

(a) the dissolution of the Board and the Appeal Board, and

(b) the revocation of the appointments of the Chairperson, Vice-Chairperson and other members of the Board and the Appeal Board and the secretary of the Board and the Appeal Board.

Agreements entered into under the Economic Development Act

49( 1) Subject to subsections (2) and (3), an agreement entered into under section 5 of the former Act before the commencement of this section continues to be valid and effective.

49( 2) Opportunities NB may enter into further agreements in respect of an agreement referred to in subsection (1) with the approval of the Lieutenant-Governor in Council.

49( 3) Despite subsection (2), if an agreement referred to in subsection (1) relates to property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d), the Regional Development Corporation may enter into further agreements in respect of that agreement with the approval of the Lieutenant-Governor in Council.

Employees transferred to Opportunities NB

50( 1) Every person who was an employee of the portion of the public service of New Brunswick known as the Department of Economic Development immediately before the commencement of this section is transferred to and becomes an employee of Opportunities NB.

50( 2) An employee referred to in subsection (1) is not terminated by the transfer and shall be deemed

(a) to have been transferred to Opportunities NB without interruption in service, and

(b) not to have been dismissed, constructively dismissed or laid off.

50( 3) The transfer of employees under subsection (1) shall be deemed not to constitute a breach, termination, repudiation or frustration of any contract of employment.

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. (obligations)

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.

Legal proceedings

52( 1) On the commencement of this section,

(a) subject to paragraphs (b) and (c), an existing cause of action or claim by or against the Crown in right of New Brunswick as represented by the Minister of Economic Development is unaffected,

(b) subject to paragraph (c), a civil or administrative action, application or other proceeding pending by or against the Crown in right of New Brunswick as represented by the Minister of Economic Development may be continued by or against Opportunities NB,

(c) a civil or administrative action, application or other proceeding pending by or against the Crown in right of New Brunswick as represented by the Minister of Economic Development in relation to property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d) may be continued by or against the Regional Development Corporation,

(d) subject to paragraph (e), a ruling, order or judgment in favour of or against the Crown in right of New Brunswick as represented by the Minister of Economic Development may be enforced by or against Opportunities NB, and

(e) a ruling, order or judgment in favour of or against the Crown in right of New Brunswick as represented by the Minister of Economic Development in relation to property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d) may be enforced by or against the Regional Development Corporation.

52( 2) On the commencement of this section, Opportunities NB may bring or maintain in its name any action, application or other proceeding or exercise any power, right or remedy that the Crown in right of New Brunswick as represented by the Minister of Economic Development was, could have been or could have become entitled to bring, maintain or exercise on or before the commencement of this section in relation to property referred to in paragraph 51(2)(a) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(c).

52( 3) On the commencement of this section, the Regional Development Corporation may bring or maintain in its name any action, application or other proceeding or exercise any power, right or remedy that the Crown in right of New Brunswick as represented by the Minister of Economic Development was, could have been or could have become entitled to bring, maintain or exercise on or before the commencement of this section in relation to property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d).

Financial assistance provided under the Economic Development Act

53( 1) Subject to subsection (2), the terms and conditions of financial assistance provided under the former Act before the commencement of this section continue to apply.

53( 2) With the approval of the Lieutenant-Governor in Council, Opportunities NB may amend the terms or conditions of financial assistance provided under the former Act before the commencement of this section.

53( 3) Despite their repeal on the commencement of this section, subsections 3(2) to (5) and section 14.1 of the former Act apply with the necessary modifications in relation to any financial assistance provided under the former Act before the commencement of this section.

Immunity with respect to former members of the Board and the Appeal Board

54 Section 31 of this Act applies with the necessary modifications to former members of the Board and the Appeal Board.

Indemnity with respect to former members of the Board and the Appeal Board

55( 1) Subject to subsection (2), despite its repeal on the commencement of this section, an agreement entered into under section 13 of the former Act continues to be valid and effective in relation to former members of the Board and the Appeal Board.

55( 2) If no agreement was entered into under section 13 of the former Act, section 32 of this Act applies with the necessary modifications to the former members of the Board and the Appeal Board.

Notice with respect to real property and interests in real property transferred to and vested in Opportunities NB and the Regional Development Corporation

56 Section 45 applies with the necessary modifications with respect to real property and interests in real property transferred to and vested in Opportunities NB and the Regional Development Corporation under subsection 51(2).

Notice with respect to transmission of personal property and interests in personal property to Opportunities NB and the Regional Development Corporation

57 Section 46 applies with the necessary modifications to personal property and interests in personal property transmitted to Opportunities NB and the Regional Development Corporation under subsection 51(2).

References to Minister, Deputy Minister and Department of Economic Development

58 When, in an Act, other than this Act, or in a regulation, rule, order, by-law, agreement or other instrument or document, reference is made to the Minister, Deputy Minister or Department of Economic Development, it shall be read as, unless the context otherwise requires, a reference to

(a) the Minister who administers the Opportunities New Brunswick Act, the Chief Executive Officer of Opportunities NB or Opportunities NB, or

(b) in relation to matters concerning property referred to in paragraph 51(2)(b) or a claim, right, liability, obligation or privilege referred to in paragraph 51(2)(d), the Minister who administers the Regional Development Corporation Act, the President of the Regional Development Corporation or the Regional Development Corporation.

CONSEQUENTIAL AMENDMENTS, REPEAL AND COMMENCEMENT

Accountability and Continuous Improvement Act

59 Schedule A of the Accountability and Continuous Improvement Act, chapter 27 of the Acts of New Brunswick, 2013, is amended

(a) by striking out

Invest New Brunswick

(b) by adding the following in alphabetical order:

Opportunities New Brunswick

Regulation under the Agricultural Associations Act

60 Section 21 of New Brunswick Regulation 82-231 under the Agricultural Associations Act is repealed and the following is substituted:

21 If authorized by the Minister, the duties imposed on the Minister by this Regulation may be discharged and the authority conferred on the Minister under this Regulation may be exercised by a deputy head designated by the Minister who administers the Opportunities New Brunswick Act.

Regulations under the Civil Service Act

61( 1) Paragraph 3(i) of New Brunswick Regulation 84-230 under the Civil Service Act is amended

(a) by striking out “Invest New Brunswick,”;

(b) by adding “, Opportunities New Brunswick” after “New Brunswick Internal Services Agency”.

61( 2) New Brunswick Regulation 93-137 under the Civil Service Act is amended

(a) in section 3 by striking out

Department of Economic Development

(b) by repealing paragraph 4(1)(c.2) and substituting the following:

(c.2) Opportunities New Brunswick;

Regulation under the Crown Construction Contracts Act

62 Paragraph 16(3)(b) of New Brunswick Regulation 82-109 under the Crown Construction Contracts Act is repealed and the following is substituted:

(b) bonds or debentures of a corporation, if payment of the bonds or debentures is guaranteed both as to principal and interest by Canada or any province of Canada, by a municipality or rural community of this Province or by Opportunities New Brunswick;

Executive Council Act

63 Section 2 of the Executive Council Act, chapter 152 of the Revised Statutes, 2011, is amended by striking out “, a Minister of Economic Development”.

Regulation under the Financial Administration Act

64( 1) Schedule A of New Brunswick Regulation 83-227 under the Financial Administration Act is amended by striking out

Department of Economic Development

64( 2) Schedule B of the Regulation is amended by striking out

Invest New Brunswick

New Brunswick Research and Innovation Council Act

65 Paragraph 3(1)(b) of the New Brunswick Research and Innovation Council Act, chapter 5 of the Acts of New Brunswick, 2013, is repealed and the following is substituted:

(b) the Minister who administers the Opportunities New Brunswick Act;

Proceedings Against the Crown Act

66 Section 1 of the Proceedings Against the Crown Act, chapter P-18 of the Revised Statutes, 1973, is amended in the definition “Crown corporation”

(a) by striking out “Invest New Brunswick,”;

(b) by adding “Opportunities New Brunswick,” after “the New Brunswick Highway Corporation,”.

Regulation under the Procurement Act

67( 1) Schedule A of New Brunswick Regulation 2014-93 under the Procurement Act is amended by striking out

Department of Economic Development

67( 2) Schedule B of the Regulation is amended

(a) by striking out

Invest New Brunswick

(b) by adding the following in alphabetical order:

Opportunities New Brunswick

Public Service Labour Relations Act

68 The First Schedule of the Public Service Labour Relations Act, chapter P-25 of the Revised Statutes, 1973, is amended in Part I

(a) by striking out

Department of Economic Development

(b) by striking out

Invest New Brunswick

Opportunities New Brunswick

Right to Information and Protection of Privacy Act

69 Schedule A of the Right to Information and Protection of Privacy Act, chapter R-10.6 of the Acts of New Brunswick, 2009, is amended in section 1

(a) by striking out

Invest New Brunswick

Chief Executive Officer

(b) by adding the following in alphabetical order:

Opportunities New Brunswick

Chief Executive Officer

Youth Assistance Act

70 Subsection 10(1) of the Youth Assistance Act, chapter Y-2 of the Acts of New Brunswick, 1984, is repealed and the following is substituted:

10( 1) The Minister who administers the Regional Development Corporation Act may promote the development of the handcraft industry in the Province, and may make loans or advances to persons engaged in the handcraft industry as provided in the regulations.

Repeal of Invest New Brunswick Act and regulation

71( 1) The Invest New Brunswick Act, chapter 24 of the Acts of New Brunswick, 2011, is repealed.

71( 2) New Brunswick Regulation 2011-40 under the Invest New Brunswick Act is repealed.

Repeal of Economic Development Act and regulation

72( 1) The Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975, is repealed.

72( 2) New Brunswick Regulation 82-197 under the Economic Development Act is repealed.

Commencement

73( 1) Subject to subsection (2), this Act or any provision of it comes into force on a day or days to be fixed by proclamation.

73( 2) Subsections 35(2), (4), (6) and (8) to (11), paragraph 35(12)(b) and subsection 35(13) of this Act shall be deemed to have come into force on October 16, 2014.