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This is an unofficial archived version of The Manitoba Natural Resources Development Act

as enacted by SM 1987-88, c. 9 on July 17, 1987.

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R.S.M. 1987, c. N33

The Manitoba Natural Resources Development Act

Table of contents

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Definitions.

In this Act

"corporation" means a corporation referred to in

section 2; ("corporation")

"minister" means the member of the Executive Council to whom the administration of this Act is assigned by the Lieutenant Governor in Council. ("minister")

Incorporation of corporations.

The Lieutenant Governor in Council may cause one or more corporations with share capital to be incorporated under the provisions of The Corporations Act each with the following or like objects:

(

a) to carry on all forms of the business of growing, winning, harvesting, processing and marketing natural resources or any of the products thereof;

(

b) to train personnel resident in the province in the performance of employee, managerial or proprietary functions pertaining to the carrying on of the business described in clause (a): and

(

c) to conduct research to determine the factors that are conducive to the success of a business of the kind described in clause (

a) carried on in a sparsely populated and remote area in the province by local personnel exercising employee, managerial and proprietary functions.

Purchase of shares, etc., by government.

With the approval of the Lieutenant Governor in Council, the Minister of Finance may, subject to such conditions as the Lieutenant Governor in Council may prescribe,

(

a) purchase shares of a corporation;

(

b) make loans to a corporation with or without security;

(

c) guarantee the payment of the principal and interest on moneys borrowed by a corporation; and

(

d) make grants to a corporation.

Transfer of property by government.

Auditor.

5(1)

Notwithstanding

section 156 of The Corporations Act or any other provision of that Act, the accounts of a corporation shall, at least once in each year, be audited and reported on by an auditor, who may be the Provincial Auditor, appointed by the Lieutenant Governor in Council and the cost thereof shall be paid by the corporation, and the shareholders of the corporation are not required to appoint an auditor in accordance with

section 156 of The Corporations Act or any other provision of The Corporations Act.

Special audits.

5(2)

Notwithstanding subsection (1) and in addition to any audit made under subsection (1), the Lieutenant Governor in Council or the Provincial Auditor may at any time order an audit of or investigation into the accounts or affairs of a corporation and where the Lieutenant Governor in Council orders an audit or investigation, he shall designate the person, who may be the Provincial Auditor, to make the audit or investigation.

Application of section.

5(3)

This

section ceases to have effect in respect of a corporation upon the annual meeting of shareholders following the date on which the government ceases to own directly or indirectly the majority of the issued shares of the corporation and to be a creditor, directly or indirectly, of the corporation in respect of an amount exceeding one-half of the indebtedness of the corporation.

Disposition of shares by government.

6(1)

(

a) its shares of a corporation; or

(

b) the assets of a corporation the majority of the shares of which it directly or indirectly owns.

Sales to M.L.A. prohibited.

6(2)

The government shall not sell or otherwise dispose of its shares to any member of the Legislative Assembly directly or indirectly or to any person acting on his behalf or to any firm, corporation or organization in which a member of the Legislative Assembly has a substantial beneficial interest.

Authority agreements.

(

a) for the payment of a grant or other contribution to a corporation or to the government in respect of expenditures incurred or to be incurred by the government in relation to a Corporation; or

(

b) for financing of or investment in a corporation.

Report.

8(1)

Where under clause 3(

a) shares have been purchased in a corporation, as long as the shares or any of them are owned by the government, the board of directors of the corporation shall, within four months after the end of each fiscal year of the corporation, make a written report to the minister upon the operations of the Corporation during that fiscal year, including an audited statement of its operating revenues and expenditures and such other information as the Lieutenant Governor in Council may require.

Tabling Report.

8(2)

Where the minister receives a report under subsection (1), he shall lay the report before the assembly forthwith if it is then in session, and, if the assembly is not in session, within 15 days after the beginning of the next session.

Report referred to Committee on Economic Development

8(3)

Where a report is laid before the assembly under subsection (2), it stands permanently referred to the Standing Committee of the assembly on Economic Development.

Costs from Consolidated Fund.

The cost of administering this Act, including any expenditures made under

section 3, shall be paid from and out of the Consolidated Fund with moneys authorized under

an Act of the Legislature to be so paid and applied.