OIC Number: 2000 - 598

Date of Order: Nov 17, 2000

Statute: Provincial Finance Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Finance (the "Minister") dated November 15, 2000, pursuant to Sections 19A, 23 and 72 of

Chapter 365 of the Revised Statutes of Nova Scotia, 1989, the Provincial Finance Act, is pleased to: (

a) with respect to the debt of Nova Scotia Resources Limited ("NSRL") to the Province of Nova Scotia incurred up to and including November 30, 2000, remit such debt by forbearing to institute a suit or proceeding for the recovery of the debt; (

b) authorize the Minister to provide a release to NSRL, its successors and assigns, respecting the aforementioned debt; (

c) authorize the Minister to write off any loss incurred, and to charge the loss to the Deficiency in Government Business Enterprises account; (

d) authorize the Minister to do such things, perform such acts, execute and deliver such documents including certificates as he deems advisable to carry out the provisions and intent of this Order on behalf of the Province and such acts and documents shall be and are deemed to be due and binding execution and delivery by and on behalf of the Province; and (

e) notwithstanding any power or authority or any outstanding Order in Council prohibit NSRL from borrowing by way of current loan or funded obligation, from issuing securities or from charging its assets without the prior written consent of the Minister.

Department(s): Finance