Second

Session, 50th General Assembly

Charles III, 2024

BILL 70

AN ACT TO REPEAL THE

ECONOMIC DIVERSIFICATION AND GROWTH ENTERPRISES ACT

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE ANDREW

PARSONS, K.C.

Minister of Industry,

Energy and Technology

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would repeal the Economic Diversification and Growth Enterprises Act. Notwithstanding its repeal, the provisions of the Economic

Diversification and Growth Enterprises Act would continue to apply to companies that were designated

under the E conomic Diversification and Growth Enterprises Act and which

continue to have outstanding contracts with the Province under that Act .

A BILL

AN ACT TO REPEAL THE ECONOMIC

DIVERSIFICATION AND GROWTH ENTERPRISES ACT

Analysis

Short title

SNL1994 cE-1.1 Rep.

Continued application

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

Short title

1. This

Act may be cited as the Economic Diversification

and Growth Enterprises Repeal Act .

SNL1994 cE-1.1

Rep.

2. The Economic

Diversification and Growth Enterprises Act is repealed.

Continued

application

(1) Notwithstanding

section 2, the Economic

Diversification and Growth Enterprises Act continues to apply to a corporation that

(

a) was designated as an EDGE Corporation under

section 7 of the Economic

Diversification and Growth Enterprises Act ; and

(

b) had entered into a contract with the government of the province under

that Act before the commencement of this Act.

(2) A corporation referred to in subsection

(1) shall continue to be subject to the Economic

Diversification and Growth Enterprise Act until

(

a) the term of the corporation's contract with the government of the

province expires; or

(

b) the corporation's designation as an EDGE

Corporation is revoked and the contract with the government of the province is

cancelled in accordance with

section 8 of the Economic

Diversification and Growth Enterprises Act.

King's Printer