OIC Number: 2008 - 35

Date of Order: Feb 05, 2008

Statute: Public Service Act Provincial Finance Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Finance dated January 23, 2008, and pursuant to

Section 6 of

Chapter 376 of the Revised Statutes of Nova Scotia, 1989, the Public Service Act, and to Sections 47, 59C(1), (1A) and (2), Sections 70 and 71, subsections 72(1), 72(3) and (5) of

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

a) approve the participation by the Province in the federal immigrant investor program through Nova Scotia Strategic Opportunities Fund Incorporated; (

b) confer the status of crown corporation on Nova Scotia Strategic Opportunities Fund Incorporated; (

c) approve Nova Scotia Strategic Opportunities Fund Incorporated entering into the Fund Agreement and the Commission Agreement substantially in the forms attached as Schedules "A" and "B" to the report and recommendation; (

d) approve the Province providing the Guarantee in favour of the immigrant investors substantially in the form attached as

Schedule "C" to the report and recommendation; (

e) approve the Province borrowing from the Nova Scotia Strategic Opportunities Fund Incorporated, from time to time and to evidence such borrowing by way of Promissory Notes in the form attached as

Schedule "D" to the report and recommendation on such terms and conditions as approved by the Minister of Finance; (

f) approve the Nova Scotia Strategic Opportunities Fund Incorporated borrowing from the Province for the purposes of conducting a loan program under the terms of the Fund Agreement as executed, from time to time on such terms and conditions as the Minister of Finance may approve; (

g) approve the Minister of Finance lending funds to the Corporation, from time to time, under such terms and conditions as the Minister deems appropriate for each such loan; and (

h) authorize the Minister of Finance to execute, on behalf of the Corporation and the Province, as the case may be, the Fund Agreement; the Commission Agreement, the Guarantee and such other documents as may be necessary to permit the Province to participate in the federal immigrant investor program; and to execute on behalf of the Province any and all Promissory Notes provided to Nova Scotia Strategic Opportunities Fund Incorporated by the Province.

Department(s): Finance