OIC Number: 2001 - 523

Date of Order: Nov 06, 2001

Statute: Nova Scotia Business Incorporated Act Business Development Corporation Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Economic Development dated October 5, 2001, and pursuant to Sections 16(1), 20, 21, 35 and 36 of the Nova Scotia Business Incorporated Act, being

Chapter 30 of the Statutes of Nova Scotia, 2000, (the NSBI Act); Sections 10, 11(1) and (2), 13(1)(

a) and (e), 25 (1)(a), (b),(c), (d), (

e) and 26(1) of the Business Development Corporation Act (the BDC Act);

Section 33(

h) of the Public Service Act, being

Chapter 376 of the Revised Statutes, 1989;

Section 3(1), (

d) and 5 of the Industrial Development Act, being

Chapter 222 of the Revised Statutes, 1989,

Section 7(1)(b)(ii) and (

c) and (2) of the Economic Renewal Act, being

Chapter 5 of the Acts of 1994; and to every other power and authority vested in the Governor in Council, is pleased to determine: (

a) that all the duties and responsibilities of the Nova Scotia Business Development Corporation (BDC) pursuant to the BDC Act, the Small Business Development Act, being

Chapter 429 of the Revised Statutes, 1989, the Industrial Estates Act, being

Chapter 223 of the Revised Statutes, 1989,and Boards operating thereunder are hereby assigned to Nova Scotia Business Incorporated ("NSBI"), effective the date of this Order; (

b) that all loans, guarantees, shares, financial assistance, acquired assets or outstanding commitments authorized pursuant to the BDC Act and charged to the BDC Fund and any outstanding items authorized by the Small Business Development Act, the Industrial Estates Act, Business Capital Corporation and the Nova Scotia Resources Development Board and charged to the BDC Fund listed in

Schedule "A" attached to and forming part of the Report and Recommendation be and are hereby assigned to NSBI for all administrative and accountability purposes as at and from the date of this Order; (

c) that the financial assistance agreements authorized by the Department of Economic Development pursuant to the Economic Renewal Act as listed in

Schedule "B" attached to and forming part of the Report and Recommendation be and are hereby assigned to NSBI for all administrative and accountability purposes as at and from the date of this Order; (

d) that the loans, guarantees, shares, financial assistance or outstanding commitments authorized pursuant to the said Industrial Development Act and the Venture Corporations Act being

Chapter 488 of the Revised Statutes, 1989, which have been charged to the Industrial Expansion Fund and as listed in

Schedule "C" attached to and forming part of the Report and Recommendation, be and are hereby assigned to NSBI for administrative purposes only as at and from the date of this Order; (

e) that all or any part of the duties and responsibilities of the corporations, boards and the duties of persons authorized pursuant to the following Acts, including the power to enter into and execute documents on behalf of the following corporations or boards are hereby assigned to NSBI: Industrial Development Act for administrative purposes only; Small Business Development Act; Business Capital Corporation; Venture Corporations Act; Industrial Estates Act and finance and principal agreements; Nova Scotia Resources Development Board; and Industrial Loan Act; (

f) that the real and personal property, rights, obligations or liabilities of the boards and corporations referred to in paragraph (

e) of this Order are hereby assigned and transferred to NSBI and any other document related to or consequent upon this assignment and transfer may be dealt with and executed by NSBI pursuant to the NSBI Act, regulations and by laws; (

g) that the Finance Agreement and the Principal Agreement as defined in the Industrial Estates Limited Act, be terminated and that Industrial Estates Limited be wound up and the assets and duties, responsibilities and obligations of Industrial Estates Limited be transferred to NSBI effective the date of this Order; (

h) that adjustments to the accounts which were charged to the BDC Fund either when the accounts were transferred from Industrial Estates Limited, Small Business Development Corporation or other entities to BDC or which were charged by BDC, are hereby transferred to the Industrial Expansion Fund as noted in the

Schedule "D" attached to and forming part of the Report and Recommendation and the adjusted transfers are hereby approved effective the date of this Order; (

i) that subject to existing leases, agreements, registered mortgages, other encumbrances and easements to third parties, the lands, fixed assets and chattels of BDC and other entities as listed and attached to and forming part of the Report and Recommendation as

Schedule "E", be and are hereby transferred to NSBI as at and from the date of this Order; (

j) that the Nova Scotia Business Development Corporation Fund be continued as the Nova Scotia Business Fund in the amount of the outstanding balance in the NSBDC Fund as at the date of this Order as a transfer from NSBDC; (

k) that all amounts included in the transfers contained in Schedules attached to and forming part of the Report and Recommendation are calculated to September 30, 2001, and all recoveries, payments and advances from that date to and including the date of this Order, shall be transferred to NSBI; (

l) that all obligations regarding commitments for financial assistance which have been authorized but not disbursed by BDC by the date of this Order, shall be transferred to NSBI; (

m) that any transitional matters pertaining to the subjects contained in this Order and in the process of negotiation, approval or execution at BDC or the Department of Economic Development, be assigned and transferred to NSBI, all as and on such effective date as the Minister determines; (

n) that, as of the date of this Order, the Minister of Economic Development, BDC and NSBI, or any of them, be authorized to execute any documents, agreements, and instruments necessary to effect the above transfers to permit NSBI to deal with and administer the assets, accounts and obligations, all to give effect to this Order and to carry out the intent of the NSBI Act; (

o) that a copy of this Order in Council, and deeds and bills of sale for the transfer be registered in the Crown Lands Records Center, or applicable public registries to serve as notice of the transfers and assignment of property to NSBI and that a copy of this Order in Council be published in the Royal Gazette.

Department(s): Economic Development (Aug 1999 - Jan 2009)