Fifth Session, Thirty-Ninth Legislature
This version is based on the printed bill that was distributed in the Legislature after First Reading. It is not the official version. If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications or view the online bilingual version (PDF).
THE INNOVATION FUNDING ACT
|Table of Contents||Explanatory Note|
(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
1 The following definitions apply in this Act.
"business entity" means a person, corporation or partnership that is engaged in the development or improvement of a product or process for commercialization, or that provides support services to such an entity. (« entreprise »)
"business support program" means the Manitoba Commercialization Support for Business Program described in section 2. (« programme d'aide aux entreprises »)
"innovation trust account" means the special account established under section 5. (« compte en fiducie pour l'innovation »)
"minister" means the minister appointed by the Lieutenant Governor in Council to administer this Act. (« ministre »)
2(1) A program, to be known as the "Manitoba Commercialization Support for Business Program" is hereby established.
2(2) The purpose of the business support program is to support business development, commercialization and entrepreneurism by providing support services and financial support to commercialization projects of business entities.
2(3) The minister is responsible for the administration of the business support program.
3(1) As part of the business support program, the minister may enter into an agreement with a business entity to provide financial support for the purposes specified in the agreement. The agreement may require the repayment of all or part of the financial support according to conditions or factors set out in the agreement that are designed
(a) to allow the government to participate in the success of the project supported under the agreement, to the extent of its investment in that project; and
(b) to ensure that the financial support is used for the purposes specified in the agreement and in accordance with its terms.
3(2) Financial support to be provided under an agreement made under this section is payable by the Minister of Finance, on the requisition of the minister, out of the Consolidated Fund
(a) from money authorized by an Act of the Legislature to be so paid and applied;
(b) from money credited to the innovation trust account; or
(c) from a combination of the sources described in clauses (a) and (b).
4(1) The minister may appoint one or more advisory committees to provide specific or general advice and recommendations to the minister about
(a) the business support program or the administration of this Act; or
(b) any specific application for financial support under the business support program, or any existing or proposed commercialization project.
4(2) The minister may determine the terms of reference and the procedures of an advisory committee.
4(3) Members of an advisory committee are not entitled to any remuneration for their participation in the work of the committee, but may be reimbursed for their expenses as determined by the Lieutenant Governor in Council.
5(1) There shall be established in the Consolidated Fund a special account to be known as the "innovation trust account". It is to be administered by the Minister of Finance.
5(2) Despite The Financial Administration Act, there shall be credited to the innovation trust account each year
(a) the amounts, if any, paid to the government in that year under a business support agreement as a return of its investment based on the success of the commercialization project or projects supported under the agreement; and
(b) any interest earned on the amounts credited to the account.
5(3) Money in the innovation trust account may be paid out only for the purpose of the business support program.
5(4) Money may be paid out of the innovation trust account for the purpose of the business support program without any legislative authority other than this subsection.
6 For each fiscal year, the annual report of the department over which the minister presides must include
(a) a report about the business support program; and
(b) a report of all the transactions of the innovation trust account for that year.
7 This Act may be referred to as chapter I37 of the Continuing Consolidation of the Statutes of Manitoba.
8 This Act comes into force on the day it receives royal assent.