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The Communities Economic Development Fund Amendment Act

This is an unofficial version.
If you need an official copy, use the bilingual (PDF) version.

S.M. 2010, c. 16

Bill 18, 4th Session, 39th Legislature

The Communities Economic Development Fund Amendment Act

(Assented to June 17, 2010)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. C155 amended

1           The Communities Economic Development Fund Act is amended by this Act.

2           Subsection 1(1) is amended

(a) by repealing the definition "general manager and chief executive officer"; and

(b) by adding the following definitions:

"chief executive officer" means the person appointed as the chief executive officer under subsection 16(1); (« premier dirigeant »)

"northern Manitoba" means all that part of Manitoba north of the southern boundary of Township 21; (« Nord du Manitoba »)

"regulation" means a regulation made under this Act. (« règlement »)

3           Section 3 is replaced with the following:

Objects

3(1)        The objects of the fund are to encourage the economic development of

(a) northern Manitoba;

(b) aboriginal people in the province outside of the City of Winnipeg; and

(c) the fishing industry in Manitoba.

Focus of the fund

3(2)        In carrying out its objects, the fund is to

(a) give emphasis to the needs of small business, community development corporations and corporations without share capital; and

(b) seek to provide its financial assistance in a way that encourages other lending and financial institutions to provide additional financing.

4           Section 4 is repealed.

5           The following is added after subsection 6(1):

Board may designate acting chairperson

6(1.1)      The board may designate one of the members as acting chairperson to act in the place of the chairperson when

(a) the office of chairperson is vacant;

(b) the chairperson is absent or unavailable for any reason; or

(c) the chairperson requests the board to do so.

6           The following is added after section 6:

Activities of the fund

6.1(1)      For the purpose of achieving its objects, the fund may

(a) provide financial assistance to persons or economic enterprises;

(b) provide information, advice and training respecting the administration and operation of economic enterprises; and

(c) promote good management practices in economic enterprises.

General powers of fund

6.1(2)      Subject to this Act and the regulations, the fund may

(a) enter into an agreement with a person or economic enterprise or the Government of Manitoba, the Government of Canada, a local government or an agency of any of them;

(b) accept a gift, grant, loan or other form of contribution to the fund that is made with or without conditions;

(c) receive and manage funds on behalf of another; and

(d) charge and collect interest and fees in respect of the activities of the fund.

7           Subsection 7(1) is amended

(a) in clause (a), by striking out "a program" and substituting "one or more programs"; and

(b) by repealing subclause (b)(ii).

8           Subsection 8(2) is replaced with the following:

Reports and information etc.

8(2)        Before providing financial assistance, the board may require an applicant to provide it with any information that the board considers necessary for determining whether to provide financial assistance.

Terms and conditions must be considered

8(3)        The board must consider any terms and conditions respecting financial assistance established by by-law under subsection 15(1) when determining whether to provide financial assistance.

9           Section 9 is replaced with the following:

Interest rates

9(1)        The board may by resolution fix or vary rates of interest payable on loans or other financial assistance.

Professional and expert assistance

9(2)        The board may obtain the professional or expert advice and assistance it considers necessary to carry out its responsibilities under this Act.

10          Section 14 is repealed.

11          Subsections 16(1) and (2) and 21(4) are amended by striking out "general manager and" wherever it occurs.

12          Section 24 is amended

(a) by repealing clause (1)(a); and

(b) by repealing subsection (2).

13          Subsection 26(6) is repealed.

14          Subsection 28(1) is replaced with the following:

Protection from liability

28(1)       No action or proceeding may be brought against the chief executive officer, a director, an officer or employee of the fund or any other person acting under the authority of this Act for anything done or omitted to be done, in good faith, in the exercise or intended exercise of a power or duty under this Act.

Coming into force

15          This Act comes into force on the day it receives royal assent.