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S.M. 2011, c. 40
Bill 50, 5th Session, 39th Legislature
The Thompson Nickel Belt Sustainability Act
(Assented to June 16, 2011)
WHEREAS the government and the International Nickel Company of Canada, Limited ("Inco Ltd.") entered into an agreement in 1956, which resulted in the creation of the Townsite of Thompson and The Local Government District of Mystery Lake;
AND WHEREAS under the 1956 agreement the parties agreed that a district would be established for mining, milling, smelting and refining;
AND WHEREAS under the 1956 agreement Inco Ltd. further agreed to make annual payments in lieu of municipal, district, school district and other local government taxes and rates;
AND WHEREAS for 2005 to 2012, Inco Ltd. voluntarily agreed to increase its annual payment as a grant in lieu of taxes of up to $6,250,000;
AND WHEREAS Vale Canada Limited ("Vale") is the successor to Inco Ltd.;
AND WHEREAS Vale has announced its intention to transition its operations to mining and milling, a decision that will cause the loss of value-added work at its operations within the Thompson Nickel Belt;
AND WHEREAS any uncertainty about the continued payment of the grant in lieu of taxes for 2011 and 2012 by Vale is unacceptable to the City of Thompson;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
INTRODUCTORY PROVISIONS
The following definitions apply in this Act.
"board" means the board of directors of the fund. (« conseil »)
"fund" means the Thompson Nickel Belt Economic Development Fund established by subsection 2(1). (« Fonds »)
"LGD" means The Local Government District of Mystery Lake. (« DAL »)
"provincial agreement" means the agreement dated December 3, 1956, pursuant to which the Townsite of Thompson was laid out by plans of first survey of part of Township 78 Range 3 West of the Principal Meridian in Manitoba, and entered into between the government and The International Nickel Company of Canada, Limited. (« entente provinciale »)
"resident administrator" means the resident administrator of the LGD. (« administrateur résidant »)
"Vale" means Vale Canada Limited and includes any person who is a successor to Vale Canada Limited in relation to its rights under the provincial agreement or is an assignee of those rights. (« Vale »)
THOMPSON NICKEL BELT ECONOMIC DEVELOPMENT FUND
The Thompson Nickel Belt Economic Development Fund is hereby established as a corporation without share capital, consisting of the directors of the board appointed under section 7.
Corporations Act not applicable
Except as otherwise provided in the regulations, The Corporations Act does not apply to the fund.
The fund is not an agent of the Crown.
The objects of the fund are to promote and stimulate the economic development and stability of the Thompson Nickel Belt area.
The operation of the fund is to be supported by
(a) amounts appropriated by the Legislature for the fund, which amounts are to be determined with reference to the taxes paid by Vale under The Mining Tax Act;
(b) contributions received by way of agreement, grant, gift, donation or bequest;
(c) interest or other income earned from the investment of money in the fund; and
(d) any other money received by the fund.
Subject to this Act, for the purpose of carrying out its objects, the fund has the capacity and powers of a natural person and any additional powers prescribed by regulation.
Subject to any restrictions prescribed by regulation, the fund may
(a) acquire and hold any interest in real or personal property, and sell, mortgage, lease or otherwise deal with or dispose of any interest in real or personal property;
(b) receive, expend, loan and invest money;
(c) borrow money and give security for the repayment of money borrowed; and
(d) exercise any other powers that are necessary to carry out its objects.
The board is responsible for managing, or supervising the management of, the business and affairs of the fund in accordance with its objects.
Each director must
(a) act honestly and in good faith with a view to the best interests of the fund; and
(b) exercise the care, diligence and skill that a reasonable and prudent person should exercise in comparable circumstances.
The board is to consist of at least 5 and not more than 11 directors appointed by the Lieutenant Governor in Council.
Board to include interested parties
In making appointments to the board, the Lieutenant Governor in Council must have regard to the desirability of having a board that includes one or more representatives from
(a) the City of Thompson;
(b) Vale;
(c) organized labour;
(d) organizations that represent aboriginal peoples;
(e) the government and the Government of Canada; and
(f) the public.
The Lieutenant Governor in Council must designate one of the directors as chair and one of the directors as vice-chair.
The vice-chair has the authority of the chair when the chair is absent or unable to act or when authorized by the chair.
The term of office of a director must not exceed three years.
A director continues to hold office until he or she is re-appointed, the appointment is revoked or a successor is appointed.
The board may make by-laws respecting the conduct and management of the fund's business and affairs, including, without limitation, the calling and conduct of board meetings.
The directors are to be paid such remuneration and expenses as the board determines by by-law.
The board must appoint an independent auditor to audit the records, accounts and financial transactions of the fund for each fiscal year.
Within six months after the end of each fiscal year, the fund must prepare an annual report on its activities and operations during that fiscal year. The report must include the fund's audited financial statements for the year.
Without delay after its annual report is prepared, the fund must make the report available to the public.
GENERAL MATTERS
This Act is binding on Vale and is also binding on any person who is a successor to Vale in relation to its rights under the provincial agreement or is an assignee of those rights.
This Act applies despite the provisions of any other enactment or agreement, including the provincial agreement and the supplemental agreement, as defined in section 2 of The Thompson Charter.
No action or proceeding may be brought or continued against the Crown, the LGD, the resident administrator, the City of Thompson, The School District of Mystery Lake, the fund, a director of the board or any other person based on any cause of action, whether arising before or after this Act comes into force, arising out of
(a) the operation of this Act; or
(b) the payment of an amount owing under this Act.
The Lieutenant Governor in Council may make regulations
(a) respecting the extent to which The Corporations Act applies to the fund;
(b) for the purpose of section 5, prescribing additional powers for the fund or restricting the powers of the fund;
(c) respecting conflict of interest guidelines, codes of conduct and any other guidelines and policies for the fund's directors, officers and employees;
(d) respecting the operation of the fund;
(e) respecting any matter the Lieutenant Governor in Council considers necessary or advisable to carry out the purposes of this Act.
This Act may be referred to as chapter T58 of the Continuing Consolidation of the Statutes of Manitoba.
This Act comes into force on a day to be fixed by proclamation.