The Development Corporation Act

R.S.M. 1987, c. D60

The Development Corporation Act

Table of Contents

1 Definitions.
PART I
OPERATION OF CORPORATION
2 Continuance of fund.
3 Objects.
4 Assistance from public and Govt, of Canada.
(2) Approval of conditions.
5 Powers.
6 Forms of loans.
7 Encouragement of assistance from other institutions.
(2) General considerations in making loans.
(3) Board may fix rates of interest.
(4) Limitation on interest rate.
(5) Restrictions on community development corporations.
(6) Repayment of loans.
(7) Diversity.
(8) Compliance with Act.
(9) Reports as to borrowers, etc.
(10) Information to be furnished by applicants.
8 Supervision of expenditure of loans.
(2) Record of supervision.
(3) Where money misapplied.
9 Sale of mortgaged security.
10 Reports as to condition of securities.
11 Advances to protect security.
12 Persons comprising the organization.
(2) Persons ineligible for appointment.
(3) Term of office.
(4) Filling of vacancies.
(5) Re-appointment of directors.
13 Appointment of chairman and general manager.
(2) Assistant general manager.
(3) Chairman to preside at meetings.
(4) General manager as chairman.
(5) Assistant general manager as chairman.
(6) Assistant general manager as acting chairman.
(7) Payment of expenses and remuneration.
14 Board to administer corporation.
(2) Approval of by-laws by L. G. in C.
(3) Limitation of loans.
(4) Appointment of directors of corporate borrowers.
(5) Appointment under subsec. (4) does not create significant interest.
(6) Limitation on actions of directors where financial interest involved.
(7) Decision as to interest.
(8) Disclosure of facts by directors.
(9) Offence and penalty.
15 Loan committee.
(2) Powers of loan committee.
(3) Assistance and advice.
(4) Assistance of government employees.
(5) Meetings of loan committee.
(6) Chairman to preside at meetings.
(7) Quorum.
16 Duties of chairman.
(2) Exercise of powers by chairman.
17 Capital of corporation.
(2) Purchase of shares by the government
(3) Issue of shares to minister.
(4) Registration of shares.
(5) Directors* shares.
(6) Re-transfer of directors* shares.
(7) Appointment of proxies.
(8) Shares in companies.
(9) Qualifying shares in companies.
(10) Transfer of qualifying shares in companies.
(11) Transfer of shares in subsidiary company.
18 Temporary borrowings.
19 Advances from Cons. Fund.
20 Loans by govt.
(2) Interest on loans.
21 Power to borrow.
(2) Limitation on borrowing powers.
(3) Reissue of pledged securities.
(4) Form of securities.
(5) Signature of chairman on securities.
(6) Proof that securities are necessary.
22 Power of govt, to guarantee.
(2) Signing of guarantees.
(3) Discharge of liability under guarantee.
(4) Signature of Min. of Fin., etc.
23 Foreign currency.
24 Repayment of advance.
25 Payment of administrative costs.
(2) Repayment of loans.
(3) Reserves.
(4) Dividends.
(5) Investment of reserves.
(6) Disposal of reserves.
(7) Deficiency in revenues.
26 Fiscal year.
27 Audit.
28 Acquisition of property.
(2) Corporation agent of Crown.
(3) Disposal of property.
(4) Where approval of L. G. in C. not required.
(5) Acceptance of certificate by district registrar.
29 Annual report.
(2) Further reports.
(3) Special reports.
(4) M.L.A. as member of committee.
30 Meetings not required.
31 Secrecy of records.
(2) Information for legislative committees.
(3) Disclosure by chairman.
32 Regulations.
(2) Presentation to Assembly.
33 Powers of corporation.
34 Employees not civil servants.
35 General liabilities.
36 Application of Securities Act.
37 Application of other Acts.
(2) General capacity.
(3) Taking security.
(4) Exercise of rights, etc.
(5) Conflict with Corporations Act.
38 Penalty.
39 Limitation on liability.
(2) Corporation's director of corporate borrower.
(3) Effect of change of name.
PART II
OPERATIONS REQUIRING APPROVAL OF LIEUTENANT GOVERNOR IN COUNCIL
40 Development of industrial enterprises.
41 Agent of Crown on special projects.
42 Finance and accounting.
43 Powers under Part II.
44 Annual report.
PART III
GENERAL
45 Loans to M.L.A.'s prohibited.