as enacted by SM 1987-88, c. 9 on July 17, 1987.
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R.S.M. 1987, c. N33
The Manitoba Natural Resources Development Act
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act
"corporation" means a corporation referred to in section 2; ("corporation")
"minister" means the member of the Executive Council to whom the administration of this Act is assigned by the Lieutenant Governor in Council. ("minister")
The Lieutenant Governor in Council may cause one or more corporations with share capital to be incorporated under the provisions of The Corporations Act each with the following or like objects:
(a) to carry on all forms of the business of growing, winning, harvesting, processing and marketing natural resources or any of the products thereof;
(b) to train personnel resident in the province in the performance of employee, managerial or proprietary functions pertaining to the carrying on of the business described in clause (a): and
(c) to conduct research to determine the factors that are conducive to the success of a business of the kind described in clause (a) carried on in a sparsely populated and remote area in the province by local personnel exercising employee, managerial and proprietary functions.
With the approval of the Lieutenant Governor in Council, the Minister of Finance may, subject to such conditions as the Lieutenant Governor in Council may prescribe,
(a) purchase shares of a corporation;
(b) make loans to a corporation with or without security;
(c) guarantee the payment of the principal and interest on moneys borrowed by a corporation; and
(d) make grants to a corporation.
Notwithstanding the provisions of any other Act, the government may transfer to a corporation on such terms and conditions as the Lieutenant Governor in Council may determine any property of the government real or personal necessary or useful to the attainment by the corporation of its objects.
Notwithstanding section 156 of The Corporations Act or any other provision of that Act, the accounts of a corporation shall, at least once in each year, be audited and reported on by an auditor, who may be the Provincial Auditor, appointed by the Lieutenant Governor in Council and the cost thereof shall be paid by the corporation, and the shareholders of the corporation are not required to appoint an auditor in accordance with section 156 of The Corporations Act or any other provision of The Corporations Act.
Notwithstanding subsection (1) and in addition to any audit made under subsection (1), the Lieutenant Governor in Council or the Provincial Auditor may at any time order an audit of or investigation into the accounts or affairs of a corporation and where the Lieutenant Governor in Council orders an audit or investigation, he shall designate the person, who may be the Provincial Auditor, to make the audit or investigation.
This section ceases to have effect in respect of a corporation upon the annual meeting of shareholders following the date on which the government ceases to own directly or indirectly the majority of the issued shares of the corporation and to be a creditor, directly or indirectly, of the corporation in respect of an amount exceeding one-half of the indebtedness of the corporation.
The government may, on such terms and conditions as may be approved by the Lieutenant Governor in Council, cause to be sold or otherwise disposed of
(a) its shares of a corporation; or
(b) the assets of a corporation the majority of the shares of which it directly or indirectly owns.
The government shall not sell or otherwise dispose of its shares to any member of the Legislative Assembly directly or indirectly or to any person acting on his behalf or to any firm, corporation or organization in which a member of the Legislative Assembly has a substantial beneficial interest.
With the approval of the Lieutenant Governor in Council, the minister may, for and on behalf of the government, enter into an agreement with the Government of Canada, or any agency thereof, or with a municipality or other local authority, or with any other person, providing on such terms and conditions as are set out in the agreement
(a) for the payment of a grant or other contribution to a corporation or to the government in respect of expenditures incurred or to be incurred by the government in relation to a Corporation; or
(b) for financing of or investment in a corporation.
Where under clause 3(a) shares have been purchased in a corporation, as long as the shares or any of them are owned by the government, the board of directors of the corporation shall, within four months after the end of each fiscal year of the corporation, make a written report to the minister upon the operations of the Corporation during that fiscal year, including an audited statement of its operating revenues and expenditures and such other information as the Lieutenant Governor in Council may require.
Where the minister receives a report under subsection (1), he shall lay the report before the assembly forthwith if it is then in session, and, if the assembly is not in session, within 15 days after the beginning of the next session.
Where a report is laid before the assembly under subsection (2), it stands permanently referred to the Standing Committee of the assembly on Economic Development.
The cost of administering this Act, including any expenditures made under section 3, shall be paid from and out of the Consolidated Fund with moneys authorized under an Act of the Legislature to be so paid and applied.