Atlantic Canada Opportunities Agency Act (R.S.C., 1985, c. 41 (4th Supp.))

Act current to 2016-06-06 and last amended on 2015-02-26. Previous Versions

Atlantic Canada Opportunities Agency Act

R.S.C., 1985, c. 41 (4th Supp.)

Atlantic Canada Opportunities Agency Act

[Enacted as Part I to R.S., 1985, c. 41 (4th Supp.), in force September 15, 1988, see SI/88-152.]

Short Title

Marginal note:Short title

 This Part may be cited as the Atlantic Canada Opportunities Agency Act.

Interpretation

Marginal note:Definitions

 In this Part,

Agency

Agence

Agency means the Atlantic Canada Opportunities Agency established by section 10; (Agence)

Atlantic Canada

Canada atlantique

Atlantic Canada means the Provinces of Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador; (Canada atlantique)

Board

Board[Repealed, 2014, c. 20, s. 175]

designated area

zone désignée

designated area means an area of Atlantic Canada designated by order of the Minister pursuant to section 7; (zone désignée)

Minister

ministre

Minister means such member of the Queen’s Privy Council for Canada as is appointed by Commission under the Great Seal to be the Minister for the purposes of this Part; (ministre)

President

président

President means the President of the Agency appointed pursuant to subsection 11(1). (président)

  • R.S., 1985, c. 41 (4th Supp.), s. 3;
  • 2014, c. 20, s. 175;
  • 2015, c. 3, s. 172.

Purpose

Marginal note:Purpose

 The purpose of this Part is to increase opportunity for economic development in Atlantic Canada and, more particularly, to enhance the growth of earned incomes and employment opportunities in that region.

Powers, Duties and Functions of the Minister

Marginal note:Powers, duties and functions of the Minister
  •  (1) In furtherance of the purpose of this Part, the Minister may exercise powers and perform duties and functions that affect economic opportunity and development in Atlantic Canada over which Parliament has jurisdiction and that are not by or pursuant to law assigned to any other member of the Queen’s Privy Council for Canada or to any department, board or agency of the Government of Canada.

  • Marginal note:Coordination

    (2) The Minister shall coordinate the policies and programs of the Government of Canada in relation to opportunity for economic development in Atlantic Canada.

  • Marginal note:Advisory boards

    (3) The Minister may establish advisory boards and provide for their membership, duties, functions and operation.

  • Marginal note:Expenses

    (4) Subject to the approval of the Governor in Council, the Minister may provide for the payment of reasonable travel and living expenses incurred in the performance of their duties and functions by members of advisory boards established under subsection (3).

Marginal note:Responsible for Agency
  •  (1) The Minister is responsible for the Agency.

  • Marginal note:Agreements with provinces

    (2) The Minister may enter into agreements with the government of any province or provinces in Atlantic Canada respecting the carrying out of any program or project of the Agency.

  • R.S., 1985, c. 41 (4th Supp.), s. 6;
  • 2002, c. 17, s. 2.
Marginal note:Establishment of areas

 The Minister may, by order, establish as a designated area, for the period set out in the order, any area in Atlantic Canada where, in the opinion of the Minister, exceptional circumstances provide opportunities for locally based improvements in productive employment.

Marginal note:Shares and related instruments

 Subject to any regulations, the Minister may acquire, exercise, assign or sell a stock option, share warrant, share or other similar financial instrument obtained as a condition of a loan or contribution made, a guarantee given or loan insurance or credit insurance provided under section 13 or in the course of the collection or enforcement of a debtor’s obligation to the Agency.

  • R.S., 1985, c. 41 (4th Supp.), s. 8;
  • 2001, c. 34, s. 5.
Marginal note:Support for programs and projects under other Acts
  •  (1) Where the Minister is satisfied that the implementation of a program or project authorized by any other Act would further the purpose of this Part, the Minister may, conditionally or unconditionally, undertake to transfer funds appropriated for the purposes of this Part to supplement funds that the minister responsible for the program or project has undertaken to expend in connection therewith.

  • Marginal note:Effect of undertaking

    (2) Subject to compliance with any conditions attached to an undertaking given by the Minister pursuant to subsection (1) and to the approval of Parliament, funds undertaken to be transferred may be expended by the minister responsible for the implementation of the program or project on the same terms and conditions as funds that that minister has undertaken to expend in connection therewith.

  • Marginal note:Information in annual report

    (3) Each annual report under subsection 21(3) shall include full and complete information relating to funds undertaken to be transferred under this section in the fiscal year to which the report relates.

Atlantic Canada Opportunities Agency

Marginal note:Establishment of Agency

 There is hereby established an agency of the Government of Canada to be known as the Atlantic Canada Opportunities Agency.

Marginal note:President
  •  (1) The Governor in Council shall appoint an officer to be the deputy of the Minister, who shall be called the President of the Agency and who shall hold office during pleasure.

  • Marginal note:Chief executive officer

    (2) The President is the chief executive officer of the Agency and, under the direction of the Minister, has control and supervision over the work, officers and employees of the Agency.

  • Marginal note:Acting President

    (3) In the event of the absence or incapacity of the President or a vacancy in that office, the Minister shall appoint another person to act as the President, but no person may act as President for a period exceeding ninety days without the approval of the Governor in Council.

  • Marginal note:Remuneration

    (4) The President shall be paid such remuneration as may be fixed by the Governor in Council.

Object, Powers and Duties

Marginal note:Object

 The object of the Agency is to support and promote opportunity for economic development of Atlantic Canada, with particular emphasis on small and medium-sized enterprises, through policy, program and project development and implementation and through advocacy of the interests of Atlantic Canada in national economic policy, program and project development and implementation.

Marginal note:Powers

 In carrying out its object, the Agency may

  • (a) in concert with other concerned departments and agencies of the Government of Canada, formulate plans and integrated federal approaches to support opportunity for economic development of Atlantic Canada;

  • (b) plan, direct, manage and implement programs and projects intended to contribute directly or indirectly to

    • (i) the establishment, development, support and promotion of enterprises, and more particularly small and medium-sized enterprises, in Atlantic Canada,

    • (ii) the development of entrepreneurial talent in that region, and

    • (iii) the economic prosperity of that region;

  • (c) plan, direct, manage and implement programs and projects to improve the business environment in Atlantic Canada, including programs and projects

    • (i) of support to business associations, conferences, studies, consultations, trade shows, demonstration projects and market research,

    • (ii) related to the development of business opportunity data banks and networks,

    • (iii) to improve business communication and cooperation, and

    • (iv) to promote scholarship related to business and investment;

  • (d) assist investors to locate enterprises, and more particularly small and medium-sized enterprises, in Atlantic Canada, consistent with Atlantic Canada and federal investment requirements;

  • (e) make loans to any person with respect to the establishment and development of enterprises, and more particularly small and medium-sized enterprises, in Atlantic Canada;

  • (f) guarantee the repayment of, or provide loan insurance or credit insurance in respect of, any financial obligation undertaken by any person in respect of the establishment and development of enterprises, and more particularly small and medium-sized enterprises, in Atlantic Canada;

  • (g) in accordance with terms and conditions approved by Treasury Board, make grants and contributions in support of programs and projects undertaken by the Agency or the Minister;

  • (h) enter into contracts, memoranda of understanding or other arrangements in the name of Her Majesty in right of Canada or in the name of the Agency;

  • (h.1) acquire the assets and assume the obligations of the Enterprise Cape Breton Corporation or any of that Corporation’s subsidiaries;

  • (h.2) in respect of any security interest that it acquires from the Enterprise Cape Breton Corporation or any of that Corporation’s subsidiaries and that was held by that Corporation or any of those subsidiaries in respect of a loan, investment or agreement that was acquired by that Corporation or any of those subsidiaries,

    • (i) hold any security interest,

    • (ii) surrender any security interest,

    • (iii) realize any security interest, or

    • (iv) exchange, sell, assign or otherwise dispose of any security interest;

  • (h.3) hold or exercise, or surrender, sell, assign or otherwise dispose of, a stock option, share or other similar financial instrument that it acquires from the Enterprise Cape Breton Corporation or any of that Corporation’s subsidiaries;

  • (h.4) do all things, other than those mentioned in paragraphs (h.2) and (h.3), that are necessary for or incidental to the administration, management, control or disposal of the assets and obligations that it acquires or assumes from the Enterprise Cape Breton Corporation or any of that Corporation’s subsidiaries; and

  • (i) do all such other things as are necessary or incidental to the attainment of the object of the Agency.

  • R.S., 1985, c. 41 (4th Supp.), s. 13;
  • 2002, c. 17, s. 3;
  • 2014, c. 20, s. 187.
 
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