Marginal note:Responsible for Agency

• 6. (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.

Marginal note:Establishment of areas

7. 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

8. 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.

Marginal note:Support for programs and projects under other Acts

• 9. (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.

Marginal note:Establishment of Agency

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

Marginal note:President

• 11. (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.