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

Act current to 2014-09-29 and last amended on 2014-06-19. Previous Versions

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.