Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Bridgewater Waterfront Development Corporation Act.
2 In this Act,
(a) "Board" means the Board of Directors of the Corporation;
(b) "by-laws" means the by-laws of the Corporation;
(c) "Corporation" means the Bridgewater Waterfront Development Corporation;
(d) "director" means a member of the Board.
3 There is hereby established a body corporate to be known as the Bridgewater Waterfront Development Corporation.
4 The objects of the Corporation are
(a) to enhance, beautify and promote the LaHave River within the boundaries of the Town of Bridgewater, through the creation and encouragement of an atmosphere, attributes and developments that increase the use of the LaHave River by visitors and residents alike; and
(b) to identify, encourage and promote economically viable and environmentally responsible projects for waterfront development that will encourage and improve the physical, economic and social environment of Bridgewater, while promoting job creation.
5 (1) The Corporation may exercise all the powers necessary or incidental to the attainment of its objects and the exercise of its powers and, without restricting the generality of the foregoing, may
(a) take by donation, deed, devise, bequest, lease, gift, grant or otherwise, real and personal property of any and every description, sell, lease, mortgage, hypothecate or invest the same, hold lands or tenements or any interest therein, and execute and carry out any trusts and terms upon which any lands or interests therein or personal property is devised, bequeathed, granted or conveyed to it;
(b) raise or borrow money for the objects of the Corporation;
(c) secure the repayment of monies so raised or borrowed in such manner and upon such terms and conditions as the Board thinks fit and, without restricting the generality of the foregoing, by the execution and delivery of mortgages of all or any part of the real or personal property of the Corporation, both present and future, or by the issue of bonds, debentures, promissory notes or hypothecation forms secured by mortgage or other charge upon all or any part of the real or personal property of the Corporation, both present and future;
(d) pledge debentures as security for loans;
(e) sign or endorse bills, notes, acceptances, cheques, contracts and other evidence of or securities for money borrowed or to be borrowed;
(f) retain any investment, bequest, devise or gift in the form in which the same is acquired by it for as long as the Board thinks fit, invest the proceeds or the same, or any part thereof, and hold any real or personal property subject to and upon any trusts, terms or conditions imposed in the acquisition thereof.
(2) Bonds, debentures and other securities issued pursuant to this Act may be made assignable, free from any equities between the Corporation and the person to whom the securities were issued.
6 The membership of the Corporation consists of
(a) Judith Scott, Beverlee Brown, Stephen Barry, Kay Davis, Jack Logan, David Cooper, David Cake, Austin Baird and Jocelyn Wentzell; and
(b) each person who becomes a member of the Corporation pursuant to the by-laws, as long as that person remains a member of the Corporation.
7 (1) There shall be a Board of Directors of the Corporation.
(2) The management of the affairs of the Corporation is vested in the Board.
(3) The Board may exercise any power of the Corporation.
(4) The Board consists of such number of persons as is prescribed by the by-laws.
(5) The Board shall be elected in the manner prescribed by the by-laws.
(6) Each director holds office for such term as is prescribed by the by-laws.
8 The Board shall elect from among the directors such officers as are prescribed by the by-laws. 9 (1) The Board may appoint a chief administrative employee of the Corporation who shall be known as the Chief Executive Officer.
(2) The Chief Executive Officer shall administer the Corporation and its institutions, services and programs.
10 (1) The Board may make by-laws respecting the conduct and management of the affairs of the Corporation and the exercise by the Corporation of its powers, including, without restricting the generality of the foregoing, by-laws respecting
(a) the qualifications for membership in the Corporation and the manner in which a person may apply for admission to membership in the Corporation and be admitted to membership and the manner in which a person may be removed as a member;
(b) the calling of meetings of the Corporation;
(c) the procedure to be followed at meetings of the Corporation;
(d) the election of the Board and the terms of office of the directors;
(e) the calling of meetings of the Board;
(f) the attendance of directors at meetings of the Board;
(g) the procedure to be followed at meetings of the Board and of its committees;
(h) the appointment of officers, boards and committees;
(i) the delegation of powers and duties to officers, boards and committees;
(j) the reimbursement of directors for reasonable expenses incurred while engaged in the performance of their duties;
(k) the appointment, removal, functions and duties of the staff, officers, agents and servants of the Corporation;
(l) the management and administration of the Corporation.
(2) A by-law has no force or effect until approved by the membership of the Corporation at a meeting of the Corporation.
(3) Notwithstanding anything contained in this Section, the membership of the Corporation as constituted by Section 6 may make any by-law that the Board may make pursuant to subsection (1).
11 The first meeting of the membership of the Corporation shall be held within six months of the coming into force of this Act.
12 For greater certainty, the Town of Bridgewater is not liable for any costs relating to the management and operation of the Corporation or its projects, or for the capital costs of any projects undertaken by the Corporation.