REVISED STATUTES, 1989
1 This Act may be cited as the Financial Assistance Advisory Board Act. 1970, c. 5, s. 6.
2 In this Act,
(a) "Board" means the Financial Assistance Advisory Board established under this Act;
(b) "financial assistance" includes the loan, grant or guarantee of repayment of money under the authority of an enactment or otherwise that involves or may involve public funds. 1970, c. 5, s. 1.
ORGANIZATION OF BOARD
Financial Assistance Advisory Board
3 (1) There is hereby established a board, called the Financial Assistance Advisory Board, composed of not more than five members appointed by the Governor in Council.
Status of Board
(2) The Board shall have independent status and shall report to the Governor in Council through the President of the Executive Council in accordance with this Act.
(3) The Governor in Council may designate one of the members to be Chairman of the Board with the rank and status of a Deputy Minister.
Chief executive officer
(4) The Governor in Council may designate the Chairman of the Board to be chief executive officer of the Board.
Terms of employment
(5) The Governor in Council shall determine the salary, remuneration, term of office and other terms of employment of the Chairman and each member of the Board and may make and enter into an agreement with each or any of them respecting salary, remuneration, term of office and other terms of employment.
Officers and personnel
(6) Such other officers and personnel as are required for the purposes of the Board may be appointed in accordance with the Civil Service Act upon the recommendation of the Board or, with the approval of the Governor in Council, may be employed by the Board on the basis of a contract of employment.
Costs of administration
(7) The costs and expenses incurred in the administration of this Act may be paid out of the Consolidated Fund and any revenue of the Board shall be paid into and form part of the Consolidated Fund. 1970, c. 5, s. 2.
FUNCTIONS AND POWERS
4 (1) Subject to this Act, it shall be the function of the Board and the Board shall have power to
(a) examine at the request of the President of the Executive Council or the Governor in Council and report to the Governor in Council on every application for or proposal concerning financial assistance to any person in relation to any commercial or industrial enterprise or other enterprise or business in respect of which the Governor in Council is requested or required by law to make an order or concur in or approve of a recommendation or decision;
(b) make periodic and systematic examinations and reviews of
(ii) such other enterprises or businesses that have received financial assistance as the Governor in Council may direct;
(c) upon request of the President of the Executive Council or the Governor in Council, advise and assist the Governor in Council with respect to any activity, enterprise or business involving the expenditure of public funds that is operated or proposed to be operated by or under a department, board, commission or other agency of the Province, or is or will be under the jurisdiction of the Governor in Council;
(d) perform such other duties and provide services as may be requested from time to time by the Governor in Council.
Availability of result
(2) When an examination or review is made pursuant to clause (a) or (b) of subsection (1), the Board shall make the result of the examination or review available to the Governor in Council as promptly as practicable.
(3) When making an examination that concerns financial assistance, the Board shall consider every aspect of the application or proposal that may be relevant to the approval of the financial assistance, including the effect that approval or rejection might have upon the social and economic welfare of people in the Province.
(4) The Board, with the approval of the Governor in Council, may require the owner or person in control of a commercial or industrial enterprise or other enterprise or business in respect of which an examination or review has been made, to take such action that, in the opinion of the Board, is best calculated to protect adequately the investment of the Province, provided that the action required by the Board does not vary or conflict with the agreement pursuant to which the financial assistance was given.
(5) The Board may employ or retain the services of consultants, technicians and other persons who possess special qualifications for the purpose of carrying out the functions and powers of the Board.
Agreement respecting costs
(6) The Board may make an agreement with the person requesting or to whom financial assistance has been given respecting the defrayment of or reimbursement for costs, charges and other expenses incurred by the Board, including salaries of officers and personnel, in examining the proposal of the person or examining any matter relative to the enterprise. 1970, c. 5, s. 3.
5 (1) Unless the Governor in Council otherwise orders, the provisions of this Act shall not apply to
(a) Industrial Estates Limited, any financial assistance which it has furnished or proposes to furnish or, so long as such assistance remains outstanding, any commercial or industrial enterprise or other enterprise or business which has received such assistance;
(b) financial assistance under any enactment that does not exceed in total an aggregate amount of one hundred thousand dollars.
(2) The Governor in Council may, by order, declare that the provisions of this Act do not apply to a matter involving financial assistance. 1970, c. 5, s. 4.
6 The Board, with the approval of the Governor in Council, may make regulations for the government, operation and management of the Board and for the more effective administration of this Act and the advancement of the purposes of this Act. 1970, c. 5, s. 5.