BILL NO. 76
1st Session, 57th General Assembly
Nova Scotia
47 Elizabeth II, 1998
Grants and Loans Moratorium (1998) Act
Darrell Dexter
Dartmouth-Cole Harbour
First Reading: November 17, 1998
Second Reading:
Third Reading:
An Act to Impose a Moratorium
on Grants and Loans to Large Corporations
until the Auditor General Completes
a Value-for-money Audit of
Government Assistance to Business
Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the Grants and Loans Moratorium (1998) Act.
2 In this Act, "large corporation" means a corporation to which Part 1A of the Income Tax Act applies.
3 (1) Notwithstanding any enactment or other authority, neither the Department of Economic Development and Tourism nor any agency of the Department shall not make a grant or forgivable loan to a large corporation until the Auditor General has completed a value-for-money audit of Government assistance to business.
(2) Subsection (1) does not apply to a loan offered at a commercial rate and on commercial terms.
(3) For greater certainty, subsection (1) does not apply to a grant or loan approved prior to the coming into force of this Act.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 1998 Crown in right of Nova Scotia. Created November 17, 1998. Send comments to legc.office@gov.ns.ca.
