Nova Scotia Business Incorporated Act (amended)

BILL NO. 19

(as introduced)

3rd Session, 61st General Assembly
Nova Scotia
60 Elizabeth II, 2011

Government Bill

Nova Scotia Business Incorporated Act
(amended)

The Honourable Percy Paris
Minister of Economic and Rural Development and Tourism

First Reading: April 12, 2011

(Explanatory Note)

Second Reading: April 18, 2011

Third Reading: May 10, 2011 (LINK TO BILL AS PASSED)

Explanatory Note

This Bill

(a) permits Nova Scotia Business Inc., with the approval of its Board of Directors and the Governor in Council, to convey its real property to the Government of Nova Scotia or to a not-for-profit corporation or organization for less than its fair market value; and

(b) corrects an inconsistency between due dates for 5-year activities-valuation reports and 5-year strategic plans.

An Act to Amend Chapter 30
of the Acts of 2000,
the Nova Scotia Business Incorporated Act

Be it enacted by the Governor and Assembly as follows:

1 (1) Subsection 16(1) of Chapter 30 of the Acts of 2000, the Nova Scotia Business Incorporated Act, is amended by adding immediately after clause (a) the following clause:

(aa) subject to the approval of the Board and the Governor in Council, sell, convey or otherwise dispose of real property or any interest therein to the Government of the Province or to a not-for-profit corporation or organization for consideration less than fair market value;

(2) Section 16 of Chapter 30 is further amended by adding immediately after subsection (1) the following subsection:

(1A) The sale, conveyance or other disposal of real property or an interest therein by the Corporation pursuant to clause (1)(aa) is deemed not to be financial assistance for the purpose of this Act and the regulations.

2 Subsection 32(1) of Chapter 30 is amended by striking out "2005" in the first line and substituting "2006-07".

3 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.

This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2011 Crown in right of Nova Scotia. Created April 12, 2011. Send comments to legc.office@novascotia.ca.

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