BILL NO. 106
2nd Session, 62nd General Assembly
64 Elizabeth II, 2015
An Act to Wind Up the
CHAPTER 27 OF THE ACTS OF 2015
Colchester Regional Development Agency
The Honourable Karen Casey
First Reading: April 24, 2015 (LINK TO BILL AS INTRODUCED)
Second Reading: April 27, 2015
Third Reading: May 1, 2015
Royal Assent: May 11, 2015
Be it enacted by the Governor and Assembly as follows:1 Clause 2(e) of Chapter 61 of the Acts of 1992, the Colchester Regional Development Agency Act, is amended by
(3) Before the Agency is wound up, the participating municipalities shall enter into an agreement relating to the wind-up of the Agency, including the distribution amongst them of property of the Agency.
(4) After giving notice, collecting its property and discharging its obligations pursuant to subsection (2) and before being wound up, the Agency shall distribute its remaining property, either in money or in kind, in accordance with the agreement entered into by the participating municipalities.
4 Upon the Agency being wound up, the liability of the participating municipalities to any creditors of the Agency is limited to the value of the assets of the Agency received by the municipalities pursuant to subsection 14(4) of the Colchester Regional Development Agency Act, and each municipality shall indemnify the other municipalities against any liability to any creditor of the Agency in proportion to the share of the value of the assets of the Agency received by the municipality pursuant to that subsection.
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