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70 |
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Second
Session, 50th General Assembly 2 Charles III, 2024 |
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AN ACT TO REPEAL THE
ECONOMIC DIVERSIFICATION AND GROWTH ENTERPRISES ACT |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE ANDREW PARSONS, K.C. Minister of Industry, Energy and Technology |
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Ordered to be printed by
the Honourable House of Assembly |
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EXPLANATORY NOTES This Bill would repeal the Economic Diversification and Growth Enterprises Act. Notwithstanding its repeal, the provisions of the Economic
Diversification and Growth Enterprises Act would continue to apply to companies that were designated
under the Economic Diversification and Growth Enterprises Act and which
continue to have outstanding contracts with the Province under that Act.
A BILL AN ACT TO REPEAL THE ECONOMIC DIVERSIFICATION AND GROWTH ENTERPRISES ACT Analysis 1. Short title 2. SNL1994 cE-1.1 Rep. 3. Continued application Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: Short title 1. This
Act may be cited as the Economic Diversification
and Growth Enterprises Repeal Act. SNL1994 cE-1.1 Rep. 2. The Economic Diversification and Growth Enterprises Act is repealed. Continued application 3. (1)
Notwithstanding section 2, the Economic
Diversification and Growth Enterprises Act continues to apply to a corporation that (a) was designated as an EDGE Corporation under section 7 of the Economic
Diversification and Growth Enterprises Act; and (b) had entered into a contract with the government of the province under that Act before the commencement of this Act. (2) A corporation referred to in subsection (1) shall continue to be subject to the Economic Diversification and Growth Enterprise Act until (a) the term of the corporation's contract with the government of the province expires; or (b) the corporation's designation as an EDGE Corporation is revoked and the contract with the government of the province is cancelled in accordance with section 8 of the Economic Diversification and Growth Enterprises Act. ŠKing's Printer |