This is an official version.
Copyright © 2009: Queen's Printer,
Statutes of Newfoundland and Labrador 2009
AN ACT TO AMEND THE RESEARCH
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
1. (1) Paragraph 2(d) of the Research and Development Council Act is repealed and the following substituted:
(d) "council" means the research and development council established under section 3;
(2) Paragraph 2(g) of the Act is repealed and the following substituted:
(g) "research" means research with respect to science, engineering and technology, social sciences and humanities.
2. (1) Subsection 3(1) of the Act is repealed and the following substituted:
3. (1) There is established as a corporation a research and development council for the province.
(1.1) The name of the council shall be determined by the Lieutenant-Governor in Council.
(2) Subsection 3(3) of the Act is repealed and the following substituted:
(3) The Corporations Act does not apply to the council.
3. Subsection 7(1) of the Act is repealed and the following substituted:
Tenure of members
7. (1) Members of the board, whether appointed before or after this Act comes into force, shall be appointed for a term of up to 3 years but may be removed by the Lieutenant-Governor in Council for cause.
4. The Act is amended by adding immediately after section 13 the following:
Duty of care
13.1 A director and officer of the council in exercising his or her powers and discharging his or her duties shall
(a) act honestly and in good faith with a view to the best interests of the corporation; and
(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
5. This Act comes into force on the day that the Research and Development Council Act comes into force.
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