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Invest Nova Scotia Regulations

made under Section 30 of the

Invest Nova Scotia Board Act

S.N.S. 2014, c. 9

O.I.C. 2015-320 (September 25, 2015), N.S. Reg. 332/2015



Citation

1     These regulations may be cited as the Invest Nova Scotia Regulations.


Definitions

2     In these regulations, “Act” means the Invest Nova Scotia Board Act.


Maximum economic development incentive by Board

3     The consent of the Treasury and Policy Board is required for any decision of the Board approving any 1 economic development incentive that is more than $3 million.             


Criteria for approving economic development incentives

4     In considering applications for economic development incentives, the Board may only approve economic development incentives to organizations if all of the following are met:

 

                (a)    the purpose of the organization is consistent with the objects and purposes of the Fund;

 

                (b)    the profits, if any, of the organization are used for the benefit of the public and not for private shareholders.


Applications for economic development incentives

5     (1)    An application for an economic development incentive must be in writing in a form required by the Department and must include any information the Department requires to satisfactorily assess the application.

 

       (2)    An application for an economic development incentive must be reviewed by the staff of the Department before being considered under subsection (3).

 

       (3)    Subject to the Act and these regulations, the Board may approve or reject an application for an economic development incentive in any manner it considers appropriate.


Amendments to economic development incentives

6     (1)    A request for an amendment to an economic development incentive must be in writing in a form required by the Department and must include any information the Department requires to satisfactorily assess the request.

 

       (2)    A request for an amendment to an economic development incentive must be reviewed by the staff of the Department before being considered under subsection (3).

 

       (3)    Subject to the Act and these regulations, the Chair or the Board may approve or reject a request for an amendment to an economic development incentive in any manner it considers appropriate.


Election of board members

7     (1)    Before electing a person to fill a vacancy under Section 10 of the Act, the Board must submit a list of not less than 3 nominees for the vacancy to the Minister for approval.

 

       (2)    Minister must advise the Board of the nominee or nominees approved by the Minister.

 

       (3)    Despite subsections (1) and (2), the Minister and the Board may agree to an alternate procedure for a particular vacancy.


Election of Chair and Vice-chair

8     (1)    When the Chair’s term of office expires or the Chair ceases to be a member or is unable to act, the election of a Chair to fill the vacancy must be made by the Board.

 

       (2)    When the Vice-chair’s term of office expires or the Vice-chair ceases to be a member or is unable to act, the election of a Vice-chair to fill the vacancy must be made by the Board.