Prosper NWT Act

Consolidated act
Citation
S.N.W.T. 2005, c.3
Source
Unofficial consolidation PDF (justice.gov.nt.ca)

This is an unofficial reading copy parsed from the Department of Justice consolidation PDF above — itself an office consolidation, not an official statement of the law. The authoritative text is in the Revised Statutes of the Northwest Territories, 1988 and the annual Statutes volumes.

Contents
1. Definitions 2. Continuation 3. Purpose of Prosper NWT 4. Ministerial directives 5. Board of Directors 6. Term 7. Meetings 8. Chief executive officer 9. Officers, employees, agents and consultants 10. Employed in public service 11. Conflict of interest 12. Liability 13. Natural person 13.1. Limit on authority to borrow and make guarantees 14. Powers 15. Programs to support the creation and development of business 16. Programs to provide financial 17. Provisions respecting programs 18. Agreements 19. Provision of financial assistance 20. Funding for programs 21. Rate of return 22. Controlling interest 23. Limit under program funded out of Loans and Investments Fund 24. Repealed 25. Government contribution 26. Loans to Prosper NWT 27. Loans and Investments Fund 28. Advance from Loans and Investments 29. Losses chargeable to fund 29.1. Budgets 30. Reporting requirements 31. Reporting financial assistance and investments 32. Duty of Board: accounting by agents 33. Financial year 34. Confidentiality 35. Taxation 35.1. Financial Administration Act 36. Corporate seal 37. Inconsistency with Act 38. Acts contrary to purpose 39. Use of name or initials 40. Regulations 41. Repealed 42. Northwest Territories Business Credit Corporation dissolved 43. Repealed
Regulations
Programs, Projects and Services Continuation Regulations

SNWT 2023,c.31,s.2.

The Commissioner of the Northwest Territories, by and with the advice and consent of the Legislative Assembly enacts as follows:

INTERPRETATION

Definitions

1.

(1) In this Act,

"Board" means the Board of Directors of Prosper NWT established by subsection 5(1); (conseil)

"business enterprise" means an enterprise carrying on business or otherwise conducting operations in the Northwest Territories that is

(a) a company or corporation registered or incorporated under the Business Corporations Act,

(b) a co-operative association registered or incorporated under the Co-operative Associations Act,

(c) any partnership registered under the Partnership and Business Names Act,

(d) a corporation incorporated under the Canada Not-for-profit Corporations Act and commonly known as a community futures organization,

(e) an individual, or

(f) a prescribed enterprise; (entreprise commerciale)

"chief executive officer" means the chief executive officer of Prosper NWT appointed under subsection 8(1); (président-directeur général)

"director" means a director appointed under subsection 5(1), except where otherwise specified; (administrateur)

"financial instrument" includes, but is not limited to, a bond, guarantee and letter of credit; (instrument financier)

"Loans and Investments Fund" means the Loans and Investments Fund established under section 27; (fonds de prêts et d’investissements)

"Prosper NWT" means Prosper NWT continued under subsection 2(1); (Prospérité TNO) "public service" means the public service as defined in the Public Service Act. (fonction publique)

Subsidiary of Prosper NWT

(2) For the purposes of this Act,

(a) a corporation is a subsidiary of Prosper NWT if

(i) the corporation was incorporated by Prosper NWT under paragraph 14(d) or by the Northwest Territories Development C o r p o r a t i o n u n d e r paragraph 12(1)(c) of the Northwest Territories Development Corporation Act, RSNWT 1988, c.59(Supp.),

(ii) a quantity of the corporation’s issued and outstanding shares that carries 50% or more of the corporation’s voting rights is held, other than by way of security only, by or for the benefit of Prosper NWT, and

(iii) the voting rights attached to the shares referred to in subparagraph (ii) would, if exercised, allow Prosper NWT to elect a majority of the directors of the corporation; and

(b) a corporation is a wholly-owned subsidiary of Prosper NWT if

(i) the corporation is a subsidiary of Prosper NWT, and

(ii) all of the corporation’s issued and outstanding shares are held by Prosper NWT.

Related business enterprises

(3) For the purposes of this Act, two or more business enterprises are related business enterprises if they are related persons within the meaning of section 251 of the Income Tax Act (Canada), as amended from time to time. SNWT 2015,c.13, s.163(2); SNWT 2015,c.7,s.39; SNWT 2018,c.7,s.2; SNWT 2018,c.18,s.15.1; SNWT 2023,c.31,s.3. SNWT 2023,c.31,s.4.

Continuation

2.

(1) The Northwest Territories Business Development and Investment Corporation is continued as Prosper NWT.

Head office

(2) The head office of Prosper NWT must be at a place in the Northwest Territories designated by the Minister.

Agents

(3) Prosper NWT and its wholly-owned subsidiaries are for all purposes agents of the Government of the Northwest Territories. SNWT 2023,c.31,s.4.

Purpose of Prosper NWT

3.

The purpose of Prosper NWT is to support the economic objectives of the Government of the Northwest Territories in a manner that benefits the people and the economy of the Northwest Territories, by

(a) encouraging the creation and development of business enterprises;

(b) providing financial assistance to business enterprises, either on its own or as a complement to private sector or other financing;

(c) directly investing in business enterprises; and

(d) providing information to business enterprises and members of the public respecting

(i) the establishment and operation of businesses, and

(ii) other business matters.

SNWT 2023,c.31,s.5.

Ministerial directives

4.

The Minister may establish written directives for Prosper NWT, including directives relating to the economic objectives of the Government of the Northwest Territories. SNWT 2023,c.31,s.5.

Board of Directors

5.

(1) Prosper NWT has a Board of Directors consisting of a minimum of five and a maximum of 10 eligible persons appointed as directors by the Minister.

Eligibility

(1.1) A person is eligible for appointment as a director if the person

(a) has owned or managed a business enterprise in the Northwest Territories; or

(b) has, in the opinion of the Minister, business expertise relevant to the economy of the Northwest Territories.

Ineligibility

(1.2) A person who is employed in the public service is not eligible to serve as a director.

Representation

(1.3) The Minister shall make reasonable efforts to appoint directors who are representative of the economic sectors and communities of the Northwest Territories.

Chairperson and vice- chairperson

(2) The chairperson and vice-chairperson of the Board shall be designated by the Minister from among the directors.

Functions of Board

(3) The Board shall direct and manage the business and affairs of Prosper NWT, and may for that purpose exercise the powers and perform the duties of Prosper NWT under this Act and the regulations.

Considerations

(3.1) In exercising its powers and performing its duties, the Board must, where appropriate, take into account sustainable development and capacity building in its considerations.

Bylaws

(4) The Board may make bylaws to govern its proceedings and to provide generally for the conduct of the affairs of Prosper NWT.

Policies and guidelines

(5) The Board may establish policies and operational guidelines for the conduct of the business of Prosper NWT.

Copies

(6) The Board shall provide the Minister with a copy of any policy or operational guideline established under subsection (5).

Committees

(7) The Board may establish any committee that it considers advisable, and upon doing so shall determine the composition, duties and authority of the committee and the tenure of its members.

Delegation to committees

(8) The Board may, by resolution, delegate power to, and specify the duties and authority of, a committee to act in all matters that are not specifically reserved for Board action by bylaw or Ministerial directive.

Board to follow directives

(9) In exercising its powers and performing its duties, the Board shall act in accordance with Ministerial directives. SNWT 2023,c.31,s.5,6,7.

Term

6.

(1) A director holds office during pleasure for a term not exceeding three years as fixed in the appointment.

Honorarium and expenses

(2) A director shall be paid an honorarium and shall be reimbursed for expenses.

Rates

(3) The Minister shall fix the honorarium and establish or adopt rates for the reimbursement of expenses.

Meetings

7.

(1) A meeting of the Board or of a committee established under subsection 5(7) may be conducted using an electronic means of communication if it enables all persons participating in the meeting to hear and speak to each other, and a person participating in a meeting by such means is deemed to be present at the meeting.

Chairperson presides

(2) The chairperson or, in the absence of the chairperson, the vice-chairperson, shall preside at meetings of the Board and shall carry out any duties determined by bylaw.

Quorum

(3) A majority of the directors then holding office constitutes a quorum.

Chief executive officer

8.

(1) The Minister shall, after consulting with the Board, appoint the chief executive officer of Prosper NWT.

Employed in public service

(2) The chief executive officer is employed in the public service.

Remuneration

(3) The Minister shall establish the remuneration of the chief executive officer.

Functions

(4) The chief executive officer shall supervise, manage and direct the business of Prosper NWT in accordance with the direction of the Board. SNWT 2023,c.31,s.5.

Officers, employees, agents and consultants

9.

Prosper NWT may employ such officers and employees, and may engage such agents, advisors and consultants, as it considers necessary to fulfill its purpose and to properly conduct its business, and Prosper NWT may determine the terms and conditions of their employment or engagement. SNWT 2023,c.31,s.5,6.

Employed in public service

10.

The employees of Prosper NWT are employed in the public service. SNWT 2023,c.31,s.5.

Conflict of interest

11.

The Conflict of Interest Act applies to the chief executive officer, the directors and officers of Prosper NWT and the members of any committee established under subsection 5(7). SNWT 2023,c.31,s.5.

Liability

12.

Except as provided in the Conflict of Interest Act and section 139 of the Financial Administration Act, no proceedings lie against the chief executive officer, a director, an officer, an employee or any person acting for or on behalf of Prosper NWT, the Board, the chief executive officer, a director or an officer under this Act or the regulations, for any act or omission that they, acting in good faith, reasonably believed was required or authorized by this Act or the regulations. SNWT 2015,c.13,s.163(3); SNWT 2023, c.31,s.5,8.

POWERS

Natural person

13.

(1) Subject to this Act, Prosper NWT has the capacity, rights, powers and privileges of a natural person.

Extra- territorial capacity

(2) Prosper NWT has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside the Northwest Territories to the extent that the laws of that jurisdiction permit. SNWT 2023,c.31,s.5,6.

Limit on authority to borrow and make guarantees

13.1.

The authority of Prosper NWT to borrow or make guarantees under this Act is subject to Parts 8 and 9 of the Financial Administration Act, unless otherwise specified. SNWT 2013,c.10,s.2(2); SNWT 2015,c.13,s.163(4); SNWT 2023,c.31,s.5.

Powers

14.

In fulfilling its purpose and carrying out its duties Prosper NWT may

(a) acquire, hold, exchange, lease, sell, assign or otherwise dispose of any interest in real or personal property;

(b) establish and maintain accounts in its own name in one or more financial institutions;

(c) borrow and secure the payment of money in the manner that Prosper NWT considers necessary;

(d) subject to approval by the Financial Management Board, procure the incorporation, dissolution, amalgamation or sale of subsidiaries;

(e) notwithstanding section 52 of the Financial Administration Act, purchase and hold any type of shares in or otherwise invest in a business enterprise;

(f) dispose of any shares, assets or any other interest Prosper NWT owns in a business enterprise;

(g) enter into agreements including, but not limited to, shareholders’ or partnership agreements;

(h) provide financial assistance to business enterprises,

(i) by loans or other financial instruments funded out of the Loans and Investment Fund, or

(ii) by grants and contributions funded out of money contributed to Prosper NWT under section 25;

(i) Repealed, SNWT 2023,c.31,s.9;

(j) acquire and hold security for loans and other financial instruments;

(k) enforce security;

(l) administer agreements under which financial assistance is provided;

(m) make guarantees out of the Loans and Investments Fund on behalf of business enterprises;

(n) charge fees for services provided by Prosper NWT;

(o) charge commissions and interest on and fees for loans and other financial instruments; and

(p) generally, do any act or thing incidental or conducive to the exercise of its powers, the performance of its functions and the conduct of its business.

SNWT 2013,c.10,s.2(3); SNWT 2015,c.13, s.163(5); SNWT 2023,c.31,s.5,9.

Programs to support the creation and development of business

15.

(1) Subject to subsections (2) and (3), Prosper NWT may establish, manage, modify and discontinue programs to support the creation and development of business enterprises by

(a) providing business planning services, and management counselling and training to business enterprises through meetings, seminars, conferences and other means; and

(b) providing information to business enterprises and members of the public respecting business matters, including the establishment and operation of businesses.

Establishment and discontinuance of programs

(2) The Commissioner in Executive Council must approve the establishment or discontinuance of a program referred to in subsection (1).

Modification of programs

(3) The Board may only modify a program established under this section with the approval of the Minister.

Provision of services outside program

(4) Where no applicable program has been established, Prosper NWT may provide support to business enterprises and members of the public through any of the services referred to in paragraphs (1)(a) and (1)(b) without first establishing a program under this section. SNWT 2023,c.31,s.10.

Programs to provide financial

16.

The Commissioner in Executive Council may make regulations establishing programs to

(a) provide financial assistance to business enterprises; and

(b) support the creation and development of business enterprises by directly investing in business enterprises.

Provisions respecting programs

17.

(1) An instrument establishing a program under section 15 or a regulation establishing a program under section 16 must include provisions respecting the following:

(a) the purpose of the program;

(b) eligibility criteria for the program;

(c) the application process, if any;

(d) evaluation criteria for assessing the effectiveness of the program.

Provisions respecting programs to provide financial assistance and investments

(2) In addition to the provisions required under subsection (1), a regulation establishing a program under section 16 must include provisions respecting the following:

(a) whether the program will be funded out of the Loans and Investments Fund or out of a contribution received under section 25;

(b) the establishment of a fund within the Loans and Investments Fund out of which the financial assistance will be provided or the investments will be made, if the program will be funded out of the Loans and Investments Fund;

(c) the total amount of financial assistance available under the program;

(d) the minimum and maximum amounts of financial assistance that may be provided to or investments that may be made in a business enterprise and any related business enterprise under the program;

(e) the appeal process, including the designation of the person or body that is the highest level of appeal in respect of the program.

Appeals

(3) Where an appeal process is established for a program in accordance with paragraph (2)(e),

(a) the principles of natural justice apply to an appeal under the program; and

(b) the decision of the person or body that is the highest level of appeal in respect of the program is final.

SNWT 2023,c.31,s.11.

Agreements

18.

(1) Prosper NWT may enter into agreements for the provision of services or programs that are consistent with Prosper NWT’s purpose to, on behalf of, or jointly with any body or person, including any department or agency of

(a) the Government of the Northwest Territories;

(b) the Government of Canada; or

(c) the government of a province or another territory.

Compliance

(2) Where Prosper NWT has entered into an agreement under subsection (1), the Board may require that a party to the agreement provide confirmation of the party’s compliance with one or more of the agreement’s terms in accordance with the regulations. SNWT 2023,c.31,s.12.

Provision of financial assistance

19.

Where Prosper NWT provides financial assistance to a business enterprise under a program, it may do so directly, through arrangements with financial institutions or as a member of a financing syndicate. SNWT 2023,c.31,s.5.

Funding for programs

20.

Programs under which financial assistance is provided to or investments are made in business enterprises may be funded out of the Loans and Investments Fund or out of a contribution received under section 25.

Rate of return

21.

Prosper NWT shall not invest in a business enterprise, other than a wholly-owned subsidiary of Prosper NWT, unless, in the opinion of the Board, there is a reasonable expectation that Prosper NWT will earn a rate of return on its investment that is equal to or greater than the acceptable rate of return prescribed by or determined in accordance with the regulations. SNWT 2023,c.31,s.6,13.

Controlling interest

22.

(1) For the purposes of this section, a person has a controlling interest in a business enterprise if,

(a) in respect of an enterprise referred to in paragraph (a) of the definition "business enterprise" in subsection 1(1), the person beneficially owns, directly or indirectly, or exercises control or direction over, shares of the enterprise carrying more than 10% of the voting rights attached to all shares of the enterprise for the time being outstanding;

(b) in respect of an enterprise referred to in paragraphs (b) to (e) of the definition "business enterprise" in subsection 1(1), the person

(i) holds not less than 10% of the enterprise’s capital, or

(ii) is entitled to receive not less than 10% of the enterprise’s profits; and

(c) in respect of an enterprise referred to in paragraph (f) of the definition "business enterprise" in subsection 1(1), the person’s interest is as prescribed.

Prohibition respecting financial assistance to Prosper NWT

(2) Subject to paragraph 28(1)(b.1) and subsection 29.1(3), Prosper NWT shall not provide financial assistance to itself out of the Loans and Investments Fund.

Business enterprise in which director or others have controlling interest

(3) Prosper NWT shall not provide financial assistance to or make an investment in a business enterprise in which the chief executive officer, a director, an officer or an employee of Prosper NWT has a controlling interest.

Business enterprise in which agent has controlling interest

(4) Unless it has the approval of the Minister, Prosper NWT shall not provide financial assistance to or make an investment in a business enterprise in which an agent of Prosper NWT or a director, officer or employee of the agent has a controlling interest. SNWT 2023,c.31,s.14.

Limit under program funded out of Loans and Investments Fund

23.

(1) Prosper NWT shall not provide financial assistance to or make an investment in a business enterprise, under a program funded out of the Loans and Investments Fund, if providing the financial assistance or making the investment would cause the aggregate amount of financial assistance provided to or investments made in the business enterprise and any related business enterprise to exceed the prescribed maximum for the program.

Limit under all programs funded out of Loans and Investments Fund

(2) Prosper NWT shall not provide financial assistance to or make an investment in a business enterprise, under all programs funded out of the Loans and Investments Fund, if providing the financial assistance or making the investment would cause the aggregate amount of financial assistance provided to and investments made in the business enterprise and any related business enterprise to exceed the prescribed maximum for all such programs.

Exception

(3) Notwithstanding subsections (1) and (2) and any regulations made under section 16 or paragraph 40(e), Prosper NWT may, with the approval of the Financial Management Board, provide financial assistance or make an investment otherwise constrained by subsection (1) or (2). SNWT 2023,c.31,s.5,6.

24.

Repealed, SNWT 2023,c.31,s.15.

FINANCE AND ACCOUNTING

Government contribution

25.

The Government of the Northwest Territories may make a contribution to Prosper NWT out of money appropriated for that purpose. SNWT 2023,c.31,s.5.

Loans to Prosper NWT

26.

The Minister of Finance, on the recommendation of the Financial Management Board, may

(a) make loans to Prosper NWT out of the Consolidated Revenue Fund; and

(b) set terms and conditions on those loans.

SNWT 2013,c.10,s.2(4); SNWT 2023,c.31,s.5.

Loans and Investments Fund

27.

Prosper NWT shall establish a fund, to be called the Loans and Investments Fund, to which Prosper NWT shall credit

(a) all money received under section 26;

(b) any money received in respect of financial assistance provided or investments made out of the Loans and Investments Fund including, but not limited to,

(i) repayments of loans, including principal and interest,

(ii) fees for services provided by Prosper NWT and fees and commissions on guarantees and other financial instruments,

(iii) proceeds of the sale or redemption of shares, including common shares and preferred shares,

(iv) dividend payments on shares,

(v) amounts recovered from enforcement of security for loans and other financial instruments; and

(c) any other money that the Board determines.

SNWT 2023,c.31,s.5,6,16.

Advance from Loans and Investments

28.

(1) Prosper NWT may advance out of the Loans and Investments Fund such amounts as are required

(a) for the purpose of providing financial assistance to or making an investment in a business enterprise pursuant to a program established under section 16 that is funded out of the Loans and Investments Fund;

(a.1) for the purpose of investing in, or providing financial assistance to, subsidiaries of Prosper NWT;

(b) for the protection of security taken from a business enterprise or of Prosper NWT’s priority with respect to such security;

(b.1) subject to subsection (1.1) and section 29.1, for the purpose of carrying on the business of Prosper NWT;

(c) for the repayment of principal and the payment of interest and other charges in respect of a loan made to Prosper NWT; and

(d) for such other purposes as the Board considers necessary for the purposes of this Act.

Limitation on use of money

(1.1) Prosper NWT shall not use money advanced out of the Loans and Investments Fund under paragraph (1)(b.1) to provide financial assistance to or make an investment in a business enterprise, including a subsidiary of Prosper NWT.

Limit

(2) No financial assistance may be provided and no investment may be made out of the Loans and Investments Fund that would cause the aggregate of the principal amounts of all financial assistance outstanding and the amounts of all investments made to exceed the amount in the Loans and Investments Fund at the time the financial assistance would be provided or the investment would be made. SNWT 2018,c.7,s.4; SNWT 2023,c.31,s.5,6,17.

Losses chargeable to fund

29.

(1) Losses to the Loans and Investments Fund as a result of debts or obligations owed to Prosper NWT in respect of financial assistance provided or investments made out of the Loans and Investments Fund that are written off under the Financial Administration Act are chargeable to the Loans and Investments Fund.

Amounts credited towards losses

(2) All repayments of principal, all money receivable in interest and all money realized on any security in respect of financial assistance provided out of the Loans and Investments Fund must be credited to the Loans and Investments Fund firstly in respect of losses referred to in subsection (1). SNWT 2023,c.31,s.5,6,18.

Budgets

29.1.

(1) Prosper NWT shall submit operating budgets and capital budgets to the Minister in accordance with sections 26 to 29 of the Financial Administration Act.

Approval of operating budget

(2) Subject to subsection (3), the regulations and the Financial Administration Act, the Minister may approve an operating budget for Prosper NWT for a financial year that designates a portion of Prosper NWT’s cash on hand as money available to Prosper NWT for the purpose of carrying on its business.

When designated money may be used

(3) Where, under subsection (2), the Minister has designated a portion of Prosper NWT’s cash on hand as being available to Prosper NWT for the purpose of carrying on its business, Prosper NWT may use those funds for that purpose. SNWT 2015, c.13,s.163(6); SNWT 2018,c.7,s.5; SNWT 2023,c.31,s.6,19.

(4) Repealed, SNWT 2023,c.31,s.19.

Reporting requirements

30.

(1) In addition to the requirements set out in the Financial Administration Act, Prosper NWT shall

(a) annually submit a corporate plan for the approval of the Financial Management Board; and

(b) give the Minister any information or records that the Minister may require in the exercise of their powers and the performance of their duties under this Act.

Corporate plan

(2) In addition to the information required under the Financial Administration Act, Prosper NWT shall include the following information in its corporate plan:

(a) any written directives established by the Minister under section 4;

(b) the total amount to be loaned to Prosper NWT under section 26;

(c) the total amount to be contributed to Prosper NWT under section 25;

(d) the amount to be allocated

(i) as an investment in any subsidiary of Prosper NWT, and

(ii) as an annual contribution for any subsidiary for each financial year Prosper NWT intends to make the contribution;

(e) the amounts of money that, during the previous financial year, Prosper NWT

(i) received in interest,

(ii) incurred as a loss referred to in subsection 29(1), and

(iii) paid as interest or other charges in respect of loans made to Prosper NWT;

(f) the amount of money designated in an operating budget approved under subsection 29.1(2) as money that is available to Prosper NWT for the purpose of carrying on its business.

SNWT 2015,c.13,s.163(7); SNWT 2018,c.7,s.6; SNWT 2023,c.31,s.5,20.

Reporting financial assistance and investments

31.

The annual report that Prosper NWT is required to prepare and submit under subsection 32(1) of the Financial Administration Act must include a specific category setting out the following information in respect of each business enterprise that Prosper NWT provided financial assistance to or in which it made an investment in the financial year:

(a) the name of the business enterprise;

(b) the name of the owner or owners of the business enterprise as determined in accordance with the regulations;

(c) the total amount of financial assistance provided to or investments made in the business enterprise;

(d) the name of the community in which the business enterprise or its head office is located.

SNWT 2015,c.13,s.163(8); SNWT 2023,c.31,s.5.

Duty of Board: accounting by agents

32.

(1) The Board shall, in respect of an agent that Prosper NWT has engaged to deliver programs on Prosper NWT’s behalf, ensure that the agent

(a) establishes the form and content of its financial records and accounting systems in accordance with accepted accounting principles and practices;

(b) establishes and maintains systems and procedures to ensure that

(i) all money belonging to Prosper NWT that is administered by the agent is properly managed and accounted for,

(ii) all property belonging to Prosper NWT that is administered by the agent is properly controlled, and

(iii) all payments of money belonging to Prosper NWT that are administered by the agent are properly authorized; and

(c) prepares financial statements for each financial year in accordance with an appropriate disclosed basis of accounting, and includes in those financial statements

(i) a balance sheet that presents fairly the financial position of the agent as at the end of the financial year,

(ii) a statement of income that presents fairly the operating results for the financial year,

(iii) a statement of changes in financial position that presents fairly the changes in financial position for the financial year, and

(iv) any other notes that may be necessary to present fairly the information in the financial statements.

Duties of agent

(2) An agent that is engaged to deliver programs on behalf of Prosper NWT shall

(a) permit a person designated by the Board to have access to and examine its books and accounting records; and

(b) submit its financial statements to Prosper NWT each year and at such other times as may be required by the Board.

Application

(3) This section does not apply if the agent is a department or public agency of the Government of the Northwest Territories. SNWT 2023,c.31,s.5,21.

Financial year

33.

The financial year of Prosper NWT begins on April 1 in one year and ends on March 31 in the following year. SNWT 2023,c.31,s.5.

MISCELLANEOUS

Confidentiality

34.

Any information received by a person under this Act about a business enterprise or another person is confidential and shall not be disclosed except

(a) as may be required in the administration of this Act or the regulations or any proceedings under this Act or the regulations; or

(b) as may be required or permitted under the Access to Information and Protection of Privacy Act.

Taxation

35.

Notwithstanding any other enactment, Prosper NWT and any wholly-owned subsidiary of Prosper NWT are exempt from the payment of any tax levied by a municipal corporation or the Government of the Northwest Territories. SNWT 2023,c.31,s.5,22.

Financial Administration Act

35.1.

Notwithstanding the Financial Administration Act, that Act does not apply to a subsidiary of Prosper NWT. SNWT 2015,c.13,s.163(9); SNWT 2023, c.31,s.5.

Corporate seal

36.

An agreement or document executed on behalf of Prosper NWT by the chief executive officer, a director, an officer or an agent is not invalid merely because a corporate seal is not affixed to the agreement or document. SNWT 2023,c.31,s.5.

Inconsistency with Act

37.

Any agreement or document executed under this Act is of no effect to the extent that it is inconsistent with this Act or the regulations.

Acts contrary to purpose

38.

No act of Prosper NWT, including a transfer of property to or by Prosper NWT, is invalid by reason only that the act is contrary to the purpose of Prosper NWT. SNWT 2023,c.31,s.5.

OFFENCE

Use of name or initials

39.

(1) No person shall use any of the following names in any prospectus or advertisement or for any business purpose unless the person has the written consent of Prosper NWT:

(a) Prosper Northwest Territories;

(b) Prosper NWT;

(c) Northwest Territories Business Development and Investment Corporation;

(d) Business Development and Investment Corporation;

(e) N.W.T.B.D.I.C.;

(f) B.D.I.C.

Offence

(2) Every person who contravenes subsection (1) is guilty of an offence and liable on summary conviction to a fine not exceeding $10,000. SNWT 2023,c.31,s.23.

REGULATIONS

Regulations

40.

The Commissioner in Executive Council may make regulations

(a) prescribing enterprises as business enterprises for the purposes of the definition "business enterprise" under subsection 1(1);

(a.1) defining "sustainable development" and "capacity building" for the purposes of subsection 5(3.1);

(b) respecting the content of agreements under this Act, including agreements with agents engaged to deliver programs on behalf of Prosper NWT under this Act;

(b.1) respecting the Board requiring confirmation of compliance with an agreement entered into under subsection 18(1);

(c) respecting fees that may be charged for services provided by Prosper NWT;

(d) respecting rates of interest and commission on and fees for loans and other financial instruments provided by Prosper NWT;

(e) prescribing, or establishing a mechanism for determining, acceptable rates of return on investments;

(e.1) prescribing what constitutes a controlling interest under paragraph 22(1)(c);

(f) prescribing the maximum aggregate amount of financial assistance that may be provided to and investments that may be made in a business enterprise and any related business enterprise, for the purposes of subsection 23(2);

(g) respecting security that may be taken for financial assistance provided to a business enterprise;

(g.1) respecting an operating budget under subsection 29.1(2);

(h) respecting the obligations of business enterprises to which Prosper NWT provides financial assistance or in which it makes an investment, including, but not limited to, requirements that the business enterprises

(i) maintain certain books and accounting records,

(ii) permit a person designated by the Board to have access to the books and accounting records, and

(iii) submit books and accounting records to Prosper NWT within a prescribed period;

(i) respecting guidelines for investment in subsidiaries;

(j) prescribing, for the purposes of section 31, criteria for determining the owner or owners of a business enterprise; and

(k) generally for carrying out the purposes and provisions of this Act.

SNWT 2023,c.31,s.5,24.

Repealed, SNWT 2023,c.31,s.25.

41.

Repealed, SNWT 2023,c.31,s.25.

TRANSITIONAL

Northwest Territories Business Credit Corporation dissolved

42.

(1) The Northwest Territories Business Credit Corporation is dissolved on the day this section comes into force.

Northwest Territories Development Corporation dissolved

(2) The Northwest Territories Development Corporation is dissolved on the day this section comes into force.

Successor

(3) The Corporation is the successor of the Northwest Territories Business Credit Corporation and the Northwest Territories Development Corporation for all purposes, including any agreement to which either of those corporations is a party, and, without limiting the generality of the foregoing,

(a) all right, title and interest of the Northwest Territories Business Credit Corporation and of the Northwest Territories Development Corporation in any real or personal property is vested in the Corporation;

(b) the Corporation is liable for the obligations of the Northwest Territories Business Credit Corporation and the Northwest Territories Development Corporation;

(c) an existing cause of action, claim or liability to prosecution is unaffected;

(d) a civil, criminal or administrative action or proceeding pending by or against the Northwest Territories Business Credit Corporation or the Northwest Territories Development Corporation may be continued to be prosecuted by or against the Corporation; and

(e) a conviction against, or a ruling, order or judgment in favour of or against, the Northwest Territories Business Credit Corporation or the Northwest Territories Development Corporation may be enforced by or against the Corporation.

Provision of programs and services

(4) The Corporation may continue to administer any program or project operated by and provide any service provided by the Northwest Territories Business Credit Corporation or the Northwest Territories Development Corporation immediately before the day this section comes into force.

Regulations

(5) The Commissioner in Executive Council may make regulations to facilitate the continuation of the administration of any program or project or the provision of any service referred to in subsection (4).

Reviews under Northwest Territories Business Credit Corporation Act

(6) If the rejection of an application under the Northwest Territories Business Credit Corporation Act is the subject of a review

(a) under subsection 35(1) of that Act and that review has not been decided before the day on which this section comes into force, the Board shall conduct the review; or

(b) under subsection 36(1) of that Act and that review has not been decided before the day on which this section comes into force, the Minister shall continue to conduct the review.

Loans made to Northwest Territories Business Credit Corporation

(7) The total amount outstanding under all loans made by the Minister of Finance to the Northwest Territories Business Credit Corporation under subsection 47(1) of the Northwest Territories Business Credit Corporation Act on the day subsection 26(1) comes into force forms a part of the aggregate $150,000,000 limit that may be loaned to the Corporation under subsection 26(1).

43.

- 47. Repealed, SNWT 2010,c.16,Sch.B,s.16.