This Act establishes the Northern Development Fund and sets rules for how it is funded, used, reported on, and regulated.
BC-Alcan Northern Development Fund Act 3 1998 May 13, 1998 1944036832/98003/tlc98003_f tlc98003 HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows: Definitions 1 In this Act: Alcan means Alcan Aluminium Limited; fund means the Northern Development Fund established under section 2; Northwestern British Columbia includes the Nechako River basin and other areas prescribed by regulation. Northern Development Fund 2 The Northern Development Fund is established as a special account in the general fund of the consolidated revenue fund. Purpose of the fund 3 1 The purpose of the fund is to promote sustainable economic development in Northwestern British Columbia. 2 Without limiting subsection (1), the fund may be used for the following: a supporting investment in new or existing businesses; b creating new employment or stabilizing existing employment; c supporting other goals that are consistent with subsection (1) and that the minister considers desirable. Funding 4 1 The fund will consist of the following: a $7.5 million transferred, before December 31, 2000, to the fund from a vote, as defined in the Financial Administration Act , that provides for the transfer; b $7.5 million contributed, before December 31, 2000, to the fund by Alcan; c any money received as contributions to the fund; d any interest or other income of the fund. 2 Transfers and contributions to the fund under subsection (1) (a) and (b) must be made in accordance with the agreement dated August 5, 1997, between the government and Alcan. Expenditures 5 1 The minister may pay money out of the fund for the purposes referred to in section 3. 2 Without limiting subsection (1), the minister may make loans or investments out of the fund for the purposes referred to in section 3. Annual report 6 The minister, not later than 90 days after the end of the fiscal year of the government, must submit an annual report respecting the operation of the fund to the Treasury Board and the annual report must include any information that the Treasury Board specifies. Advisory board 7 1 The Northern Development Fund Advisory Board established under the agreement dated August 5, 1997, between the government and Alcan is continued for the purpose of advising the minister with respect to payments out of the fund. 2 The advisory board consists of the members appointed by the Lieutenant Governor in Council as follows: a one or more members representative of the government; b one or more members representative of local government; c one or more members representative of business, other than from Alcan; d one or more first nations representatives; e one or more trade union representatives; f 2 persons nominated by Alcan as its representatives; g other persons representative of Northwestern British Columbia. 3 The Lieutenant Governor in Council must designate a member of the advisory board other than a member appointed under subsection (2) (a) or (f) as chair of the advisory board. Power to make regulations 8 1 The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act . 2 Without limiting subsection (1), the Lieutenant Governor in Council may make regulations prescribing areas for the purpose of the definition of "Northwestern British Columbia" in section 1. Transitional 9 The members of the Northern Development Fund Advisory Board appointed under Order in Council 136/98 continue to be the members of the advisory board as if appointed under section 7.