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CHAPTER 488

OF THE

REVISED STATUTES, 1989

amended 2000, c. 4, s. 85; 2011, c. 40, s. 13

NOTE - This electronic version of this statute is provided by the Office of the Legislative Counsel for your convenience and personal use only and may not be copied for the purpose of resale in this or any other form. Formatting of this electronic version may differ from the official, printed version. Where accuracy is critical, please consult official sources.

An Act Respecting
Venture Corporations

Short title

รวมเกมส์ 1 This Act may be cited as the Venture Corporations Act. R.S., c. 488, s. 1.

Interpretation

2 (1) In this Act, unless the context otherwise requires,

(a) "associate", where used to indicate a relationship with any person, means

(b) "corporation" means a body corporate wherever incorporated;

(c) "debt obligation" means a mortgage, bond, debenture, note or other similar obligation of a corporation, whether secured or unsecured;

(d) "eligible investment" means an investment in a small business that complies with Section 10;

(e) "equity capital" of a corporation means the amount of consideration paid in money for which the outstanding equity shares of the corporation have been issued;

(f) "equity loan" means a loan made pursuant to this Act by Her Majesty in right of the Province to a venture corporation;

(g) "equity share" means any share of any class of shares of a corporation carrying voting rights in all circumstances and any share of any class of shares carrying voting rights by reason of the occurrence of any contingency that has occurred and is continuing;

(h) "Minister" means the Minister of Small Business Development or such other member of the Executive Council as may be charged by the Governor in Council with the administration of this Act;

(i) "Nova Scotia venture corporation" or "venture corporation" means

(j) "person" means, except as otherwise expressly provided, a corporation, individual, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator or other legal representative;

(k) "prescribed" means prescribed by the regulations;

(l) "Register" means the register of venture corporations maintained pursuant to this Act;

(m) "security" means any share of any class of shares or any debt obligation of a corporation and includes an unsecured loan as defined in clause (b) of subsection (3) of Section 10;

(n) "small business" means a corporation that, in combination with any affiliated corporation or corporations, has not more than one hundred employees or not more than such larger number of employees as may be prescribed.

(2) A corporation shall be deemed to be a subsidiary of another corporation if it is

(a) controlled by

(b) a subsidiary of a corporation that is that other corporation's subsidiary.

(3) A corporation shall be deemed to be a holding corporation of another corporation if that other corporation is its subsidiary.

(4) A corporation shall be deemed to be affiliated with another corporation if one of them is the subsidiary of the other or both are subsidiaries of the same corporation or each of them is controlled by the same person.

(5) Unless otherwise prescribed, a corporation shall be deemed to be controlled by another person or by two or more corporations if

(a) shares of the first-mentioned corporation carrying more than fifty per cent of the votes for the election of directors are held, otherwise than by way of security only, by or for the benefit of that other person or by or for the benefit of those other corporations; and

(b) the votes carried by those shares are sufficient, if exercised, to elect a majority of the board of directors of the first-mentioned corporation.

(6) In calculating the total number of equity shares of a corporation beneficially owned or controlled, for the purposes of this Act, the total number shall be calculated as the total of all the shares actually owned or controlled, but each share that carries the right to more than one vote shall be calculated as the number of shares equalling the total number of votes carried.

(7) In determining the number of shareholders of a corporation, for the purposes of this Act, two or more persons holding the same share or shares jointly shall be counted as one shareholder. R.S., c. 488, s. 2.

Register of venture corporations

3 (1) The Minister shall maintain a register of Nova Scotia venture corporations in which he shall list all corporations registered under this Act as venture corporations and all corporations prescribed to be venture corporations.

(2) Any person may, upon payment of the prescribed fee, inspect the Register during normal office hours.

(3) The Minister may delegate in writing any of his duties or powers under this Act. R.S., c. 488, s. 3.

Application by proposal for registration

4 (1) A corporation incorporated under the Companies Act may apply to be registered under this Act by delivering to the Minister a proposal in duplicate.

(2) A proposal shall set out

(a) the name of the corporation;

(b) the location, including street and number, if any, of the head office of the corporation in the Province;

(c) the authorized capital, the classes of shares, if any, into which it is to be divided, the number of shares in each class, and the aggregate consideration exceeding which all shares of any class may not be issued;

(d) the issued capital of each class of shares, including the aggregate consideration therefor;

(e) the amounts and kinds of debt obligations, if any, issued by the corporation;

(f) the number of directors of the corporation and the names in full and the residence addresses of each, giving the street and number, if any;

(g) the names in full of the officers of the corporation and the residence addresses of each, giving the street and number, if any; and

(h) any other matter prescribed to be set out in the proposal.

(3) A proposal shall be accompanied by a certified copy of the corporation's certificate of incorporation and of its memorandum of association.

(4) The proposal shall be executed under the seal of the corporation and signed by two officers or by one director and one officer of the corporation, and compliance with this Section and with Section 5 shall be certified by the affidavit of one of the officers or directors signing the proposal. R.S., c. 488, s. 4.

Conditions for registration

5 (1) No corporation shall be registered under this Act unless

(a) the corporation has never previously carried on business;

(b) its equity shares are without par value and may be issued for an aggregate consideration of not more than five million dollars;

(c) the corporation has objects only to assist in the development of small businesses by

(d) the corporation has equity capital of at least twenty-five thousand dollars;

(e) at least one person in combination with any associate or associates of that person, beneficially owns not less than the lesser of

(f) the total number of equity shares of the corporation beneficially owned, directly or indirectly, by one or more non-residents or over which one or more non-residents exercise control or direction does not exceed forty-nine per cent of the total number of issued and outstanding equity shares of the corporation; and

(g) the corporation meets any other conditions that are prescribed.

(2) For purposes of clause (f) of subsection (1), "non-resident" means

(a) an individual who is not a resident of the Province;

(b) a corporation incorporated, formed or otherwise organized outside Canada;

(c) a corporation that is controlled directly or indirectly by one or more non-residents as defined in clause (a) or (b);

(d) a trust in which one or more non-residents as defined in clause (a), (b) or (c) have more than fifty per cent of the beneficial interest; or

(e) a corporation that is controlled directly or indirectly by a trust referred to in clause (d). R.S., c. 488, s. 5.

Entitlement to registration

6 (1) Subject to subsection (4), a corporation is entitled to registration by the Minister except where

(a) the applicant fails to comply with Section 4 or 5;

(b) the applicant fails to file the material required by this Act or the regulations; or

(c) the applicant fails to pay the prescribed fee for registration under this Act.

(2) Subject to Section 22, the Minister may refuse to register a corporation where, in the Minister's opinion, the applicant is not entitled to registration under subsection (1).

(3) Subject to Section 22, the Minister may revoke a registration where the registrant fails to comply, or to continue to comply, with any provision of this Act or of the regulations, including the requirements of Section 5.

(4) Where the Minister is of the opinion that the number of corporations registered under this Act will be sufficient to take up the amount of money that is appropriated as provided in Section 30 to be payable by way of equity loan under Section 19, the Minister may, subject to the approval of the Governor in Council, by order, suspend the further registration of corporations or the payment of equity loans under this Act for such period of time as is specified in the order.

(5) No order under subsection (4) shall operate to prevent the Minister from making an equity loan where the shares were fully paid for and beneficially owned by the shareholder before the making of the order. R.S., c. 488, s. 6.

Certificate of registration

7 If a corporation complies with Sections 4 and 5 and when all prescribed fees have been paid, the Minister shall

(a) endorse on each duplicate of the proposal the word "Registered" and the day, month and year of the registration;

(b) file one of the duplicates in his office;

(c) place the name of the corporation in the Register; and

(d) issue to the applicant a certificate of registration to which he shall affix the other duplicate. R.S., c. 488, s. 7.

Minimum equity capital

8 (1) Before the end of its first year of registration under this Act, a venture corporation shall have equity capital of at least fifty thousand dollars and at least forty per cent of the amount of its equity capital shall be in eligible investments.

(2) Before the end of its second year of registration under this Act, a venture corporation shall have equity capital of at least one hundred thousand dollars and at least seventy per cent of its equity capital shall be in eligible investments.

(3) After the end of its second year of registration under this Act, a venture corporation shall at all times maintain an average of at least seventy per cent, calculated in the prescribed manner, on the last day of each month of the immediately preceding twelve months, of its equity capital in eligible investments.

(4) After the second year of its registration under this Act, a venture corporation shall at all times maintain equity capital of at least one hundred thousand dollars and not more than five million dollars. R.S., c. 488, s. 8.

Trust fund

9 (1) A venture corporation shall set aside in a trust fund an amount of money equal to one hundred per cent of any amount received by it as an equity loan, and the trust fund shall be held by the venture corporation, or by a trustee on behalf of the venture corporation, in trust to be dealt with in accordance with this Section.

(2) Subject to subsection (3), while any amount is held in trust under subsection (1) a venture corporation may pay from the fund an amount not in excess of five sevenths of the purchase price paid by the venture corporation to acquire any eligible investment.

(3) Except as provided in subsection (2), the money held in trust in accordance with subsection (1) shall not be paid out to any person unless the Minister has consented in writing to the payment.

(4) Interest earned on the trust fund established in accordance with subsection (1) shall belong to the venture corporation.

(5) Within a prescribed time after making any payment out of the trust fund, the venture corporation shall file a report with the Minister in the prescribed form. R.S., c. 488, s. 9.

Eligible investment

10 (1) An investment is an eligible investment if

(a) the investment is made in a small business and seventy-five per cent or more of the wages and salaries of the small business in its last completed fiscal period are paid or seventy-five per cent of its wages and salaries in its current fiscal period are reasonably expected to be paid to employees who are resident in the Province or in respect of operations in the Province;

(b) the small business is primarily engaged in

(c) the investment is the purchase and acquisition from a small business by the venture corporation of equity shares issued by the small business or the granting of an unsecured loan to the small business, but, where the equity shares are issued, or the unsecured loan is granted, as part of a transaction involving the purchase, redemption or repayment, directly or indirectly, of any previously issued equity shares of, or any unsecured loan previously granted to the small business or an affiliated corporation, the investment is an eligible investment only to the extent that the investment represents net new equity capital calculated in the manner prescribed;

(d) the investment is not used by the small business for the purpose of

(e) the aggregate number of equity shares held by the venture corporation and by any affiliated corporation in the small business does not at any time exceed forty-nine per cent, determined in accordance with subsection (2), of all issued and outstanding equity shares of the small business;

(f) the aggregate number of equity shares held by the venture corporation, when combined with any equity shares held by one or more other venture corporations, does not at any time exceed sixty per cent, determined in accordance with subsection (2), of all issued and outstanding equity shares of the small business; and

(g) the investment is made in a small business that is not of a prescribed prohibited type.

(2) In determining the percentage of issued and outstanding equity shares of a small business for the purposes of clause (e) or (f) of subsection (1), there shall be included

(a) the number of equity shares into which any debt obligation of the small business may be converted;

(b) any option or right to purchase equity shares of the small business; and

(c) any equity shares, any convertible debt obligations and any options or rights of the small business beneficially owned or held by an associate or an affiliated corporation of the venture corporation or any shareholder of it, or an associate or affiliated corporation of any such shareholder.

(3) In this Section,

(a) "corporation" includes an association, partnership or other organization;

(b) "unsecured loan" means a debt owing by a small business to a venture corporation that is not secured by a fixed or floating charge, by a hypothecation or pledge, by a guarantee or otherwise and the terms of which do not entitle the venture corporation, either absolutely or contingently, to convert or cause the conversion of the debt into a debt that is not an unsecured loan. R.S., c. 488, s. 10.

Allowable assets

11 (1) A venture corporation shall maintain its assets in

(a) eligible investments;

(b) liquid reserves;

(c) equity shares that were eligible investments at the time they were acquired by the venture corporation;

(d) debt obligations of any small business the equity shares of which are an eligible investment; or

(e) such other form as is prescribed.

(2) Assets of a venture corporation maintained in liquid reserves shall be deposited, upon such terms and conditions and for such period as the venture corporation considers expedient, in

(a) a chartered bank;

(b) a trust company to which the Trust Companies Act applies;

(c) a loan company to which the Loan Companies Act applies;

(d) a credit union to which the Credit Union Act applies; or

(e) such other investments as may be prescribed.

(3) Notwithstanding subsection (1), a venture corporation may maintain a reasonable portion of its assets in equipment and premises necessary to carry out its objects. R.S., c. 488, s. 11.

Restriction on investment in small business

12 (1) A venture corporation shall not invest or maintain an investment in a small business if

(a) any of the shares of that small business are held by

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(b) that small business is a subsidiary, a holding corporation or an affiliated corporation of the venture corporation.

(2) Unless a venture corporation is widely held, it shall not invest in a small business if the proceeds of that investment are used or are intended to be used, in whole or in part, to finance the purchase or sale of goods or services provided to that small business by or through any shareholder of the venture corporation or by or through any associate or affiliated corporation of any such shareholder.

(3) For the purpose of this Section,

(a) "major shareholder" means a person who holds thirty per cent or more of the voting rights attached to all equity shares of the venture corporation for the time being issued and outstanding; and

(b) a venture corporation is widely held if the venture corporation has ten or more shareholders each holding not more than ten per cent of the issued and outstanding equity shares of the venture corporation and if none of the shareholders are associates or affiliated corporations of the venture corporation. R.S., c. 488, s. 12.

Material change in investment

13 (1) In this Section, a material change occurs if the investment of a venture corporation ceases to be an eligible investment or is redeemed or repaid.

(2) A venture corporation shall notify the Minister in the prescribed form of any material change in any of its investments within thirty days of when the occurrence thereof comes to its knowledge.

(3) Where there is a material change, the investment by a venture corporation shall remain an eligible investment and any proceeds of redemption or repayment of principal of an eligible investment, if invested in accordance with subsection (1) of Section 11, shall be deemed to be an eligible investment, notwithstanding any other provision of this Act, for a period of two years from the date when the material change came to the knowledge of the corporation. R.S., c. 488, s. 13.

Alienation of equity shares

14 No equity shares, and no option or right to acquire equity shares, of a small business or of a corporation that has ceased to be a small business or that cease to be an eligible investment shall be transferred or granted by a venture corporation without first granting to all holders of the equity shares, other than a venture corporation, the right to acquire the whole of those equity shares, or of that option or right, upon the same terms and conditions. R.S., c. 488, s. 14.

Annual report

15 Within four months of the end of each of its fiscal periods, a venture corporation shall file with the Minister its audited financial statements and the auditor's report thereon. R.S., c. 488, s. 15.

Annual return and notice of proposed action

16 (1) Within four months of the end of each of its fiscal periods, a venture corporation shall file with the Minister a return in the prescribed form setting out, as of the end of that fiscal period, the information required by the return.

(2) A venture corporation shall, in the prescribed form, notify the Minister of any proposed action involving

(a) the payment of any dividend on the equity shares of the venture corporation;

(b) the purchase, surrender, redemption or conversion of any equity share of the venture corporation or the reduction of the paid-up capital applicable to any of its equity shares;

(c) the disposition or sale of any eligible investment; or

(d) the commencement of the winding up or the initiation of steps to cause dissolution of the corporation,

at least twenty-one days before carrying out the proposed action.

(3) The Minister may, in his discretion, extend the time for filing any notice or return under this Section. R.S., c. 488, s. 16.

Special return

17 The Minister may, at any time by notice, require any venture corporation or any corporation in which the venture corporation has invested to file within the time specified in the notice a return upon any subject connected with its affairs that, in the opinion of the Minister, is relevant to the administration or enforcement of this Act. R.S., c. 488, s. 17.

Equity loan

18 (1) Subject to subsection (2) and subsection (4) of Section 6, where a venture corporation complies with the provisions of this Act, the Minister may make an equity loan to the venture corporation under Section 19.

รวมเกมส์ (2) Subject to Section 22, where the Minister is of the opinion that a venture corporation, its officers or directors, or its shareholders are conducting its or their business and affairs in a manner that is contrary to the spirit and intent of this Act or for the purpose of obtaining an equity loan to which they would not otherwise be entitled, the Minister may

(a) revoke the registration of the venture corporation; or

(b) refuse to make an equity loan under Section 19.

(3) Where a venture corporation does not comply with the provisions of this Act or the regulations, but the Minister is of the opinion that the venture corporation is meeting the spirit and intent of this Act, the Minister may, for such time as in his opinion is appropriate, refrain from revoking the registration of the venture corporation. R.S., c. 488, s. 18.

Application for equity loan

19 (1) Subject to subsection (2), a venture corporation may make an application in the form prescribed by the Minister for an equity loan, and the Minister may make an equity loan to the venture corporation equal to the amount of the venture corporation's equity capital, or, as the case may be, any increase in its equity capital since an equity loan was last granted to it.

(2) An application under subsection (1) shall be accompanied by

(a) a certificate containing the prescribed information signed by the secretary and one authorized officer of the venture corporation making the application; and

(b) such additional material as is prescribed by the Minister. R.S., c. 488, s. 19.

Equity loan is debt payable

20 (1) An equity loan made to a venture corporation pursuant to Section 19 is a debt payable by the venture corporation to Her Majesty in right of the Province, the principal balance of which at any time shall be the original amount of that equity loan made to the venture corporation less all repayments on account of principal made thereon before that time.

(2) Except as provided in subsection (11), each equity loan made to a venture corporation shall be deemed to be a separate equity loan.

(3) Except where otherwise provided in this Act, an equity loan is due only when, and to the extent that, payments thereon are required by subsections (4) and (9).

(4) A venture corporation shall repay an equity loan that it has received by making payments to Her Majesty in right of the Province on account of interest and principal, as provided in subsection (6), until the principal balance of the equity loan is repaid in full, which payments shall not be less than

(a) fifty per cent of the net income, if any, after income tax of the venture corporation for each of its fiscal periods completed after the tenth anniversary of the making of the equity loan;

(b) an amount equal to

less any amount paid under clause (a) of this subsection in previous fiscal periods and not previously deducted from a payment under this clause; and

(c) fifty per cent of any assets remaining after payment, or provision for payment, of all other creditors of the venture corporation, where the registration of the venture corporation under this Act is revoked or where the venture corporation commences to wind up or initiates steps to cause its dissolution or is declared bankrupt.

(5) Interest shall

(a) accrue on an equity loan at a prescribed rate which shall not exceed by more than three percentage points the interest rate charged by the Bank of Canada to chartered banks at the beginning of the fiscal year of the Province for which the interest rate is being prescribed;

(b) be prescribed anew for each fiscal year of the Province during which any such interest may accrue; and

(c) commence to accrue with the tenth anniversary date of the making of the equity loan and no interest shall accrue in respect of any period before that time.

(6) Each payment made under subsection (4) on account of an equity loan shall apply first to the unpaid interest, if any, accrued on the unpaid principal balance of the equity loan to the date of payment and, to the extent of any excess, shall apply against the principal balance of the equity loan.

(7) For the purpose of clause (a) of subsection (4), the net income of a venture corporation shall be computed in accordance with generally accepted accounting principles consistently applied, except

(a) that the cost method of accounting for long term investments shall be applied with respect to equity investments in small businesses;

(b) to the extent that the Minister, on application by the venture corporation, authorizes a variance thereof in writing.

(8) The Minister may make regulations limiting the amount that may be paid by a venture corporation in respect of management compensation or any other expense incurred in a transaction that is not at arm's length.

(9) Repayments on account of an equity loan shall be due, if made

(a) pursuant to clause (a) of subsection (4), not later than four months after the end of the fiscal period in question;

(b) pursuant to clause (b) of subsection (4), not later than one month after the payment or transaction in question; or

(c) pursuant to clause (c) of subsection (4), forthwith upon the occurrence of the event in question.

(10) Any persons, whether or not they are shareholders of the venture corporation, who receive a payment, loan or appropriation referred to in clause (b) of subsection (4) knowing, or having reason to know, that the payment on account of principal and interest, if any, required to be made on the corporation's equity loan under subsection (4) and clause (b) of subsection (9) cannot, or will not, be made are jointly and severally liable, along with the venture corporation, to Her Majesty in right of the Province to the extent of any failure by the venture corporation, in whole or in part, to make that payment.

(11) If clause (a) or (b) of subsection (4) applies to more than one equity loan that has been granted to the venture corporation, the amounts required by those clauses to be repaid on account of principal on an equity loan shall be deemed to refer to all such equity loans, and the total amount to be repaid on account of interest and principal shall be allocated to each such equity loan in proportion to its principal balance then outstanding.

(12) A venture corporation may repay an equity loan, in whole or in part, at any time or times before repayment is required by this Section, with interest, if any is applicable, on the unpaid balance accrued to the time of payment. R.S., c. 488, s. 20.

Recovery of amount payable

21 (1) Where any amount is payable to Her Majesty in right of the Province or is deemed to be payable to Her Majesty under this Act, the Minister may, by notice of demand in writing to the person by whom the payment is owing or claimed to be owing, demand payment immediately or in the number of days specified in the demand, and if the payment is not made as demanded, the Minister may recover and collect the amount thereof by any of the remedies or procedures provided for in this Act.

(2) Notwithstanding that an objection or other proceeding under Section 22 has been commenced or may be commenced, every amount demanded to be paid under subsection (1) remains payable and recoverable until the demand therefor is revoked in writing by the Minister. R.S., c. 488, s. 21.

Notice of intent to refuse or revoke

22 (1) Where the Minister intends

(a) to refuse to register a corporation under this Act;

(b) to revoke the registration of a venture corporation; or

(c) to refuse to make an equity loan under Section 19,

he shall cause notice of his intention, together with written reasons therefor, to be served on the applicant or registrant.

(2) If the Minister has not registered a corporation under Section 6 within two months of the date on which the corporation delivered a proposal under Section 4, the Minister shall be deemed to have refused registration under clause (a) of subsection (1).

(3) Where a person objects to a notice of intention under subsection (1) that is served on him, or where subsection (2) applies, he may within sixty days from the day of service of the notice of intention or the date upon which the Minister is deemed to have refused registration under subsection (2), serve on the Minister a notice of objection in duplicate in the prescribed form setting out the reasons for the objection and all relevant facts.

(4) Where an applicant or registrant does not serve a notice of objection under subsection (3), the Minister may carry out his intention.

(5) Upon receipt of the notice of objection, the Minister shall, with all due dispatch, reconsider the matter objected to and confirm, vary or abandon his intention, and he shall thereupon notify the person making the objection of his action.

(6) If the Minister fails to send such a notification within thirty days of the service of a notice of objection pursuant to subsection (3), his intention shall be deemed to be abandoned.

(7) A decision of the Minister under subsection (5) is final and is not subject to appeal except where the decision involves the interpretation of a provision of this Act or involves a question solely of law.

(8) A notice under this Section shall be served personally or by registered mail.

(9) Notwithstanding subsection (8), a person to whom a notice is addressed pursuant to this Section may accept service made in any manner. R.S., c. 488, s. 22.

Application to Supreme Court

23 In any dispute over a decision or action of the Minister under this Act, the Minister may, where the dispute involves the interpretation of a provision of this Act, involves a question solely of law in which no facts are in dispute or involves the proper inference to be drawn from facts that are not in dispute, agree in writing with the disputing party as to the undisputed facts and thereafter apply to the Trial Division of the Supreme Court to have the issue in dispute determined, and if the Minister does not make the application within thirty days of the date upon which the undisputed facts have been agreed upon in writing, the other party to the dispute may apply to the Court to have the issue determined. R.S., c. 488, s. 23.

Offence and penalty

24 (1) Every person who makes or assists in making a statement in any document required by or for the purposes of this Act or the regulations that, at the time and in the light of the circumstances in which it was made, is false or misleading in respect of any material fact or that omits to state any material fact the omission of which makes the statement false or misleading is guilty of an offence and is liable on summary conviction to a penalty of not more than twenty thousand dollars.

(2) No person is guilty of an offence under subsection (1) if he did not know that the statement was false or misleading and in the exercise of reasonable diligence could not have known that the statement was false or misleading. R.S., c. 488, s. 24.

Income Tax Act, ss. 90 and 91(1)

25 (1) Section 90 and subsection (1) of Section 91 of the Income Tax Act are incorporated herein to the extent required by subsection (2) except that "Minister" referred to therein means the Minister under this Act and "Act" therein means this Act.

(2) Section 90 and subsection (1) of Section 91 of the Income Tax Act apply mutatis mutandis and shall be deemed to apply to

(a) an application for an equity loan under Section 19; and

(b) any books, records, accounts or returns required to be maintained or made by a venture corporation. R.S., c. 488, s. 25; 2000, c. 4, s. 85.

Equity loan obtained by false information

26 In addition to any other remedy available under this Act, where any person obtains an equity loan under this Act or the regulations on the basis of information that is false or misleading or an application that contains any false or misleading statement, the amount of that equity loan, together with interest thereon, if any, at the prescribed rate, shall be deemed to be a debt due to Her Majesty in right of the Province and may be recovered by an action in a court of competent jurisdiction. R.S., c. 488, s. 26.

Regulations

27 (1) The Governor in Council may make regulations

(a) requiring the payment of fees for any matter required to be done in the administration of this Act and prescribing the amounts thereof;

(b) requiring any person to make information returns respecting any class of information required in assessing compliance with this Act;

(c) defining any word or expression used in this Act and not defined herein;

(d) prescribing any conditions that a corporation must meet before registration;

(e) prescribing the method of determining the amount of equity capital of a venture corporation;

(f) prescribing authorized investments for the purposes of Section 11;

(g) prescribing the method of calculation of the amount of money available at any time under Section 30 for making equity loans;

(h) prescribing the method of calculation to be used in determining the percentage of wages and salaries paid in respect of operations in the Province;

(i) providing a procedure by which the Minister may issue advance rulings and interpretations;

(j) prescribing any matter required by this Act to be prescribed by the regulations.

(2) The Minister may make regulations

(a) prescribing forms and providing for their use;

(b) prescribing anything that by this Act is to be prescribed by the Minister;

(c) respecting the delegation of any of his duties or powers under this Act.

(3) A regulation is, if it so provides, effective with reference to a period before it was made.

(4) The exercise by the Governor in Council or the Minister of the authority in this Section or in subsection (8) of Section 20 shall be regulations within the meaning of the Regulations Act. R.S., c. 488, s. 27.

Venture Corporations Board

28 (1) The Governor in Council may appoint not less than three nor more than five persons to be members of a Venture Corporations Board for the purpose of advising and assisting the Minister concerning the administration of this Act.

(2) The members of the Venture Corporations Board shall be appointed for such term and receive such remuneration and expenses as the Governor in Council may determine.

(3) The Governor in Council shall appoint one member of the Venture Corporations Board to be Chairman and may appoint one member to be Vice-chairman. R.S., c. 488, s. 28.

Powers and duties of Board

29 The Venture Corporations Board shall have all the powers and duties that are necessary to carry out and effect such matters and things pertaining to this Act or the regulations as are conferred upon it by the Minister. R.S., c. 488, s. 29.

Nova Scotia Jobs Fund and Consolidated Fund

30 (1) The objects and purposes for which money may be provided under this Act shall be financial assistance within the meaning of the Nova Scotia Jobs Fund Act and payments made pursuant to this Act shall be made out of the Nova Scotia Jobs Fund as authorized from time to time by the Governor in Council.

(2) The costs and expenses incurred under this Act shall be paid out of the Consolidated Fund of the Province. R.S., c. 488, s. 30; 2011, c. 40, s. 13.

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