BILL NO. 76

1st Session, 57th General Assembly
Nova Scotia
47 Elizabeth II, 1998



Private Member's Bill



Grants and Loans Moratorium (1998) Act



Darrell Dexter
Dartmouth-Cole Harbour



First Reading: November 17, 1998

Second Reading:

Third Reading:

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An Act to Impose a Moratorium
on Grants and Loans to Large Corporations
until the Auditor General Completes
a Value-for-money Audit of
Government Assistance to Business

Be it enacted by the Governor and Assembly as follows:

1 This Act may be cited as the Grants and Loans Moratorium (1998) Act.

2 In this Act, "large corporation" means a corporation to which Part 1A of the Income Tax Act applies.

3 (1) Notwithstanding any enactment or other authority, neither the Department of Economic Development and Tourism nor any agency of the Department shall not make a grant or forgivable loan to a large corporation until the Auditor General has completed a value-for-money audit of Government assistance to business.

(2) Subsection (1) does not apply to a loan offered at a commercial rate and on commercial terms.

(3) For greater certainty, subsection (1) does not apply to a grant or loan approved prior to the coming into force of this Act.

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This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 1998 Crown in right of Nova Scotia. Created November 17, 1998. Send comments to legc.office@gov.ns.ca.