The following definitions apply in this Act.
“Board” means the board of directors of Opportunities NB.(conseil)
“Chair” means the Chair of the Board.(président)
“Chief Executive Officer” means the Chief Executive Officer of Opportunities NB.(directeur général)
“client” means a business, investor or organization with a commercial focus located or intending to locate in New Brunswick.(client)
“Executive Committee” means the Executive Committee of the Board.(comité exécutif)
“financial assistance” includes assistance by way of loan, loan guarantee, grant or the purchase or acquisition of any common or preferred shares or other equity securities, including, but not limited to, venture capital investments.(aide financière)
“Minister” means the member of the Executive Council designated by the Lieutenant-Governor in Council to administer this Act.(ministre)
There is established a body corporate, without share capital, to be known as Opportunities New Brunswick consisting of those persons who compose the Board.
The head office of Opportunities NB shall be at the location in New Brunswick that is designated by the Board in the by-laws.
A by-law referred to in subsection (1) is ineffective until it has been approved by the Minister.
The objects and purposes of Opportunities NB are as follows:
(a) to lead and facilitate the execution of high-growth opportunities that will accelerate private sector growth and job creation in New Brunswick through the following:
(i) the identification and pursuit of strategic and viable high-growth opportunities with its clients;
(ii) the promotion of New Brunswick opportunities outside New Brunswick and the development of strategic national and international markets for its clients;
(iii) the delivery of seamless and responsive business development services to its clients in all regions of New Brunswick;
(iv) the identification and development of economic sectors or projects that have a high potential for growth; and
(v) the assessment of opportunities and needs among its clients to support business productivity, growth, capacity, long-term sustainability and retention;
(b) to provide assistance and facilitate access to Government of New Brunswick assets and services to support the opportunities referred to in paragraph (a) for its clients, including, but not limited to, the following services:
(i) financial assistance;
(ii) attraction of foreign direct investment;
(iii) policy development and support;
(iv) export and market development;
(v) supply chain development; and
(vi) access to or provision of training and development;
(c) to prudently manage its portfolio of investments; and
(d) to carry out any other activities or duties that the Lieutenant-Governor in Council directs.
Subject to this Act and the regulations, Opportunities NB has, in respect of its objects and purposes, the capacity, rights, powers and privileges of a natural person and, without limitation, may 2017, c.20, s.127
(a) provide financial assistance on the terms and conditions that it considers appropriate,
(b) receive, acquire, take, hold, mortgage, sell, convey or otherwise dispose of or deal with real and personal property and any interest in real and personal property,
(c) enter into an agreement with the Government of Canada or the government of a jurisdiction outside New Brunswick, a local government or any other person, and
(d) do any other things that are required or authorized by this Act or the regulations or that Opportunities NB considers necessary or incidental to the attainment of its objects and purposes.
Opportunities NB is for all purposes an agent of the Crown in right of New Brunswick.
The Board shall administer the business and affairs of Opportunities NB, and all decisions and actions of the Board are to be based generally on sound business practice.
For the purpose of administering the business and affairs of Opportunities NB, the Board may exercise all the powers of Opportunities NB.
2021, c.14, s.1
The Board shall consist of
(a) the Chief Executive Officer,
(b) a deputy head whose mandate has a direct impact on the economy or his or her designate as a non-voting member, and
(c) not fewer than eight and not more than ten other members.
The deputy head referred to in paragraph (1)(b) shall be appointed by the Minister.
A member of the Board referred to in paragraph (1)(c) shall be appointed by the Lieutenant-Governor in Council if the member
(a) is not employed in the Public Service as defined in the Public Service Labour Relations Act,
(b) meets the criteria, if any, that the Board has established in its by-laws, and
(c) is among those persons nominated by the Board in accordance with subsection (6).
The by-laws referred to in subsection (3) do not apply to the first members of the Board referred to in paragraph (1)(c).
Before making nominations under this section, the Board shall advise the Lieutenant-Governor in Council of
(a) the skills and qualifications required of the Board as a whole in order for the Board to carry out its functions, and
(b) the skills and qualifications required of nominees for the Board position or positions to be filled.
In making nominations under this section, the Board shall
(a) use a merit-based and objective approach,
(b) ensure that the Board as a whole has the necessary skills and qualifications to carry out its functions, and
(c) provide to the Lieutenant-Governor in Council a description of the recruitment, assessment and selection processes used and the results of those processes.
2021, c.14, s.2
A member of the Board referred to in paragraph 8(1)(c) shall be appointed for a term not exceeding three years and may, subject to subsection (8), be reappointed, but paragraph 8(3)(c) does not apply to a member of the Board who is reappointed before or immediately after the expiry of the member’s previous term.
A vacancy on the Board does not impair the capacity of the Board to act.
If a member of the Board referred to in paragraph 8(1)(c) fails to attend three regular meetings of the Board in a 12-month period without, in the opinion of the Board, reasonable cause, the Board may declare the member’s position vacant.
In the case of the temporary absence or inability to act of a member of the Board referred to in paragraph 8(1)(c), the Lieutenant-Governor in Council may appoint a substitute for the member for the period of the temporary absence or inability to act.
A member of the Board referred to in paragraph 8(1)(c) may be removed for cause by the Lieutenant-Governor in Council.
No person is eligible to serve as a member of the Board referred to in paragraph 8(1)(c) for more than nine years, whether consecutively or otherwise.
The Lieutenant-Governor in Council shall appoint from among the members of the Board referred to in paragraph 8(1)(c) a Chair and a Vice-Chair who shall hold office as such for a term to be fixed by the Lieutenant-Governor in Council.
The Board shall appoint an employee of Opportunities NB to be the secretary of the Board who shall perform the duties and functions directed by the Board.
2021, c.14, s.3
A majority of the members of the Board constitutes a quorum.
Subject to subsection (3), the Chair or, in his or her absence, the Vice-Chair shall preside at the meetings of the Board.
If the Chair and Vice-Chair are absent from a meeting of the Board, the members present may elect from among themselves a person to preside at the meeting.
Decisions of the Board are to be made by majority vote of the members present, and, in the event of a tie vote, the Chair or other person presiding at the meeting shall cast the deciding vote.
The Board shall meet at least four times in each fiscal year.
The Board shall ensure that minutes of each of its meetings are taken and that the minutes, once approved by the Board and certified to be correct by the secretary of the Board, are submitted to the Minister.
2025, c.35, s.1
By by-law, the Board may establish an Executive Committee consisting of
(a) the Chief Executive Officer,
(b) the Chair,
(c) the deputy head referred to in paragraph 8(1)(b) as a non-voting member, and
(d) any other members who are appointed or elected by the Board from among its members in accordance with the by-laws and who meet the criteria, if any, established by the Board in the by-laws.
The Board may make by-laws respecting
(a) the operation and dissolution of the Executive Committee,
(b) the term of office and removal of members of the Executive Committee and the filling of vacancies among members of the Executive Committee, and
(c) the time and place for the holding of meetings of the Executive Committee and the procedure at the meetings.
By by-law, the Board may delegate to the Executive Committee any of the powers of Opportunities NB that relate to its financial assistance activities under this Act or any of the powers of Opportunities NB that the Board considers to be necessary for carrying out those financial assistance activities, including, but not limited to, the powers under paragraph 5(a), (b) or (c) or section 24 or 26.
A majority of the members of the Executive Committee constitutes a quorum.
Subject to subsection (6), the Chair shall preside at the meetings of the Executive Committee.
If the Chair is absent from a meeting of the Executive Committee, the members present may elect from among themselves a person to preside at the meeting.
Decisions of the Executive Committee shall be made by majority vote of the members present, and, in the event of a tie vote, the Chair or other person presiding at the meeting shall cast the deciding vote.
A decision of the Executive Committee shall be deemed to be a decision of the Board.
Despite the establishment of an Executive Committee under this section, the Board may also perform any power that it has delegated to the Executive Committee.
The Board shall make by-laws respecting the establishment, composition and operation of a consultative committee consisting of deputy heads whose mandates have a direct impact on the economy.
The consultative committee shall advise the Executive Committee or the Board concerning any matter assigned to it by the Board.
A by-law made under subsection (1) is ineffective until it has been approved by the Lieutenant-Governor in Council.
2015, c.35, s.1
The Chief Executive Officer of Opportunities NB shall be appointed as provided for in this section.
The first Chief Executive Officer shall be appointed by the Lieutenant-Governor in Council for a term not exceeding five years in accordance with a contract of employment which shall be deemed to be a contract of employment between the first Chief Executive Officer and Opportunities NB.
Each subsequent Chief Executive Officer shall be appointed by the Lieutenant-Governor in Council from among those nominated by the Board in accordance with subsection (7) for a term not exceeding five years.
The Chief Executive Officer is charged with the supervision, operation and control of the business and affairs of Opportunities NB and may exercise any other powers conferred on or delegated to him or her by the Board in the by-laws.
By by-law, the Board may delegate to the Chief Executive Officer any of the powers of Opportunities NB that relate to its financial assistance activities under this Act or any of the powers of Opportunities NB that the Board considers to be necessary for carrying out those financial assistance activities, including, but not limited to, the powers under paragraph 5(a), (b) or (c) or section 24 or 26.
The Chief Executive Officer shall be paid the remuneration that the Lieutenant-Governor in Council determines and the payment shall be made out of the funds of Opportunities NB.
Before making nominations under this section, the Board shall advise the Lieutenant-Governor in Council of the skills and qualification requirements for nominees for the position of Chief Executive Officer.
In making nominations under this section, the Board shall
(a) use a merit-based and objective approach,
(b) ensure that nominees have the necessary skills and qualifications to hold the office of Chief Executive Officer, and
(c) provide to the Lieutenant-Governor in Council a description of the recruitment, assessment and selection processes used and the results of those processes.
A Chief Executive Officer may be reappointed, but no person is eligible to serve as Chief Executive Officer for more than ten years, whether consecutively or otherwise.
The Chief Executive Officer is, by virtue of the office, a non-voting member of the Board and of the Executive Committee.
On the recommendation of the Board, the Lieutenant-Governor in Council may remove the Chief Executive Officer from office in accordance with a contract of employment between Opportunities NB and him or her or in accordance with applicable law.
In the case of the temporary absence or inability to act of the Chief Executive Officer, the Board may appoint a substitute for the Chief Executive Officer for the period of the temporary absence or inability to act.
Despite the Financial Administration Act, every subsequent employee of Opportunities NB, other than the Chief Executive Officer, shall be appointed in accordance with the staff requirements and mode of appointment established by the Board in the by-laws.
The pension plan converted to a shared risk plan in accordance with An Act Respecting Public Service Pensions applies to the Chief Executive Officer and all other employees of Opportunities NB.
A person who is an employee within the meaning of the Civil Service Act may be a candidate in a closed competition in relation to a position with Opportunities NB and, in relation to a closed competition in which that person is a candidate, has the status of an employee of Opportunities NB.
The fiscal year of Opportunities NB begins on April 1 of one year and ends on March 31 in the next year.
2019, c.29, s.112
Despite the Financial Administration Act, but subject to subsection (2), Opportunities NB may hold funds over any fiscal year, whether received from the Consolidated Fund or from another source.
The Minister of Finance and Treasury Board may direct that any funds that would otherwise be held over be paid into the Consolidated Fund.
The financial statements of Opportunities NB shall be audited at least once a year by an auditor appointed by Opportunities NB, and may be audited by the Auditor General at any time on his or her initiative or on the request of the Lieutenant-Governor in Council.
At any time and by order, the Minister may appoint a person as a trustee to act in place of the voting members of the Board if, in the opinion of the Minister,
(a) the Board is not properly carrying out its responsibilities, duties or powers under this Act or the regulations,
(b) the Board fails to comply or ensure that Opportunities NB complies with any provision of this Act or the regulations, or
(c) it is in the public interest.
On the appointment of a trustee, the voting members of the Board cease to hold office and shall not perform any duties or exercise any powers conferred on them under this Act or the regulations.
A trustee has all the responsibilities, duties and powers of the Board and shall receive the remuneration and reimbursement of expenses determined by the Minister.
If a trustee is appointed, the former voting members of the Board shall immediately deliver to the trustee all books, records and documents respecting the management and activities of Opportunities NB.
If, in the opinion of the Minister, a trustee is no longer required, the Minister may terminate the appointment of the trustee on the terms and conditions that the Minister considers advisable.
An application for financial assistance shall be made in accordance with the regulations and shall contain the information prescribed by regulation and any other information required by Opportunities NB.
A decision of the Board or the Executive Committee with respect to an application for financial assistance is final and may not be questioned or reviewed in any court.
2015, c.35, s.2
Unless it obtains the approval of the Lieutenant-Governor in Council, Opportunities NB shall not provide financial assistance to a person if the sum of the following exceeds the amount prescribed by regulation:
(a) the financial assistance sought by the person;
(b) all financial assistance previously provided to the person and not repaid; and
(c) all financial assistance that Opportunities NB has decided to provide to the person but has not yet provided.
If the Lieutenant-Governor in Council grants an approval for the provision of financial assistance, the Lieutenant-Governor in Council may require that Opportunities NB impose specified terms and conditions on the provision of the financial assistance.
2015, c.35, s.3
Subject to subsection (1.1), Opportunities NB may take any security that it considers appropriate for any financial assistance provided under this Act and may enforce the security in accordance with its terms or release the security on terms and conditions that Opportunities NB specifies.
Opportunities NB shall not take or release any security of a person under subsection (1) without the approval of the Lieutenant-Governor in Council if at the time of the release the sum of the following exceeds the amount prescribed by regulation:
(a) any financial assistance sought by the person;
(b) all financial assistance previously provided to the person and not repaid; and
(c) all financial assistance that Opportunities NB has decided to provide to the person but has not yet provided.
Despite subsection (1.1), Opportunities NB may release any security on any terms and conditions it specifies if it considers that the release does not substantially impact the financial risk of the Province.
In carrying out the enforcement of security held under this section, Opportunities NB may make an advance of money to a receiver, guarantee the accounts of a receiver, pay or guarantee a payroll of a business in default under the security and expend money in attracting a person to revive, take over or re-establish the business.
A person who receives a type of financial assistance under this Act that is prescribed by regulation shall pay to Opportunities NB an annual charge in the amount prescribed by regulation and in accordance with the terms and conditions prescribed by regulation. 2016, c.28, s.99
2015, c.35, s.4
Subject to subsections (2) and (3), Opportunities NB may amend the terms or conditions of any financial assistance provided under this Act, including, without limitation, by extending, deferring, adjusting or compromising the time for repayment of financial assistance or by commuting, rescinding or forgiving any or all of the principal and any or all of the interest of a loan provided under this Act.
If the amount of the principal and interest exceeds the amount prescribed by regulation, Opportunities NB shall not commute, rescind or forgive the principal and interest without the approval of the Lieutenant-Governor in Council.
If the amount of the principal and interest exceeds the amount prescribed by regulation, Opportunities NB shall not amend the terms and conditions referred to in subsection 23(2) without the approval of the Lieutenant-Governor in Council.
Despite the Financial Administration Act, if a debt due is commuted, rescinded or forgiven under this Act, that debt shall be deleted from the assets of the Crown in right of New Brunswick.
In addition to any other by-laws authorized or required to be made under this Act and subject to this Act, the Board may make by-laws for the control and management of the business and affairs of Opportunities NB, including, but not limited to, by-laws respecting
(a) the establishment, composition, operation and dissolution of committees of the Board,
(b) the term of office and removal of members of a committee established under paragraph (a) and the filling of vacancies among members of the committee,
(c) the time and place for the holding of meetings of the Board or of a committee established under paragraph (a) and the procedure at the meetings,
(d) subject to any applicable collective agreement and despite the Financial Administration Act, the remuneration, rate of reimbursement for expenses and other conditions of employment of the employees of Opportunities NB, other than the Chief Executive Officer, and their functions and duties,
(e) the remuneration and rate of reimbursement for expenses of members of the Board referred to in paragraph 8(1)(c),
(f) the appointment of an auditor, and
(g) the determination of the corporate seal of Opportunities NB.
The Board shall make by-laws establishing the policy of Opportunities NB in respect of situations considered by the Board to constitute an actual or potential conflict of interest pertaining to the members of the Board, including, but not limited to, the circumstances that constitute an actual or potential conflict of interest, the disclosure of the actual or potential conflict of interest and the manner in which it is to be dealt with.
A by-law made under paragraph (1)(d) or (e) or subsection (2) is ineffective until it has been approved by the Lieutenant-Governor in Council.
The Regulations Act does not apply to a by-law made under this Act.
The Board shall file a by-law made under this Act with the Minister as soon as possible after it is made.
No action, application or other proceeding lies or shall be instituted against any of the following persons in relation to anything done or purported to be done in good faith, or in relation to anything omitted in good faith, under this Act by the person:
(a) the Chief Executive Officer or a former Chief Executive Officer;
(b) any other member or former member of the Board; and
(c) any employee or former employee of Opportunities NB.
The following persons shall be indemnified by the Crown in right of New Brunswick against all costs, charges and expenses incurred by him or her in relation to any action, application or other proceeding brought against him or her in connection with the duties of the person and with respect to all other costs, charges and expenses that he or she incurs in connection with those duties, except costs, charges and expenses that are occasioned by that person’s own wilful neglect or wilful default:
(a) the Chief Executive Officer or a former Chief Executive Officer;
(b) any other member or former member of the Board;
(c) any employee or former employee of Opportunities NB; and
(d) the heirs and legal representatives of the persons referred to in this section.
The Lieutenant-Governor in Council may make regulations 2015, c.35, s.5; 2016, c.28, s.100
(a) prescribing an amount for the purposes of section 23;
(a.1) prescribing the types of financial assistance for the purposes of section 25;
(a.2) prescribing the amount of an annual charge;
(b) governing annual charges and the terms and conditions applicable to annual charges;
(c) governing an adjustment, deferment, reduction or waiver by Opportunities NB of the annual charges referred to in paragraph (b) and alterations by Opportunities NB of the terms and conditions referred to in paragraph (b);
(d) with the approval of the Board, authorizing an annual charge to be paid in instalments commencing on the anniversary date directed by the Board;
(d.1) prescribing an amount for the purposes of subsection 24(1.1);
(e) prescribing an amount for the purposes of subsection 26(2);
(f) prescribing an amount for the purposes of subsection 26(3);
(g) governing the charging of interest and the rates of interest on loans provided under this Act, including, but not limited to, authorizing Opportunities NB to charge interest at a rate it determines;
(h) governing the form and manner of application for financial assistance and prescribing information to be contained in an application;
(i) governing information to be provided in respect of a security that may vary for different kinds of security and authorizing the Board to require this information;
(j) defining any word or expression used in but not defined in this Act for the purposes of this Act, the regulations or both;
(k) governing any matter that the Lieutenant-Governor in Council considers necessary for the administration of this Act.
“Board” means the board of directors of Invest NB.(conseil)
“Chair” means the Chair of the Board.(président)
“Chief Executive Officer” means the Chief Executive Officer of Invest NB.(directeur général)
“Executive Committee” means the Executive Committee of the Board.(comité exécutif)
“financial assistance” means financial assistance as defined in section 1 of the former Act.(aide financière)
“former Act” means the Invest New Brunswick Act, chapter 24 of the Acts of New Brunswick, 2011.(ancienne loi)
“approved parcel identifier” means an approved parcel identifier as defined in the Land Titles Act.(numéro d’identification approuvé)
“Chief Registrar of Deeds” means the Chief Registrar of Deeds appointed under the Registry Act.(conservateur en chef des titres de propriété)
“instrument record” means instrument record as defined in the Land Titles Act.(registre des instruments)
“land titles office” means a land titles office as defined in the Land Titles Act.(bureau d’enregistrement foncier)
“register” (enregistrer)
(a) in paragraph (5)(a) means register as defined in the Land Titles Act, and
(b) in paragraph (5)(b) means register within the meaning of the Registry Act.
“registrar” (registrateur)
(a) in paragraph (5)(a) means registrar as defined in the Land Titles Act, and
(b) in paragraph (5)(b) means registrar as defined in the Registry Act.
“Registrar General” means the Registrar General as defined in the Land Titles Act.(registrateur général)
“Appeal Board” means the New Brunswick Industrial Development Appeal Board established under the former Act.(Commission d’appel)
“Board” means the New Brunswick Industrial Development Board established under the former Act.(Conseil)
“financial assistance” means financial assistance as defined in section 1 of the former Act.(aide financière)
“former Act” means the Economic Development Act, chapter E-1.11 of the Acts of New Brunswick, 1975.(ancienne loi)
2016, c.28, s.101
2016, c.28, s.102