688.5. Notwithstanding the Municipal Aid Prohibition Act (chapter I-15), any regional county municipality may, by by-law, give or lend money to an investment fund intended to provide financial support to enterprises in a start-up or developmental phase that are situated in its territory. The fund must be administered by a non-profit organization established for that purpose and accredited by the Minister of Municipal Affairs, Sports and Recreation.
The by-law must indicate the maximum contribution that the regional county municipality may make to the fund. The amount that a regional county municipality may commit under this article may not exceed $500 000.
The third paragraph of section 188 of the Act respecting land use planning and development (chapter A-19.1) does not apply in respect of the by-law mentioned in the first paragraph.
1994, c. 33, s. 39; 1999, c. 43, s. 13; 2003, c. 19, s. 250.