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C-47.1 - Municipal Powers Act
Section 125
Disposition versions
125. A regional county municipality may establish an investment fund intended to provide financial support to enterprises in a start-up or developmental phase and give or lend money to such a fund.
The fund must be administered by the regional county municipality or by a non-profit body established for that purpose.
The resolution must indicate the maximum contribution the regional county municipality may make to the fund. The amount it may commit under this section may not exceed $500,000. The regional county municipality may entrust to a committee it establishes for that purpose, composed of representatives of the business community and any other civil society stakeholder it deems relevant, the selection of beneficiaries of financial assistance that may be granted in accordance with the rules it determines. The regional county municipality establishes the committee’s mode of operation.
125. A regional county municipality may give or lend money to an investment fund intended to provide financial support to enterprises in a start-up or developmental phase.
The fund must be administered by a non-profit body established for that purpose.
The resolution must indicate the maximum contribution the regional county municipality may make to the fund. The amount it may commit under this section may not exceed $500,000.
