60.1. Notwithstanding the Municipal Aid Prohibition Act (chapter I-15), the city may, to promote the economic development of the city, create a legal person(1) to promote the economic development of the city; and
(2) to promote the establishment and maintenance of enterprises in its territory.
The board of directors of a legal person created under the first paragraph must have as a member a representative of a local development centre, although that member is not entitled to vote.
Sections 573 to 573.3.4 of the Cities and Towns Act (chapter C-19) apply to the legal person created under the first paragraph, with the necessary modifications, and that legal person is deemed to be a local municipality for the purposes of the regulation made under section 573.3.0.1 of that Act.
The chief auditor of the city shall audit the accounts and business of the legal person created under the first paragraph.
2001, c. 68, s. 171; 2002, c. 37, s. 36.