Section 1 definitions of "additional one-time allocation", "Pine Beetle Account", "qualified individual" and "regional advisory committee" were added by 2005-37-1, effective December 9, 2005 (BC Reg 359/2005).
Section 1 definition of "additional one-time allocation" BEFORE amended by 2023-47-112, effective November 30, 2023 (Royal Assent).
"additional one-time allocation" means any money, other than the northern development allocation, paid by the government to the Northern Development Initiative Trust;
Section 3 (a) (i) BEFORE amended by 2005-37-2, effective December 9, 2005 (BC Reg 359/2005).
(i) elected officials of municipalities or regional districts within the region, or
Section 6 (3) (a) and (b) BEFORE amended by 2005-37-3(a) and (b), effective December 9, 2005 (BC Reg 359/2005).
(a) if the director is appointed under subsection (2) (a), 2 years from the expiry of the term of the retiring director that he or she replaces, and
(b) if the director is appointed under subsection (2) (b), 3 years from the expiry of the term of the retiring director whom he or she replaces.
Section 6 (4) BEFORE amended by 2005-37-3(c), effective December 9, 2005 (BC Reg 359/2005).
(4) Nothing in this Act prevents a regional advisory committee from removing and replacing, in accordance with any procedures it has established for that purpose, any director it has appointed to the Northern Development Initiative Trust and, in that event, the term of office of the replacement director is the remainder of the term of the director he or she replaces.
Section 10 (2) BEFORE amended by 2005-37-4(b), effective December 9, 2005 (BC Reg 359/2005).
(2) Subject to section 20, the directors of the Northern Development Initiative Trust may invest any or all of the northern development allocation.
Section 10 (1.1) (b) BEFORE amended by 2023-47-113, effective November 30, 2023 (Royal Assent).
(b) receive the additional one-time allocation and
(i) deposit 60% of that allocation into the Pine Beetle Account, and
(ii) deposit 10% of that allocation into each of the regional development accounts.
Section 12 BEFORE repealed by 2005-37-5, effective December 9, 2005 (BC Reg 359/2005).
Accountability
12 (1) Within 4 months after the end of each of its fiscal years, the Northern Development Initiative Trust must prepare an annual report on its use of the northern development allocation in the fiscal year for which the report is prepared, and must
(a) present that report to each of its directors, and
(b) make that report available to the public in a reasonable manner, including by electronic means.
(2) The annual report under subsection (1) must include the audited financial statements for the fiscal year for which the report is prepared.
Part 2.1, sections 12.1, 12.2 and 12.3 were enacted by 2005-37-5, effective December 9, 2005 (BC Reg 359/2005)
Section 15 (1) and (2) BEFORE amended by 2005-37-7, effective December 9, 2005 (BC Reg 359/2005).
(1) The Northern Development Initiative Trust must manage the accounts established under section 7 (3) (a).
(2) If any donation is made to the Northern Development Initiative Trust, the directors of the Northern Development Initiative Trust must deposit that money into whichever of the accounts established under section 7 (3) (a) was specified in the donation, or, if no account was so specified, into the Cross-regional Account.
Section 16 BEFORE amended by 2005-37-7, effective December 9, 2005 (BC Reg 359/2005).
16 The interest or other income earned in relation to an account established under section 7 (3) (a) must be paid into that account or, if the interest or other income was earned in relation to 2 or more of the accounts established under section 7 (3) (a), be paid proportionately into those accounts.
Section 17 (1) BEFORE amended by 2005-37-8, effective December 9, 2005 (BC Reg 359/2005).
(1) Subject to subsection (2), the directors of the Northern Development Initiative Trust may use the interest or other income earned from the money held in or invested out of the Operating Endowment Account to meet any of the costs and expenses incurred by the Northern Development Initiative Trust under this Act.
Section 18 (2) BEFORE amended by 2005-37-9(b), effective December 9, 2005 (BC Reg 359/2005).
(2) The purpose of each of the regional development accounts is to support investment in the matters referred to in paragraphs (a) to (i) of subsection (1) to benefit, and facilitate the development of, the region after which the account is named.
Section 18 (1) and (2) BEFORE amended by 2023-47-115, effective November 30, 2023 (Royal Assent).
(1) The purpose of the Cross-regional Account is to support investment in the following in the legacy area:
(2) The purpose of each of the regional development accounts is to support investment in the matters referred to in paragraphs (a) to (j) of subsection (1) to benefit, and facilitate the development of, the region after which the account is named.