Mr. Speaker, I move, seconded by the honourable Member for the Sahtu, that Bill 84, An Act to Amend the Northwest Territories Business Development and Investment Corporation Act, be read for the second time.

This bill amends the Northwest Territories Business Development and Investment Corporation to

• Change the name of the act to the Prosper NWT Act;
• Continue the Northwest Territories Business Development and Investment Corporation as Prosper NWT;
• Clarify when a corporation will be considered a subsidiary of Prosper NWT for the purposes of the act;
• Provide the Board with the authority to modify Prosper NWT's non-financial support programs with the approval of the Minister;
• Provide Prosper NWT with the authority to provide non-financial support to business enterprises and members of the public outside of established programs;
• Provide Prosper NWT with the authority to provide financial support to business enterprises and subsidiaries;
• Provide the board with the authority to require parties to confirm their compliance with agreements they have entered into with Prosper NWT;
• Clarify conflict of interest provisions by adding the concept of a controlling interest;
• Clarify that persons are related under the Act if they are related for the purposes of the Income Tax Act (Canada);
• Permit Prosper NWT, subject to certain limitations, to use a portion of its cash on hand for the purpose of carrying on its business;
• Remove the requirement that the programs established under the act be periodically reviewed by the Minister;
• Modernize language, including using gender-neutral pronouns; and,
• Correct inconsistencies and errors identified in the act.

Thank you, Mr. Speaker.