Orders in Council Database

Under the authority of section 11 of the Executive Council Act, the Lieutenant Governor in Council is pleased to authorize the Minister of Industry, Trade and Rural Development to enter into an agreement with the Discovery Regional Development Board to provide Directors and Officers liability (indemnification) insurance coverage to the Board through government’s Blanket Indemnification Agreement for Boards, Agencies and Commissions, on terms and conditions comparable to private (commercial) coverage subject to:

i) coverage mirroring only that which would normally be covered by a private (commercial) policy, with the same limits, exclusions and deductibles;

ii) coverage being on a go-forward basis only and past actions or decisions of the Board not being covered;

iii) the Department of Industry, Trade and Rural Development becoming more involved in the day-to-day operation of the Board, with a representative of the Department being on the Finance Committee of the Board and having to authorize all expenditures;

iv) activities undertaken by the Board being restricted to those outlined in its approved work plan, with a particular emphasis on successfully rebuilding the organization;

v) the period of coverage being six months, with the Minister of Industry, Trade and Rural Development authorized to extend for additional six month intervals based upon review until such time that a market solution can be found;

vi) the Department of Industry, Trade and Rural Development reducing its financial support to the Board by an amount equivalent to a commercial premium that such an organization would pay for private Directors and Officers coverage; and,

vii) such other terms and conditions deemed appropriate by the Minister of Industry, Trade and Rural Development.