Marginal note:Minister to preside

• 5. (1) The Minister shall preside over the Agency.

• Marginal note:Agreements

  (2) In exercising the powers and performing the duties and functions under this Act, the Minister may enter into agreements with the government of Quebec or any agency of that government, or with any other entity or person, including cooperation agreements and agreements related to distinct sectors of Quebec's economy.

• Marginal note:Restriction — federal election

  (3) No grant or contribution shall be announced from the date that a federal election has been called until the day after voting day.

Marginal note:Powers, duties and functions of the Minister

6. The Minister shall exercise his or her powers and perform his or her duties and functions in a manner that will

• (a) promote economic development in the regions of Quebec where low incomes and/or slow economic growth are prevalent or where opportunities for productive employment are inadequate;

• (b) emphasize long-term economic development and sustainable employment and income creation; and

• (c) focus on small- and medium-sized enterprises and on the development of entrepreneurial talent.

Marginal note:Shares and related instruments

7. Subject to any regulations, the Minister may acquire, exercise, assign or sell a stock option, share warrant, share or other similar financial instrument obtained as a condition of a loan or contribution made, a guarantee given or loan insurance or credit insurance provided under subsection 11(1) or in the course of the collection or enforcement of a debtor’s obligation to the Agency.

Marginal note:Agency established

8. An Agency of the Government of Canada to be known as the Economic Development Agency of Canada for the Regions of Quebec is established.

Marginal note:President

• 9. (1) The Governor in Council shall appoint an officer to be the deputy of the Minister, who shall be called the President of the Agency and who shall hold office during pleasure.

• Marginal note:Chief executive officer

  (2) The President is the chief executive officer of the Agency and, under the direction of the Minister, has control and supervision over the work, officers and employees of the Agency.

• Marginal note:Acting President

  (3) In the event of the absence or incapacity of the President or a vacancy in that office, the Minister shall appoint another person to act as the President, but no person may act as President for a period exceeding 90 days without the approval of the Governor in Council.

• Marginal note:Remuneration

  (4) The President shall be paid the remuneration set by the Governor in Council.