Industrial Enterprises Inc., a provincial crown corporation, was established by statute in 1965 to "encourage the promotion, expansion, and diversification of industrial activity within the Province of Prince Edward Island". It was given the power to carry on any business of an industrial or trading nature, to encourage and assist, and to rehabilitate existing businesses and industries in the Province. The role was primarily carried out through term loans, financial incentives and industrial support services. The corporation was administered by a board of directors of not less than five nor more than eleven members, one of whom was to be the Deputy-Minister of the Dept. of Industry and Commerce. Industrial Enterprises Incorporated ceased activity in 1984 with the establishment of the PEI Development Agency.