J.M. Olds Collegiate was renamed in honor of Dr. J. M. Olds, who practised medicine at Twillingate for his entire career (49+ years).
The school was formerly and unofficially called Twillingate Island Central High School until its official (re)naming on March 22, 1980.
For a more detailed account, here is the complete text of the story "Date set for renaming of Twillingate high school" that appeared in The Lewisporte Pilot in March (~19)?,1980.