3. The purpose of this Act is to facilitate the development of viable Atlantic Fisheries that are competitive and privately-owned through the restructuring of fishery enterprises.
- 1980-81-82-83, c. 172, s. 3.
4. (1) To carry out the purpose of this Act, the Minister may, on behalf of Her Majesty,
(a) acquire, hold or dispose of or otherwise deal with shares, debentures or other securities of, or any security interest in, any fishery enterprise;
(b) pledge, hypothecate or charge any share, debenture or other security, or other security interest, acquired or held under paragraph (a); and
(c) enter into any agreement or arrangement necessary or incidental to any activity referred to in paragraph (a) or (b).
Marginal note:Disposal of interest
(2) The Minister shall dispose of such portion of any interest in a fishery enterprise acquired under paragraph (1)(a) as is practicable after the enterprise becomes, in the opinion of the Minister, economically viable on a continuing basis.
Marginal note:Public interest
(3) Any agreement or arrangement to which Her Majesty becomes a party, or any other action taken, pursuant to this section shall be deemed to be in the interest of the public.
- 1980-81-82-83, c. 172, s. 4.
CONTRIBUTIONS, LOANS AND GUARANTEES
Marginal note:Contributions and loans
5. To carry out the purpose of this Act, the Minister may, on such terms and conditions as the Minister specifies, make a contribution or loan to a fishery enterprise.
- 1980-81-82-83, c. 172, s. 5.
6. (1) To carry out the purpose of this Act, the Minister may, with the approval of the Governor in Council on the recommendation of the Minister of Finance, on such terms and conditions as the Minister specifies, guarantee the repayment of any portion of the principal and interest owing on any loan made to a fishery enterprise.
Marginal note:Limitation on loans guaranteed
(2) The aggregate amount of guarantees given under this section that are outstanding at any one time shall not exceed one hundred million dollars.
- 1980-81-82-83, c. 172, s. 6.
Marginal note:Minister authorized to exercise specified powers
7. The Governor in Council may by order authorize any minister of the Crown, other than the Minister of Fisheries and Oceans, to exercise in respect of such fishery enterprise as is specified in the order such powers referred to in this Act as are specified in the order.
- 1980-81-82-83, c. 172, s. 7.
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