Fisheries Improvement Loans Act (R.S.C., 1985, c. F-22)

General

Marginal note:Minister subrogated in lender’s rights

• 12 (1) Where under this Act the Minister has paid to a lender the amount of any loss sustained by the lender as a result of a guaranteed loan, the lender shall execute a receipt in favour of the Minister in prescribed form and the Minister is thereupon subrogated in all rights of the lender in respect of the loan.

• Marginal note:Idem

  (2) Without limiting the generality of subsection (1), the subrogation mentioned in that subsection vests in the Minister all rights and powers of the lender in respect of the guaranteed loan, of any judgment concerning the loan obtained by the lender and of any security taken by the lender for the repayment of the loan, and the Minister is entitled to exercise all the rights, powers and privileges that the lender had or might exercise in respect of the loan, judgment or security, including the right to commence or continue any action or proceeding, to execute any release, transfer, sale or assignment or in any way to collect, realize or enforce the loan, judgment or security.

• Marginal note:Receipt evidence of payment

  (3) Any document purporting to be a receipt in prescribed form and purporting to be signed on behalf of the lender is evidence of the payment by the Minister to the lender under this Act in respect of the guaranteed loan therein mentioned and of the execution of that document on behalf of the lender.

Marginal note:Payment out of C.R.F.

13 The Minister may pay any amount payable to a lender under this Act out of the Consolidated Revenue Fund.

Marginal note:Annual report

• 14 (1) The Minister shall, as soon as possible after the termination of each fiscal year, and in any event within three months thereafter, prepare a report with regard to the administration of this Act during that fiscal year.

• Marginal note:Report to be laid before Parliament

  (2) The Minister shall lay before Parliament the report prepared under subsection (1) within fifteen days after it is prepared or, if Parliament is not then sitting, on any of the first fifteen days next thereafter that either House of Parliament is sitting.