3. The General Adjustment Assistance Board is hereby declared to be the successor to the Adjustment Assistance Board, and all property, rights, obligations and liabilities of the Adjustment Assistance Board existing immediately before June 29, 1971 shall be deemed to be the property, rights, obligations and liabilities of the General Adjustment Assistance Board.

• 4. (1) The Board shall administer loans made under these Regulations and shall perform such other duties and functions as the Minister of Industry, Trade and Commerce may assign to it.

• (2) The Minister of Industry, Trade and Commerce may, after June 30, 1973 and with the approval of the Governor in Council, assign to one or more departments or agencies of the Government of Canada the functions previously exercised by the Board in respect of the administration and servicing of loans made under these Regulations.

• 5. (1) Subject to subsection (2), the Board may authorize a change in any security required or taken in respect of a loan made under these Regulations before July 1, 1973 and the entry into an agreement on behalf of Her Majesty, amending the terms and conditions of such a loan.

• (2) No agreement entered into pursuant to subsection (1) shall

  • (a) increase the principal amount of a loan, except by the compounding of interest in arrears; or

  • (b) amend a term or condition that was prescribed by these Regulations.

6. Subject to these Regulations, the Board may make such by-laws and regulations as may be necessary for the conduct of its meetings, the management of its affairs and the performance of its duties.

7. In carrying out its duties and functions under these Regulations, the Board shall use the existing staff and facilities of departments and agencies of the Government of Canada and such staff and facilities shall, to the extent practicable, be made available to the Board.

8. Where an eligible manufacturer is already indebted to Her Majesty under a loan or loans made to him under these Regulations and

• (a) default or an event of default under the terms and conditions of the loan or loans has occurred, or

• (b) in the opinion of the Board, Her Majesty's security taken in support of the loan or loans is in imminent danger of being placed in jeopardy,

the Board may, in accordance with these Regulations, if financing is not available through other sources, make a loan to, or give a guarantee of loan made by a lender to, that eligible manufacturer where, in the opinion of the Board, the loan or guarantee would provide that eligible manufacturer with a reasonable prospect of a profitable operation or would provide for the continuation of all or part of the operations of the borrower and would protect Her Majesty's security.

• 9. (1) An eligible manufacturer who requires a loan under section 8 shall make application therefor to the Board and shall submit with his application such information as the Board may require.

• (2) Where an application for a loan or a guarantee is approved by the Board, the applicant may enter into an agreement with Her Majesty and that agreement shall, subject to these Regulations, be in such form and contain such provisions as the Board considers necessary.

• (3) The amount of a loan made or a payment made under a guarantee given under section 8 shall be paid by the Board out of the moneys appropriated therefor by Parliament.