APPROPRIATION ACT NO. 1, 1980-81
Regulations Respecting the Insurance of Loans Made to Maislin Industries Ltd.
P.C. 1982-2484 1982-08-18
His Excellency the Governor General in Council, on the recommendation of the Minister of Industry, Trade and Commerce and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, is pleased hereby to make the annexed Regulations respecting the insurance of loans made to Maislin Industries Ltd.
2 In these Regulations,
Minister means the Minister of Industry, Trade and Commerce; (ministre)
- private lender
private lender means any lender approved by the Minister other than
(a) the Government of Canada,
(b) the government of any province of Canada,
(c) an agency of any government referred to in paragraph (a) or (b) or any company that, in the opinion of the Minister, is effectively controlled by any such government or any agency thereof, or
(d) any municipal corporation. (prêteur privé)
3 Subject to sections 4 and 5, where a private lender makes loans for the purpose of
(a) promoting the growth, efficiency or international competitiveness of Maislin Industries Ltd. or its wholly-owned subsidiary, Maislin Transport Ltd., both of which companies are incorporated under the laws of the Province of Quebec and have their head offices in the City of Montreal in that province, and
(b) fostering the expansion of Canadian trade by Maislin Industries Ltd. or Maislin Transport Ltd.,
the Minister may under Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, as extended by Vote 1e of Appropriation Act No. 4, 1981-82, provide, with the approval of Treasury Board, insurance in an amount that does not exceed the lesser of
(c) $27 million U.S., and
(d) 90 per cent of the amount of any loans made by the private lender to Maislin Industries Ltd. or Maislin Transport Ltd. or to both.
- SOR/82-912, s. 1.
Application for Insurance
4 A private lender who wishes the Minister to provide insurance referred to in section 3 shall make application therefor to the Minister and shall provide the Minister with such information and documents relating to the application as he may require.
Payment of Insurance
5 Where a private lender demands repayment of a loan referred to in section 3 in respect of which insurance has been provided by the Minister pursuant to that section prior to the maturity of that loan, the amount of such insurance payable to the private lender shall not exceed an amount equal to the lesser of
(a) the amount of insurance in effect on the date of such demand; and
(b) 90 per cent of the loss incurred by the private lender.
Amendment of Terms and Conditions of Loan
6 Notwithstanding any other provision of these Regulations, the Minister shall not, without the approval of the Treasury Board, authorize the amendment of the terms and conditions of any loan insured pursuant to section 3, except where the Minister is satisfied that such amendment will not substantially increase the risk of any loss to Her Majesty.
- Date modified: