1 These Regulations may be cited as the Northern Ontario Loan Insurance Regulations.
2 (1) In these Regulations,
(2) For the purposes of the definition project in subsection (1), the establishment of a commercial operation includes the purchase of the assets of a facility if, at the time an applicant makes an application under these Regulations,
[...]
(c) the purchase of the assets of the facility is an arm’s length transaction by the applicant in good faith who is unrelated to the present owner or the immediate predecessor of that owner, and the purchase has not been undertaken for the sole purpose of an application under these Regulations.
(2) The Minister may enter into a loan insurance agreement where
(k) all other requirements of these Regulations are met.
