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1 These Regulations may be cited as the Small Business Loans Regulations, 1993.

• 24 (1) Where a lender who has made loans of a prescribed class discontinues its lending business and sells all loans of the prescribed class outstanding on its books to another lender who is the successor lender, or amalgamates with one or more other lenders so as to form a new lender, the Minister’s liability under the Act continues in favour of that successor lender or the new lender, and on the day of the sale or the amalgamation

  • (a) the loans made under these Regulations, and the Small Businesses Loans Regulations by the selling lender and successor lender, or by the amalgamating lenders, if previously registered by the Minister pursuant to section 23 of the Small Businesses Loans Regulations or section 23 of these Regulations are consolidated and transferred to the successor lender or the new lender; and

  • (b) all claims for loss already paid by the Minister to the selling lender and the successor lender, or to the amalgamating lenders, under these Regulations and the Small Businesses Loans Regulations are consolidated and are losses paid to the successor lender or the new lender.

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22 For the purposes of these Regulations, the registry established by the Minister pursuant to the Small Businesses Loans Regulations, made by Order in Council P.C. 1960-1764 of December 22, 1960, in order to provide for the recording of loans made under the Act, is hereby continued.

4 Subject to section 24, these Regulations apply to a guaranteed business improvement loan made after March 31, 1993.

2 In these Regulations,

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