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• (2) When an action set out in paragraph (1)(a) takes effect, the Minister’s liability under the Act in respect of losses sustained by the amalgamating lenders as a result of loans made by them continues in respect of losses sustained by the new lender as a result of those loans and

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  • (b) the amount already paid by the Minister in respect of those loans to the amalgamating lenders as a result of the Minister’s liability under subsection 6(2) of the Act is considered to have been paid to the new lender; and

  • (c) if, as a result of the amalgamation, the amount already paid by the Minister to the amalgamating lenders as a result of the Minister’s liability under subsection 6(2) of the Act is greater than the Minister’s liability with respect to the new lender, the Minister’s liability is considered to be equal to the amount already paid.

• (3) When an action set out in any of paragraphs (1)(b) to (d) takes effect, the Minister’s liability under the Act continues in respect of losses sustained by the transferee lender as a result of those loans and

  • (a) the Minister’s liability under the Act in respect of losses sustained by the transferor as a result of loans made by them continues in respect of losses sustained by the transferee;

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  • (c) the amount already paid by the Minister in respect of those loans to the transferor as a result of the Minister’s liability under subsection 6(2) of the Act is considered to have been paid to the transferee; and

  • (d) if, as a result of the transfer, the amount already paid by the Minister to the transferor and transferee as a result of the Minister’s liability under subsection 6(2) of the Act is greater than the Minister’s liability with respect to the transferee, the Minister’s liability is considered to be equal to the amount already paid.

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• 38.1 (1) If the Minister has paid the lender the amount of any loss, calculated in accordance with subsection 38(7), the lender may, within the applicable period set out below, submit an additional claim for part of the previously unclaimed loss if the failure to respect the deadline for claiming that part of the loss was inadvertent:

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  • (c) in any other case, within 12 months after the date of expiry of the period specified in subsection 38(2) or (3), as the case may be.

• (2) An additional claim for part of the loss arising from any amount paid as a result of a claim submitted under a deemed trust by the Canada Revenue Agency or by any provincial department of revenue may be submitted after the period specified in subsection (1).

• (3) An additional claim for part of the loss must be certified by the lender and be accompanied

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  • (b) in the case of an additional claim submitted under subsection (2), by documentation that substantiates

    • (i) the amount paid as a result of a claim submitted under a deemed trust by the Canada Revenue Agency or by any provincial department of revenue, and

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34 A lender must provide the Minister, before every June 1, with a detailed report on all loans outstanding with that lender as at March 31 in the year of the report, including the following information with respect to each loan:

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• (c) the amount of principal that is outstanding and not yet due and payable as at March 31 in that year; and

• (d) the amounts, if any, of principal and interest that are due and payable as at March 31 in that year.

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• 33 (1) On the sale of all assets of a small business whose purchase or improvement is being financed by a loan, the borrower may be released by the lender from, and the purchaser may assume, liability in respect of the loan if

  • (a) the purchaser is approved by the lender as a borrower in accordance with the due diligence requirements referred to in section 8 and the outstanding loan amount is not greater than the applicable limit referred to in any of paragraphs 4(2)(b) to (d) of the Act;

• (2) On a change of partners in a partnership, an outgoing partner may be released from, and a new partner may assume, liability in respect of a loan if

  • (a) the new partner is approved by the lender as a borrower in accordance with the due diligence requirements referred to in section 8 and the outstanding loan amount is not greater than the applicable limit referred to in any of paragraphs 4(2)(b) to (d) of the Act;

• (3) On leaving a partnership, an outgoing partner who is not being replaced with a new partner may be released from liability in respect of a loan if

  • (a) the remaining partners are approved by the lender as borrowers in accordance with the due diligence requirements referred to in section 8 and the outstanding loan amount is not greater than the applicable limit referred to in any of paragraphs 4(2)(b) to (d) of the Act;

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• 38.1 (1) If the Minister has paid the lender the amount of any loss, calculated in accordance with subsection 38(7), the lender may, within the applicable period set out below, submit an additional claim for part of the previously unclaimed loss if the failure to respect the deadline for claiming that part of the loss was inadvertent:

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  • (c) in any other case, within 12 months after the date of expiry of the period specified in subsection 38(2) or (3), as the case may be.

• (2) An additional claim for part of the loss arising from any amount paid as a result of a claim submitted under a deemed trust by the Canada Revenue Agency or by any provincial department of revenue may be submitted after the period specified in subsection (1).

• (3) An additional claim for part of the loss must be certified by the lender and be accompanied

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  • (b) in the case of an additional claim submitted under subsection (2), by documentation that substantiates

    • (i) the amount paid as a result of a claim submitted under a deemed trust by the Canada Revenue Agency or by any provincial department of revenue, and

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