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13 (1) Where, in the opinion of the Board, it is advisable to obtain security for the repayment of a loan made under these Regulations, the Board shall obtain and hold such security as it deems proper.

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(3) Where, in the opinion of the Board, it is advisable to obtain a stock option as a condition of the making of a loan under these Regulations, the Board shall obtain that stock option upon such terms and conditions as it deems proper.

(4) Where a stock option for the purchase of capital stock in a corporation was acquired by the Board in connection with the provision of insurance on a loan or a letter of credit made to that corporation pursuant to these Regulations, the Board may exercise or assign such option on behalf of Her Majesty if, in the opinion of the Board,

• (a) the value of the capital stock of the corporation has increased as a result of the assistance provided under these Regulations; and

(5) Where capital stock in a corporation has been acquired by the Board on behalf of Her Majesty pursuant to subsection (4), the Board shall sell or dispose of such capital stock as soon thereafter as it is in the economic interest of Her Majesty to do so on the following conditions:

• (a) the capital stock shall be sold at such price and upon such terms as will provide maximum benefit to Her Majesty; and

• (b) when the Board receives a bona fide offer to purchase the capital stock that the Board is willing to accept, the Board shall give notice of such offer to the person from whom the capital stock was acquired pursuant to the exercise of the option by the Board and that person shall have the assignable right, during the next 7 business days after the Board has given such notice, to elect to purchase the shares for the same price and upon the same terms and conditions as set out in the said offer.

(6) Where a stock option has been acquired by Her Majesty pursuant to subsection (3) or (4) and the Board wishes to assign such option, the Board shall, prior to assigning such option, give notice of the intended assignment to the person from whom the option was acquired and that person shall have the assignable right during the next 7 business days after the Board has given such notice to acquire that option upon the same terms and conditions as the intended assignment.

9 (1) Where, in the opinion of the Board, a manufacturer

• (a) requires a loan in order to adapt efficiently to competition from goods imported at such prices, in such quantities or under such conditions as to cause or threaten to cause him serious injury, and

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(5) Where, pursuant to these Regulations, the Board has authorized the provision of insurance on a loan by a private lender not exceeding $200,000 to a manufacturer or other person in Canada, the Board may, on behalf of Her Majesty, make a loan in an amount not exceeding, in the aggregate, 50 per cent of the amount of the loan to the manufacturer or other person on the following conditions:

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• (d) a loan made pursuant to this subsection shall be repaid on the date of the first disbursement of the loan advanced by the private lender or on such earlier date as the Board may determine; and

• (e) the Board shall specify the date on which the loan shall be repaid in the event that a disbursement to repay the loan advanced hereunder has not been made by the private lender within a reasonable time as established by the Board.

3 (1) A committee is hereby established to be known as the General Adjustment Assistance Board consisting of

• (a) three members, not being members of the Public Service within the meaning of the Public Service Employment Act, to be appointed by the Governor in Council, one of whom shall be designated by the Governor in Council as Chairman of the Board and one of whom shall be designated by the Governor in Council as Vice-Chairman of the Board; and

16 (1) The amount of any insurance provided by the Board under these Regulations may be reduced at the request of the private lender at such times and in such manner as is specified by the Board.

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(4) Where, in the opinion of the Board, it is advisable to obtain a stock option for the purchase of capital stock in a corporation in connection with the provision of insurance on a loan or a letter of credit made to that corporation pursuant to these Regulations, the Board may, in addition to the insurance fee, obtain a stock option for the acquisition of shares in that corporation upon such terms and conditions as the Board deems proper.

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(2) Where, in the opinion of the Board, a manufacturer

• (a) requires a loan in order to

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  • (ii) adapt efficiently to competition from goods imported at such prices, in such quantities or under such conditions as to cause or threaten to cause him serious injury, and

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(5) Where a general contractor, consulting engineer, builder, architect or manufacturer in Canada or any group of such persons

• (a) requires a letter of credit as a bid or performance surety in connection with a contract to be performed outside Canada or the United States by that contractor, engineer, builder, architect manufacturer or group, and

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