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2 In this Order,

bank

bank means

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• (b) a credit union, caisse populaire or other cooperative credit society that has been designated as a bank for the purposes of the Farm Improvement Loans Act, the Small Businesses Loans Act or the Fisheries Improvement Loans Act or is designated by the Minister on the application of that society as a bank for purposes of this Order,

• (c) a corporation that

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  • (ii) has been designated as a bank for the purposes of the Farm Improvement Loans Act, the Small Businesses Loans Act or the Fisheries Improvement Loans Act, or

  • (iii) is designated by the Minister on the application of that corporation as a bank for the purposes of this Order, or

• (d) the Province of Alberta Treasury Branch established pursuant to the Treasury Branches Actas enacted by the Province of Alberta; (banque)

business enterprise

business enterprise means, regardless of a change in ownership or control,

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• (c) the business of a profession recognized as such under a law of the Parliament of Canada or the legislature of a province,

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• (d) a business having as its object the furtherance of a charitable or religious purpose, or

Indian

Indian means an Indian as defined in the Indian Act; (Indien)

responsible officer of the bank

responsible officer of the bank means

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• (b) the person for the time acting as manager of a bank or a branch thereof,

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• 11 (1) Where a loan has been guaranteed in part and where the Minister has instructed a bank not to realize on its securities pursuant to subparagraph 12(2)(a)(iii), the Minister shall become liable for the total loss of the bank as if the loan had been guaranteed by the Minister for the full amount thereof, and, on payment of the claim by the Minister, the bank shall execute an assignment, in a form satisfactory to the Minister, of all the rights of the bank in respect of that loan as described in section 10.

• (2) Where a loan has been guaranteed in part and the bank is unable to realize on any or all of its securities, the bank may submit a claim for loss pursuant to section 8 for the estimated amount of the net loss as mutually agreed between the bank and the Minister, and the bank on payment of a valid claim shall, at the option of the Minister,

  • (a) execute an assignment in a form satisfactory to the Minister of all rights of the bank in respect of that loan as described in section 10; or

• (3) Where a loan has been guaranteed in part and funds are recovered from any source, including the disposal of assets, subsequent to the payment of a claim in respect of the guaranteed loan, such funds, less realization costs, shall be divided between the Minister and the bank in proportion to their respective shares of the net loss as agreed between the bank and the Minister.

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• (2) Where a guaranteed loan becomes repayable pursuant to subsection (1), the bank shall

  • (a) take such steps, whether by legal proceedings or otherwise, as it considers necessary to

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  • (b) within 30 days of receipt by the Minister of advice of the date the loan becomes repayable, take such additional steps for the realization or protection of the security as the Minister may reasonably require.

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• 8 (1) A claim by a bank for a loss as a result of a guaranteed loan shall be made to the Minister at any time not less than 90 days after the entire amount of the balance outstanding becomes due and repayable and shall comprise

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  • (c) the uncollected earned interest outstanding at the time the claim is approved for payment by the Minister at the full rate of interest specified in the loan terms for

    • (i) a period of 180 days after the entire amount of the balance outstanding becomes due and repayable and for such further period as, in the opinion of the Minister, is justified for reasons beyond the control of the bank, and

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