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  1. Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations - SOR/2001-527 (Section 44)

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    • (5) A claim for loss shall include the lessor’s acknowledgement that the lessor has acted in accordance with the due diligence requirements referred to in section 19 when entering into and administering the capital lease and has taken the measures against the lessee required by subsection (1).

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    • (10) The amount of interest referred to in subparagraph (7)(a)(ii) shall be calculated on the outstanding balance, taking into consideration any proceeds realized from the taking of any measures described in subsection 43(3), as follows:

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      • (d) in respect of the 24-month period immediately after the period referred to in paragraph (c), at a rate of interest of 0%.

    [...]


  2. Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations - SOR/2001-527 (Section 12)

    • 12 (1) The registration of a capital lease shall be done on a form that shall be signed by the lessor and the lessee and contain the following information:

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      • (e) any charges and insurance premiums referred to in section 16, that the lessee is required to pay;

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      • (g) the lessee’s consent to

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        • (iii) the release by the Minister, of information in respect of the lessee’s outstanding loans made under the Act and the lessee’s outstanding guaranteed business improvement loans made under the Small Business Loans Act, to another lessor to whom the lessee applied for a capital lease, and

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      • (k) the lessor’s acknowledgement that, before approving the capital lease, the lessor acted in accordance with the due diligence requirements referred to in section 19.


  3. Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations - SOR/2001-527 (Section 47)

    • 47 (1) The Minister may, after giving at least 21 days notice in writing to a lessor, conduct an audit or examination of the lessor’s documents, records and books of account to verify that these Regulations are being complied with in respect of a capital lease, including that the lessor has acted in accordance with the due diligence requirements referred to in section 19 in respect of the approval and administration of the capital lease and that the documents submitted to the Minister in respect of the lessor are accurate and complete.

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    • (5) If a lessor refuses or intentionally fails to comply with any requirement of this section, the Minister may notify the lessor in writing that the Minister is not liable under these Regulations to make any payment to the lessor for any loss sustained as a result of a lessee’s default on any capital lease entered into by the lessor.

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  4. Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations - SOR/2001-527

    Whereas, pursuant to subsection 13(5) of the Canada Small Business Financing ActFootnote a, the Minister of Industry caused a copy of the proposed Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations, substantially in the form set out in the annexed regulations, to be laid before the House of Commons and before the Senate on October 3, 2001;

    [...]

    Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister for the purposes of the Atlantic Canada Opportunities Agency Act, the Minister of Western Economic Diversification, the Minister of Industry, the Minister of Finance and the Treasury Board, pursuant to sections 13 and 14 of the Canada Small Business Financing ActFootnote a, hereby makes the annexed Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations.


  5. Canada Small Business Financing (Establishment and Operation of Capital Leasing Pilot Project) Regulations - SOR/2001-527 (Section 39)

    • 39 (1) When a capital lease is transferred by a lessee to another lessee, the Minister’s liability under section 7 in respect of the capital lease continues if

      • (a) the lessor approves the transferee as the lessee in accordance with the due diligence requirements referred to in section 19, and the aggregate outstanding balance in respect of the lessee or any related lessee or borrower does not exceed $250,000;

      • (b) the security referred to in section 23 is maintained;

      • (c) any additional security referred to in section 24 is maintained or replaced by other additional security of equal or greater value on the assets in accordance with that section; and

      • (d) any guarantee or suretyship referred to in section 26 is maintained or replaced by another guarantee or suretyship of equal or greater value in accordance with that section.

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    • (3) When there is a change of partners in a partnership, the Minister’s liability under section 7 in respect of a capital lease continues if

      • (a) in accordance with the due diligence requirements referred to in section 19, the lessor approves the fact that the new partner has assumed the obligations of the old partnership, and the aggregate outstanding balance in respect of the new partner or any related lessee or borrower does not exceed $250,000; and

    • (4) When a partner leaves a partnership and is not being replaced, the Minister’s liability under section 7 in respect of a capital lease continues if

      • (a) in accordance with the due diligence requirements referred to in section 19, the lessor approves the fact that the remaining partners have assumed the obligations of the new partnership; and

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