Immigration and Refugee Protection Regulations

Marginal note:Approval by the Minister

91 The Minister shall approve a fund if

• (a) the fund has been approved by a province;

• (b) the province provides documentation to the Minister stating that, if the fund fails to transfer the provincial allocation to the agent in accordance with paragraph 92(g), the province will be liable to transfer to the agent an amount equal to the provincial allocation in order to repay the investor in accordance with paragraph 92(i);

• (c) the fund will be the only non-suspended approved fund in the province; and

• (d) the fund has entered into an agreement with the Minister designating the Minister as agent for the purpose of

  • (i) receiving the provincial allocation and keeping it until the beginning of the allocation period, unless the provincial allocation is repaid under paragraph 92(b),

  • (ii) transferring the provincial allocation to the approved fund at the beginning of the allocation period in accordance with paragraph 92(d), unless the approval of the fund is suspended under subsection 93(1),

  • (iii) preparing and delivering to the investor a debt obligation and notifying the investor of the date of receipt of the investment at the beginning of the allocation period in accordance with paragraph 92(e),

  • (iv) receiving the provincial allocation transferred by the approved fund at the end of the allocation period in accordance with paragraph 92(g),

  • (v) if the approved fund fails to transfer the provincial allocation under paragraph 92(g), receiving the provincial allocation from the province in accordance with paragraph 92(h), and

  • (vi) repaying the provincial allocation to the investor in accordance with paragraph 92(i).