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The Lake Group Ltd. Regulations (SOR/82-627)

Regulations are current to 2024-05-28

The Lake Group Ltd. Regulations

SOR/82-627

APPROPRIATION ACTS

APPROPRIATION ACT NO. 1, 1980-81

Registration 1982-06-24

Regulations Respecting the Insurance of Loans Made to the Lake Group Ltd.

P.C. 1982-1876 1982-06-23

His Excellency the Governor General in Council, on the recommendation of the Minister of Industry, Trade and Commerce and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, is pleased hereby to make the annexed Regulations respecting the insurance of loans made to The Lake Group Ltd.

Short Title

 These Regulations may be cited as The Lake Group Ltd. Regulations.

Interpretation

 In these Regulations,

Minister

Minister means the Minister of Industry, Trade and Commerce; (ministre)

private lender

private lender means any lender approved by the Minister other than

  • (a) the Government of Canada,

  • (b) the government of any province of Canada,

  • (c) an agency of any government referred to in paragraph (a) or (b) or any company that, in the opinion of the Minister, is effectively controlled by any such government or any agency thereof, or

  • (d) any municipal corporation; (prêteur privé)

The Lake Group Ltd.

The Lake Group Ltd. means a company incorporated under the laws of the Province of Newfoundland and having its head office in the City of St. John’s in that province. (The Lake Group Ltd.)

Insurance

 Subject to section 6, the Minister may, under Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, provide insurance for the full amount of any loss that may result in respect of any loan made by a private lender to The Lake Group Ltd.

Application for Insurance

 A private lender who wishes the Minister to provide insurance referred to in section 3 shall make application therefor to the Minister and shall provide the Minister with such information and documents relating to the application as he may require.

Payment of Insurance

 Where a private lender demands repayment of a loan referred to in section 3 in respect of which insurance has been provided by the Minister pursuant to that section, the amount of such insurance payable to the private lender shall not exceed the amount of insurance in effect on the date of such demand.

Maximum Amount of Insurance and Contributions

 The aggregate amount of insurance that may be provided by the Minister pursuant to section 3 in respect of any loan made by a private lender to The Lake Group Ltd. shall not exceed $18 million at any time without the approval of the Treasury Board.


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