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Baie Verte Mines Inc. Regulations (SOR/82-896)

Regulations are current to 2024-05-01

Baie Verte Mines Inc. Regulations

SOR/82-896

APPROPRIATION ACTS

APPROPRIATION ACT NO. 1, 1980-81

APPROPRIATION ACT NO. 2, 1981-82

Registration 1982-09-29

Regulations Respecting Loans and Insurance of Loans Made to Baie Verte Mines Inc.

P.C. 1982-2953 1982-09-22

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 and Industry, Trade and Commerce Vote L35 of Appropriation Act No. 2, 1981-82, is pleased hereby to make the annexed Regulations respecting loans and insurance of loans made to Baie Verte Mines Inc.

Short Title

 These Regulations may be cited as the Baie Verte Mines Inc. Regulations.

Interpretation

 In these Regulations,

Baie Verte Mines Inc.

Baie Verte Mines Inc. means a company incorporated with that name under the laws of the Province of Ontario and having its head office in the City of Toronto in that province; (Baie Verte Mines Inc.)

private lender

private lender means any lender 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 is effectively controlled by any such government or any agency thereof, or

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

Loans

 The Minister of Industry, Trade and Commerce may provide loans to Baie Verte Mines Inc. up to $13 million in the aggregate in accordance with the terms and conditions set out in the draft agreement between the Minister of Regional Economic Expansion and Baie Verte Mines Inc. set out in the schedule.

Insurance

 The Minister of Industry, Trade and Commerce may provide insurance for the full amount of any loss that may result in respect of any loan made by a private lender to Baie Verte Mines Inc. up to $1 million in the aggregate.

Application for Loans and Insurance

 Application for loans and insurance for loans referred to in sections 3 and 4 shall be made to the Minister of Industry, Trade and Commerce and shall contain such information and documents relating to the application as the Minister may require.

Payment of Insurance

 Where a private lender demands repayment of a loan referred to in section 4 in respect of which insurance has been provided 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.

Effective Date

 These Regulations come into force on September 20, 1982.

 

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