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APPROPRIATION ACT NO. 1, 1980-81APPROPRIATION ACT NO. 4, 1981-82APPROPRIATION ACTSMarine Industries Limited RegulationsRegulations Respecting Insurance of Loans Made to Marine Industries LimitedP.C.1986-2758198612

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Her Excellency the Governor General in Council, on the recommendation of the Minister of Regional Industrial Expansion and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81*, as extended by Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82**, is pleased hereby to make the annexed Regulations respecting insurance of loans made to Marine Industries Limited.*S.C. 1980-81-82-83, c. 3**S.C. 1980-81-82-83, c. 90Short Title

1These Regulations may be cited as the Marine Industries Limited Regulations.

Interpretation

2In these Regulations,Marine Industries Limited means a company incorporated with that name under the laws of Canada and having its head office in the city of Montreal, Quebec; (Marine Industrie Limitée)Minister means the Minister of Regional Industrial Expansion; (ministre)private lender means any lender, or its assignee, 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)

Insurance

3Insurance provided by the Minister in respect of loans made by a private lender to Marine Industries Limited to promote the growth of Marine Industries Limited and to foster the expansion of Canadian trade shall be subject to the terms and conditions set out in sections 4 to 7.

Terms and Conditions

4The insurance referred to in section 3 shall be for an amount up to 100 per cent of any loss up to 40 million dollars in the aggregate that may result in respect of loans referred to in that section.

5A private lender shall pay to the Minister by semi-annual payments in advance a fee of one half of one per cent per annum of the amount of insurance in force.

6Where a private lender has demanded repayment of a loan insured pursuant to the terms and conditions set out in these Regulations, the amount payable by the Minister shall not exceed an amount equal to the lesser of(a)the amount of insurance in force on the date of the demand, and(b)100 per cent of the loss incurred by the private lender.

7The amount of insurance provided by the Minister to a private lender may be reduced at the request of the private lender.