Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited Regulations (SOR/83-509)

Short Title

1 These Regulations may be cited as the Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited Regulations.

Interpretation

2 In these Regulations,

Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited

Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited means a co-operative incorporated under the laws of the Province of Nova Scotia and has its business office in the town of Cheticamp, Nova Scotia; (Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited)

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,

• (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 agency thereof, or

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

Insurance

3 Subject to sections 4 and 5, where a private lender makes a loan to Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited for the purpose of

• (a) promoting the growth, efficiency or international competitiveness of Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited, and

• (b) fostering the expansion of Canadian trade by Cheticamp/Grand Etang Fishermen’s Co-operative Society Limited,

the Minister may, under 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, provide, with the approval of Treasury Board, insurance in an amount that does not exceed the lesser of

• (c) $360,000, and

• (d) 90 per cent of the amount of the loan.

Application for Insurance

4 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

5 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.