Marine Industries Limited Regulations (SOR/86-1127)
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Regulations are current to 2024-11-26
Marine Industries Limited Regulations
SOR/86-1127
APPROPRIATION ACT NO. 1, 1980-81
APPROPRIATION ACT NO. 4, 1981-82
Registration 1986-12-09
Regulations Respecting Insurance of Loans Made to Marine Industries Limited
P.C. 1986-2758 1986-12-05
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, 1980-81Footnote *, as extended by Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82Footnote **, is pleased hereby to make the annexed Regulations respecting insurance of loans made to Marine Industries Limited.
Return to footnote *S.C. 1980-81-82-83, c. 3
Return to footnote **S.C. 1980-81-82-83, c. 90
Short Title
1 These Regulations may be cited as the Marine Industries Limited Regulations.
Interpretation
2 In these Regulations,
- Marine Industries Limited
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
Minister means the Minister of Regional Industrial Expansion; (ministre)
- private lender
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
3 Insurance 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
4 The 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.
5 A 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.
6 Where 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.
7 The amount of insurance provided by the Minister to a private lender may be reduced at the request of the private lender.
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