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Budget Implementation Act, 2008 (S.C. 2008, c. 28)

Assented to 2008-06-18

Marginal note:2007, c. 33

Donkin Coal Block Development Opportunity Act

152. Section 10 of the Donkin Coal Block Development Opportunity Act is amended by adding the following after subsection (2):

  • Marginal note:Payment out of Consolidated Revenue Fund

    (3) There may be paid out of the Consolidated Revenue Fund to Her Majesty in right of the Province, on the requisition of the Minister, any amount to be remitted during a fiscal year under subsection (2).

Marginal note:R.S., c. F-11

Financial Administration Act

153. The Financial Administration Act is amended by adding the following after section 15:

Marginal note:Advisory and other committees

  • 15.1 (1) The Minister may establish advisory and other committees and provide for their membership, duties, functions and operation.

  • Marginal note:Remuneration and expenses

    (2) Members of a committee may be paid for their services the remuneration and expenses that the Governor in Council may determine.

Marginal note:1991, c. 47

Insurance Companies Act

Marginal note:2001, c. 9, s. 426

154. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 490(1) of the Insurance Companies Act are replaced by the following:

  • (iv) a loan that is secured by a mortgage on real property, if

    • (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

    • (B) the mortgage is on real property other than residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

      • (II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

  • (v) a loan that is secured by a mortgage on real property, if

    • (A) the mortgage is on residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

      • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent,

    • (B) the mortgage is on real property other than residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

      • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

      • (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or

    • (C) the loan is one referred to in paragraph 469(2)(d),