3. (1) A committee is hereby established to be known as the General Adjustment Assistance Board consisting of

• (a) three members, not being members of the Public Service within the meaning of the Public Service Employment Act, to be appointed by the Governor in Council, one of whom shall be designated by the Governor in Council as Chairman of the Board and one of whom shall be designated by the Governor in Council as Vice-Chairman of the Board; and

• (b) four members who are members of the Public Service within the meaning of the Public Service Employment Act, one member to be designated by each of the Ministers of Industry, Trade and Commerce, Finance, Employment and Immigration and Regional Economic Expansion, from a senior position within his Department.

(2) The Chairman and any other three members of the Board constitute a quorum for the purpose of carrying out any duty or performing any function assigned to the Board under these Regulations.

(3) The Vice-Chairman of the Board may exercise and perform all or any of the duties and functions of the Chairman in the event of the absence or incapacity of the Chairman, if the office of the Chairman is vacant, or at the request of the Chairman.

(4) Each of the Ministers of Industry, Trade and Commerce, Finance, Employment and Immigration and Regional Economic Expansion shall designate one person holding a senior position in his Department to exercise all powers, duties and functions of the member designated by him pursuant to paragraph (1)(b) in the event of the absence or temporary inability to act of such member.

(5) The Governor in Council shall determine the emolument to be paid and the expenses to be allowed to the members of the Board who are not members of the Public Service.

4. (1) The Board shall administer the insurance available to a private lender, the loans, the grants for consulting assistance and the stock options under these Regulations.

(2) In carrying out its duties and functions, the Board shall use the existing staff and facilities of the Department of Industry, Trade and Commerce and, to the extent deemed necessary by the Board, may use such other services of the Government of Canada as are available.

(3) The Board may authorize the formation of a subcommittee to be known as the Executive Committee, consisting of three members of the Board, one of whom shall be the Chairman or the Vice-Chairman of the Board, one of whom shall be the member of the Board designated by the Minister of Industry, Trade and Commerce and one of whom shall be the member of the Board designated by the Minister of Finance.

(4) The Executive Committee established pursuant to subsection (3) may

• (a) determine whether a manufacturer or other person or group of persons is eligible for insurance on a loan or a letter of credit under these Regulations;

• (b) determine whether insurance on a loan or a letter of credit made or issued to a manufacturer or other person or group of persons may be provided pursuant to these Regulations;

• (c) authorize the making of loans not exceeding $250,000 pursuant to subsections 9(3) and (4);

• (d) authorize the providing of insurance of loans not exceeding $250,000 pursuant to subsections 14(5) and (6);

• (e) in the event of default on the part of a borrower

  • (i) call any loan made pursuant to section 9,

  • (ii) consent to the calling by a private lender of any loan insured pursuant to section 14, and

  • (iii) direct a private lender to call a loan insured pursuant to section 14 or to take other appropriate action to protect Her Majesty's interest in the assets securing such a loan;

• (f) authorize amendments to be made to the provisions of securities obtained to secure repayment of

  • (i) a loan made pursuant to section 9,

  • (ii) a loan insured pursuant to section 14, or

  • (iii) a letter of credit insured pursuant to section 14

for the purpose of improving or protecting Her Majesty's interest therein; and

• (g) authorize the payment of grants for consulting assistance pursuant to section 18.