Enterprise Development Regulations (C.R.C., c. 969)

• 32. (1) The Minister may provide insurance on a loan or loans, not exceeding $1,500,000 in the aggregate, made by a private lender to a manufacturer to assist that manufacturer in restructuring his manufacturing or processing activity if

  • (a) the manufacturer has submitted plans for restructuring based on a comprehensive analysis of his operations made by a consultant approved by the Minister in respect of the products, methods of production, markets or management procedures of the manufacturer; and

  • (b) in the opinion of the Minister, the manufacturer requires the loan to restructure his operations in order to improve his position in international trade competition.

• (2) Notwithstanding subsection (1), where the manufacturer is able to establish to the satisfaction of the Minister his capability of making the analysis described in subsection (1), the analysis may be made without the assistance of a consultant.

• (3) Notwithstanding subsection (1), the Minister may provide insurance on a loan or loans exceeding $1,500,000 in the aggregate, to a manufacturer for the purpose of assisting the manufacturer in restructuring by means of acquisition, amalgamation or merger or the formation of a corporation or partnership described in paragraph (d) of the definition “manufacturer” in section 31.

33. The Minister shall grant insurance pursuant to sections 25 to 27, 29 and 30 only where the person requiring the loan is unable to obtain sufficient financing on reasonable terms unless the loan is insured by the Minister.

34. Where insurance is to be provided by the Minister pursuant to these Regulations in respect of a loan made by a private lender to a manufacturer and the loan enabled the manufacturer to make adjustments to his operations that will result in 20 or more of his employees being laid off for a period of two or more months, the provision of that insurance shall be on condition that the manufacturer agree to give at least three months notice of the lay-off to the Minister and to each employee who is to be laid off.

35. In sections 36 to 41,

“private lender”

“private lender” means a lender, lessor or vendor approved by the Minister that provides financing under loans, leases or conditional sales contracts 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)

“privatization date”

“privatization date” means the date on which all shares in The de Havilland Aircraft of Canada, Limited owned by the Canada Development Investment Corporation are sold to a third party. (date de privatisation)