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

Regulations are current to 2024-05-01

PART IIIInsurance (continued)

Payment of Insurance

 Subject to section 40.1, where a private lender has demanded repayment of a loan, or has given notice of default under a lease or conditional sales contract, in respect of which insurance has been provided pursuant to these Regulations, the amount payable to the private lender shall not exceed the lesser of

  • (a) the amount of insurance in effect on the date of such demand or notice; and

  • (b) in the case of

    • (i) a loan or other financial obligation insured pursuant to section 25, 29 or 36, 90 per cent of the loss incurred by the private lender, and

    • (ii) a loan insured pursuant to section 26, 27, 30 or 32, 100 per cent of the loss incurred by the private lender.

  • SOR/79-335, s. 16
  • SOR/92-162, s. 3

 Where a private lender has demanded repayment of a loan or has given notice of default under a lease or conditional sales contract, in respect of which insurance has been provided before March 14, 1992 pursuant to these Regulations, the amount payable to the private lender shall not exceed the lesser of

  • (a) the aggregate of the amount of the insurance provided by the Minister and the amount of the insurance provided by another person pursuant to these Regulations that is in effect on the date of the demand or notice, and

  • (b) in the case of a loan or other financial obligation insured pursuant to section 36, one hundred per cent of the loss incurred by the private lender.

  • SOR/92-162, s. 4

 Where a private lender has demanded repayment of a loan or has given notice of default under a lease or conditional sales contract in respect of which insurance has been provided by the Minister pursuant to subsection 37(3), the amount payable to the private lender shall not exceed the amount of insurance in effect on the date of such demand or notice.

  • SOR/78-626, s. 1
  • SOR/79-335, s. 16
  • SOR/83-708, s. 9

 Notwithstanding section 40, where a private lender has demanded repayment of a loan in respect of which insurance has been provided by the Minister pursuant to section 28, the amount payable to the private lender shall not exceed the lesser of

  • (a) the amount of insurance in effect on the date of such demand; and

  • (b) 90 per cent of the loss incurred by the private lender excluding any amount recovered or recoverable under the guarantee obtained by the private lender in accordance with subparagraph 28(3)(a)(i).

  • SOR/79-335, s. 16
  • SOR/83-708, s. 9

PART IVStock Options

  •  (1) The Minister may obtain a stock option to purchase capital stock of a company on behalf of Her Majesty, where, in the opinion of the Minister, it is advisable to obtain the stock option as a condition of or in connection with a loan or insurance administered by the Minister pursuant to subsection 4(1).

  • (2) Where a stock option to purchase capital stock of a company is acquired by the Minister pursuant to subsection (1) or is administered by the Minister pursuant to subsection 4(1), the Minister may exercise or assign the stock option on behalf of Her Majesty if, in the opinion of the Minister,

    • (a) the value of the capital stock of the company has increased as a result of the assistance provided; and

    • (b) the exercise or assignment of such option would permit Her Majesty to benefit from the increased value of the capital stock of the company.

  • (3) Where capital stock of a company is acquired by the Minister pursuant to subsection (2) or is administered by the Minister pursuant to subsection 4(1), the Minister shall, subject to the following conditions, sell or dispose of the capital stock as soon thereafter as it is in the interest of Her Majesty to do so:

    • (a) the capital stock shall be sold at such price and on such terms as will, in the opinion of the Minister, provide maximum benefit to Her Majesty; and

    • (b) when the Minister receives an acceptable offer to purchase any such capital stock he shall notify the person from whom the capital stock was obtained and that person shall have the assignable right, during the next seven business days following the day the notice was given, to elect to purchase the capital stock at the price and on the terms and conditions specified in the offer.

  • (4) Where the Minister intends to assign a stock option acquired pursuant to subsection (1) or administered pursuant to subsection 4(1) the Minister, prior to assigning the stock option, shall give notice of any intended assignment thereof to the person from whom the option was acquired and that person shall have the assignable right, during the next seven business days following the day the notice was given, to elect to purchase the stock option at the same price and on the same terms and conditions as the intended assignment.

  • SOR/79-335, s. 16
  • SOR/83-708, s. 7

PART VContributions

 The Minister shall administer contributions made in accordance with terms and conditions approved by Treasury Board

  • (a) in respect of special authorities, by

    • (i) T.B. 758051 dated June 15, 1978,

    • (ii) T.B. 758166 dated June 29, 1978,

    • (iii) T.B. 767837 dated November 29, 1979 as amended by T.B. 799107 dated July 31, 1985,

    • (iv) T.B. 769206 dated January 25, 1980,

    • (v) T.B. 774918 dated January 29, 1981,

    • (vi) T.B. 780230 dated December 17, 1981,

    • (vii) T.B. 784473 dated August 27, 1982,

    • (viii) T.B. 788476 dated June 22, 1983,

    • (ix) T.B. 784863 dated October 15, 1982, and

    • (x) T.B. 788706 dated June 16, 1983; and

  • (b) in respect of general authorities, by

    • (i) T.B. 748284 dated March 17, 1977, as amended by T.B. 763854 dated March 29, 1979,

    • (ii) T.B. 771519 dated July 3, 1980,

    • (iii) T.B. 776183 dated March 12, 1981,

    • (iv) T.B. 777458 dated June 4, 1981,

    • (v) T.B. 778288 dated December 17, 1981,

    • (vi) T.B. 782926 dated June 17, 1982,

    • (vii) T.B. 784945 dated October 22, 1982,

    • (viii) T.B. 785132 dated October 22, 1982,

    • (ix) T.B. 786640 dated March 10, 1983, and

    • (x) T.B. 788332 dated May 26, 1983.

  • SOR/79-335, s. 16
  • SOR/80-116, s. 1
  • SOR/80-142, s. 1
  • SOR/80-540, s. 1
  • SOR/81-120, s. 1
  • SOR/81-379, s. 2
  • SOR/82-152, s. 1
  • SOR/82-154, s. 1
  • SOR/82-877, s. 2
  • SOR/82-979, s. 1
  • SOR/82-980, s. 1
  • SOR/82-1001, s. 1
  • SOR/83-258, s. 1
  • SOR/83-506, s. 1
  • SOR/83-548, s. 1
  • SOR/83-708, s. 8
  • SOR/85-783, s. 1

 The Minister shall administer contributions made to persons located in the Prince Edward Island for industrial development initiatives in accordance with terms and conditions approved by Treasury Board by T.B. 779341 dated October 8, 1981.

  • SOR/81-858, s. 1
  • SOR/83-708, s. 8

 The Minister shall administer contributions made to persons located in the Province of New Brunswick for industrial development initiatives in accordance with terms and conditions approved by Treasury Board by T.B. 781197 dated February 8, 1982.

  • SOR/82-247, s. 1
  • SOR/83-708, s. 8
 

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