Regulations Respecting Advances to the Unemployment Insurance Account from the Consolidated Revenue Fund
The Minister of Finance, pursuant to subsection 137(2) of the Unemployment Insurance Act, 1971Footnote *, hereby makes the annexed Regulations respecting advances to the Unemployment Insurance Account from the Consolidated Revenue Fund.
Return to footnote *S.C. 1970-71-72, c. 48
Ottawa, October 17, 1983
1 These Regulations may be cited as the Unemployment Insurance Account Advance Regulations.
2 In these Regulations,
Act means the Unemployment Insurance Act, 1971; (Loi)
Commission means the Canada Employment and Immigration Commission; (Commission)
Minister means the Minister of Finance. (ministre)
3 Advances made to the Unemployment Insurance Account pursuant to section 137 of the Act shall be repaid on the following terms and conditions:
(a) an advance shall be secured by a promissory note in substantially the form set out in the schedule, signed by the Commission’s duly authorized officers and delivered by the Commission to the Minister;
(b) a promissory note in respect of an advance shall be dated the day the advance is made;
(c) an advance, including principal and interest, shall be due and payable on the day on which the note in respect of that advance matures;
(d) an advance shall bear interest from the day it is made to the day it is paid in full at an annual rate equal to the rate established by the Minister at the time the advance is made, and such interest shall be calculated and compounded semi-annually;
(e) principal and interest that are overdue shall bear interest at the rate established pursuant to paragraph (d) until they are paid in full;
(f) subject to this section, the Commission may, with the concurrence of the Minister, make prepayments on account of principal and interest accrued on an advance; and
(g) payments made by the Commission shall be applied, firstly, in payment of interest accrued on the earliest advance and secondly in repayment or reduction of the principal of that advance and then similarly to subsequent advances in the chronological order in which those advances were made.
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