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Versatile Pacific Shipyards Inc. Regulations (SOR/87-95)

Regulations are current to 2024-06-19

Versatile Pacific Shipyards Inc. Regulations





Registration 1987-02-18

Regulations Respecting Insurance of Loans Made to Versatile Pacific Shipyards Inc.

P.C. 1987-277 1987-02-18

Her Excellency the Governor General in Council, on the recommendation of the Minister of Regional Industrial Expansion and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81Footnote *, as extended by Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82Footnote **, is pleased hereby to make the annexed Regulations respecting insurance of loans made to Versatile Pacific Shipyards Inc.

Short Title

 These Regulations may be cited as the Versatile Pacific Shipyards Inc. Regulations.


 In these Regulations,


Minister means the Minister of Regional Industrial Expansion; (ministre)

private lender

private lender means any lender, or its assignee, 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)

Versatile Pacific Shipyards Inc.

Versatile Pacific Shipyards Inc. means a company incorporated with that name under the laws of the province of British Columbia and having its head office in Vancouver, British Columbia. (Versatile Pacific Shipyards Inc.)


 Insurance provided by the Minister in respect of loans made by a private lender to Versatile Pacific Shipyards Inc. to permit Versatile Pacific Shipyards Inc. to continue operations until the completion of the construction of the Henry Larson 1200 Series Icebreaker shall be subject to the terms and conditions set out in sections 4 to 7.

Terms and Conditions

 The insurance referred to in section 3 shall be for an amount up to 100 per cent of any loss up to 13 million dollars that may result in respect of loans referred to in that section.

 A private lender shall pay to the Minister, by semi-annual payments in advance, a fee of one half of one per cent per annum of the amount of insurance in force.

 Where a private lender has demanded repayment of a loan insured under these Regulations, the amount payable by the Minister shall not exceed an amount equal to the lesser of

  • (a) the amount of insurance in force on the date of demand, and

  • (b) 100 per cent of the loss incurred by the private lender.

 The amount of insurance provided by the Minister to a private lender may be reduced at the request of the private lender.


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