Public Property Loan Regulations (SOR/92-745)

Short Title

1 These Regulations may be cited as the Public Property Loan Regulations.

Interpretation

2 In these Regulations, lending authority means

• (a) an appropriate Minister within the meaning of paragraph (a), (a.1) or (b) of the definition appropriate Minister in section 2 of the Financial Administration Act, or

• (b) a departmental corporation. (autorité prêteuse)

Application

3 These Regulations apply in respect of the lending of public property other than real property.

General

• 4 (1) Subject to subsection (2), every loan of public property shall be by way of a contract in writing, which shall include

  • (a) a description of the consideration for the loan;

  • (b) an undertaking that the borrower will indemnify Her Majesty for, and save Her Majesty harmless from, all losses and claims of any kind in respect of the borrower’s use or possession of the public property;

  • (c) a statement that the lending authority may, at any reasonable time, inspect the public property and view its state of repair;

  • (d) the term of the loan; and

  • (e) identification of any security that the lending authority requires.

• (2) Where, in the opinion of the lending authority, an emergency exists, a loan of public property may be made on obtaining a written acknowledgement of receipt thereof from the borrower.

• (3) Where a loan is made pursuant to subsection (2), the lending authority shall enter into a written contract for the loan, in the form described in subsection (1), as soon as practicable thereafter.