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, 1980-81*, as extended by Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82**, is pleased hereby to make the annexed Regulations respecting insurance of loans made to Marine Industries Limited. S.C. 1980-81-82-83, c. 3 S.C. 1980-81-82-83, c. 90
Short Title
These Regulations may be cited as the Marine Industries Limited Regulations.
Interpretation
In these Regulations,
Marine Industries Limited means a company incorporated with that name under the laws of Canada and having its head office in the city of Montreal, Quebec; (Marine Industrie Limitée)
Minister means the Minister of Regional Industrial Expansion; (ministre)
private lender means any lender, or its assignee, other than
the Government of Canada,
the government of any province of Canada,
any municipal corporation. (prêteur privé)
Insurance
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 40 million dollars in the aggregate 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 pursuant to the terms and conditions set out in these Regulations, the amount payable by the Minister shall not exceed an amount equal to the lesser of
the amount of insurance in force on the date of the demand, and
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.