The Minister may insure certain loans to The Lake Group Ltd., but only subject to section 6 and within an aggregate $18 million limit unless the Treasury Board approves more.
Regulations Respecting the Insurance of Loans Made to the Lake Group Ltd. His Excellency the Governor General in Council, on the recommendation of the Minister of Industry, Trade and Commerce and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, is pleased hereby to make the annexed Regulations respecting the insurance of loans made to The Lake Group Ltd. These Regulations may be cited as The Lake Group Ltd. Regulations. In these Regulations, Minister means the Minister of Industry, Trade and Commerce; (ministre) private lender means any lender approved by the Minister other than the Government of Canada, the government of any province of Canada, an agency of any government referred to in paragraph (a) or (b) or any company that, in the opinion of the Minister, is effectively controlled by any such government or any agency thereof, or any municipal corporation; (prêteur privé) The Lake Group Ltd. means a company incorporated under the laws of the Province of Newfoundland and having its head office in the City of St. John’s in that province. (The Lake Group Ltd.) Subject to section 6, the Minister may, under Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, provide insurance for the full amount of any loss that may result in respect of any loan made by a private lender to The Lake Group Ltd. A private lender who wishes the Minister to provide insurance referred to in section 3 shall make application therefor to the Minister and shall provide the Minister with such information and documents relating to the application as he may require. Where a private lender demands repayment of a loan referred to in section 3 in respect of which insurance has been provided by the Minister pursuant to that section, the amount of such insurance payable to the private lender shall not exceed the amount of insurance in effect on the date of such demand. The aggregate amount of insurance that may be provided by the Minister pursuant to section 3 in respect of any loan made by a private lender to The Lake Group Ltd. shall not exceed $18 million at any time without the approval of the Treasury Board.