The Minister may insure certain loans made by private lenders to Nardeux Canada Ltée, up to 85% of each loss and a total cap of $475,000, and private lenders must pay a semi-annual fee of up to 2% per year.
Regulations Respecting the Insurance of Loans Made to Nardeux Canada Ltée 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 the insurance of loans made to Nardeux Canada Ltée. S.C. 1980-81-82-83, c. 3 S.C. 1980-81-82-83, c. 9 These Regulations may be cited as the Nardeux Canada Ltée Regulations. In these Regulations, Minister means the Minister of Regional Industrial Expansion; (ministre) Nardeux Canada Ltée means a company incorporated with that name under federal laws and having its principal place of business in Montreal, Quebec; (Nardeux Canada Ltée) private lender means any lender, or the assignee of any lender, 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 is effectively controlled by any such government or any agency thereof, or a municipal corporation. (prêteur privé) Subject to sections 4 to 6, the Minister may provide insurance for up to 85 per cent of each and every loss, not exceeding in aggregate $475,000, that may result in respect of loans made by a private lender to Nardeux Canada Ltée to permit the implementation of high technology in the areas of radio-protection and radio-telecommunications. The amount of insurance provided by the Minister to a private lender pursuant to section 3 may be reduced at the request of the private lender. A private lender shall pay to the Minister by semi-annual payments in advance a fee not exceeding two per cent per annum of the amount of insurance in force. Where a private lender has demanded repayment from Nardeux Canada Ltée for a loan insured under these Regulations, the amount payable by the Minister to the private lender in the event that the private lender has incurred a loss shall not exceed the lesser of 100 per cent of the amount of insurance in force on the date of the demand; or 85 per cent of the loss incurred by the private lender up to a maximum loss of $475,000.