Consolidated Computer Inc. Regulations

Regulations Respecting Loans and the Insurance of Loans Made to Consolidated Computer Inc., Financeco Limited or Finecomp Inc. 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 and Industry, Trade and Commerce Vote L35 of Appropriation Act No. 2, 1981-82, is pleased hereby to make the annexed Regulations respecting loans and the insurance of loans made to Consolidated Computer Inc., Financeco Limited or Finecomp Inc. These Regulations may be cited as the Consolidated Computer Inc. Regulations. In these Regulations, Consolidated Computer Inc. means a company incorporated under the laws of the Province of Ontario and having its head office in the Regional Municipality of Ottawa-Carleton in that Province; (Consolidated Computer Inc.) Financeco Limited means a company incorporated under the laws of the Province of Ontario and having its head office in the City of Toronto in that Province; (Financeco Limited) Finecomp Inc. means a company incorporated under the laws of the State of Delaware and having its head office in the City of Wilmington in that State; (Finecomp Inc.) 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) Subject to subsection 12(1), the Minister may, under Industry, Trade and Commerce Vote L35 of Appropriation Act No. 2, 1981-82, make loans to Consolidated Computer Inc. Where Consolidated Computer Inc. requires a loan that may be made pursuant to section 3, it shall make application therefor to the Minister and shall provide such information relating to the application as the Minister may require. The rate of interest for any loan made pursuant to section 3 shall be determined by the Minister as of the date the application is approved by him and shall be at a rate not less than the rate of interest in effect on that date in respect of loans of a similar term made by the Government of Canada to Crown corporations. A loan made pursuant to section 3 shall be for such term as may be fixed by the Minister. The whole or any part of a loan made pursuant to section 3 may, in such manner as may be prescribed by the Minister, be repaid in advance of the due date of repayment without notice, bonus or penalty. Where, in the opinion of the Minister, it is advisable to obtain security for the repayment of a loan made pursuant to section 3, the Minister shall obtain and hold such security as he deems proper. The Minister may surrender, retransfer or reconvey security obtained and held by the Minister pursuant to subsection (1) in exchange for other security or vary any term of the security given for the loan. The Minister may designate any trustee, receiver, receiver-manager or other person required to be appointed by the Minister under any security. Subject to subsection 12(2), 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 loan made by a private lender to Consolidated Computer Inc., Financeco Limited or Finecomp Inc. A private lender who wishes the Minister to provide insurance referred to in section 8 shall make application therefor to the Minister and shall provide the Minister with such information relating to the application as he may require. A private lender who has been provided insurance by the Minister pursuant to section 8 shall pay a fee to the Receiver General of one per cent per annum of the amount of insurance in force from time to time and shall pay such fee in advance in semi-annual instalments. Where a private lender has demanded repayment of a loan referred to in section 8 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 loans that may be made by the Minister to Consolidated Computer Inc. pursuant to section 3 and the aggregate amount of insurance that may be provided by the Minister in respect of that Company pursuant to section 8 shall not exceed $11.3 million at any time without the approval of the Treasury Board. The aggregate amount of insurance that may be provided by the Minister in respect of loans to be made to Financeco Limited or Finecomp Inc. pursuant to section 8 shall not exceed $43.5 million at any time without the approval of the Treasury Board.