The Minister may make a loan to GM of up to $110,000,000, and GM must give quarterly progress reports if a loan is made.
Regulations Respecting the Provision of a Loan to General Motors of Canada Limited 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 L35 of Appropriation Act No. 2, 1983-84*, is pleased hereby to make the annexed Regulations respecting the provision of a loan to General Motors of Canada Limited. S.C. 1980-81-82-83, c. 162 These Regulations may be cited as the GM Loan Regulations. In these Regulations, GM means General Motors of Canada Limited, a corporation incorporated under the laws of Canada; (GM) Minister means the Minister of Regional Industrial Expansion; (ministre) Renaissance Project means the modernization and expansion of the GM facility at Sainte-Thérèse, Quebec. (Projet Renaissance) Subject to sections 4 and 5, the Minister may make a loan to GM in an amount not exceeding $110,000,000. A loan made under section 3 shall be a term loan and be due and payable on April 1, 2017; be interest-free unless it is in default, in which case the loan shall bear a rate of interest equal to the lowest rate of interest charged by the Federal Business Development Bank on its term loans; and be subject to the condition that there be a partial early repayment of the loan in the amount of $37,500,000 on April 1, 1991 in the event that GM does not give assurances to the Minister by December 31, 1990 that the GM facility at Sainte-Thérèse will continue to operate. Where a loan is made under section 3, GM shall provide the Minister with quarterly progress reports of expenditures made by GM in respect of the Renaissance Project.