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Trident Aircraft Ltd. Regulations (SOR/80-325)

Regulations are current to 2024-05-01

Trident Aircraft Ltd. Regulations

SOR/80-325

APPROPRIATION ACTS

APPROPRIATION ACT NO. 2, 1978-79

Registration 1980-05-05

Regulations Respecting the Insurance of Loans Made to Trident Aircraft Ltd.

P.C. 1980-1199 1980-05-05

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 No. 1 of Appropriation Act No. 2, 1978-79, is pleased hereby to make the annexed Regulations respecting the insurance of loans made to Trident Aircraft Ltd.

Short Title

 These Regulations may be cited as the Trident Aircraft Ltd. Regulations.

Interpretation

 In these Regulations,

Minister

Minister means the Minister of Industry, Trade and Commerce; (ministre)

private lender

private lender means any lender approved by the Minister other than

  • (a) the Government of Canada,

  • (b) the government of any province of Canada,

  • (c) 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

  • (d) any municipal corporation; (prêteur privé)

Trident Aircraft Ltd.

Trident Aircraft Ltd. means a company incorporated under the laws of the Province of British Columbia and having its head office in the City of Vancouver in that province. (Trident Aircraft Ltd.)

Insurance

 Subject to sections 4 and 6, the Minister may, under Industry, Trade and Commerce Vote No. 1 of Appropriation Act No. 2, 1978-79, provide insurance in an amount not exceeding 90 per cent of the amount of any loans, not exceeding two million dollars in the aggregate, made by a private lender to Trident Aircraft Ltd.

Application for Insurance

 A private lender who wishes the Minister to provide insurance on loans pursuant to section 3 shall make application therefor to the Minister and shall furnish the Minister with such information relating to the application as the Minister may require.

Fee for Insurance

 A private lender who has been provided insurance by the Minister pursuant to section 3 shall pay a fee to Her Majesty 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.

Payment of Insurance

 Where a private lender has demanded repayment of a loan referred to in section 3 in respect of which insurance has been provided by the Minister pursuant to that section prior to the maturity of that loan, the amount of such insurance payable to the private lender shall not exceed an amount equal to the lesser of

  • (a) the amount of insurance in effect on the date of such demand; and

  • (b) 90 per cent of the loss incurred by the private lender.


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