48

 

 

Third Session, 45th General Assembly

55 Elizabeth II, 2006

BILL 48

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE LOYOLA SULLIVAN

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

Clause 1 of the Bill would amend the Schedule to The Loan and Guarantee Act, 1957 as follows: 

Item 1 - Newfoundland and Labrador Immigrant Investor Fund Limited

Newfoundland and Labrador Immigrant Investor Fund Limited is a Crown corporation established in April 2005 to receive and invest the province's monthly allocation of funds received from participation in the Government of Canada's redesigned business immigration program.  Money received from immigrant investors is repaid by participating provincial funds after 5 years, and each province provides a guarantee of repayment.  This guarantee of $26,088,713 for Newfoundland and Labrador Immigrant Investor Fund Limited secures the repayment of the total of the monthly allocations received by the fund subsequent to its participation in the program, up to and including March 31, 2006.

Clause 2 of the Bill would amend the Schedule to the Act, as enacted by chapter 11 of 1993 by extending the $50,000 loan guarantee for the Newfoundland Symphony Orchestra Association from March 31, 2005 to March 31, 2007 as approved by Order in Council 2006-231.  The extension is necessary to provide operating credit for the association as a result of liquidity problems it is experiencing.

Clause 3 of the Bill would amend the Schedule to the Act, as enacted by chapter 7 of 2004, by extending the $2.1 million loan guarantee for the Torngat Fish Producers Co-operative Society Limited from May 31, 2006 to May 31, 2007 as approved by Order in Council 2006-320.  The Torngat Co-op runs a number of fish processing facilities and buying stations along the north coast of Labrador.  The co-op also operates a crab processing plant in Makkovik and holds an offshore shrimp licence which provides a significant portion of the co-op's revenue.

A BILL

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957

Analysis


        1.   Schedule Amdt.

        2.   1993 c11
Schedule Amdt.

        3.   2004 c7
Schedule Amdt.


Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

1957 No.70
as amended

        1. The Schedule to The Loan and Guarantee Act, 1957 is amended by adding the following:


Company

 


Amount

Date of Issue

Expiry Date

Newfoundland and Labrador Immigrant Investor Fund Limited

$

26,088,713

Apr. 29/05

June 30/10 to
Apr. 30/11

1993 c11
Schedule Amdt.

        2. The Schedule to the Act is further amended by amending Item 5 - Newfoundland Symphony Orchestra Association, as enacted by chapter 11 of 1993, by striking out the date of expiry "Mar. 31/05" and substituting the date of expiry "Mar. 31/07".

2004 c7
Schedule Amdt.

        3. The Schedule to the Act is further amended by amending Item 3 - Torngat Fish Producers Co-operative Society Limited, as enacted by chapter 7 of 2004, by striking out the date of expiry "May 31, 2006" and substituting the date of expiry "May 31/07".