2009 Bill 16

	16


Second Session, 46th General Assembly 58 Elizabeth II, 2009
BILL 16
AN ACT TO AMEND THE LOAN AND GUARANTEE ACT, 1957
Received and Read the First Time...................................................................................................
Second Reading.................................................................................................................................
Committee............................................................................................................................................
Third Reading.....................................................................................................................................
Royal Assent......................................................................................................................................
HONOURABLE JEROME P. KENNEDY, Q.C. Minister of Finance and President of Treasury Board
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

Clause 1 of the Bill would amend the Schedule to The Loan and Guarantee Act, 1957 by adding the Newfoundland and Labrador Immigrant Investor Fund Limited, 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 to be repaid by participating provincial funds after 5 years and each province provides a guarantee of repayment. This current guarantee of $53,268,445 for Newfoundland and Labrador Immigrant Investor Fund Limited secures the repayment of the total of the monthly allocations received by the fund during the 2007/08 fiscal year. This brings the total amount of allocations guaranteed by the province to $97,932,508 as of March 31, 2008.

A BILL

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957

Analysis

1. 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	$	53,268,445	Apr. 29/05	June 30/12 to May 31/13