62

 

Second Session, 45th General Assembly

54 Elizabeth II, 2005

BILL 62

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957 NO. 2

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 - Natures Sea Farms Inc.

Natures Sea Farms Inc. has purchased the assets of an aquaculture business which has been in receivership since October, 2004.  Order in Council 2005-543 authorized the Minister of Finance to issue an 80% deficiency guarantee under the Aquaculture Working Capital Loan Guarantee Initiative in support of the company's $9 million operating credit.  The maximum amount of the province's guarantee is $7.2 million.  The guarantee is for a maximum term of 7 years, with reductions to be made according to pre-established targets. 

Clause 2 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, 2004 to May 31, 2006 as approved by Order in Council 2005-503. 

A BILL

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957 NO. 2

Analysis


        1.   Schedule Amdt.

        2.   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

Natures Sea Farms Inc.

$

7,200,000

Oct. 12/05

Oct. 12/12

2004 c7
Schedule Amdt.

        2. 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 31/04"  and substituting the date of expiry "May 31, 2006".