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Second
Session, 45th General Assembly 54
Elizabeth II, 2005 |
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AN ACT TO
AMEND THE LOAN |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
LOYOLA SULLIVAN Minister
of Finance and President of Treasury Board |
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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. |
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A BILL AN ACT TO
AMEND THE LOAN Analysis 1. Schedule
Amdt. 2. 2004 c7 Be it enacted
by the Lieutenant-Governor and House of Assembly in Legislative Session convened,
as follows: 1957 No.70
1. The
Schedule to The Loan and Guarantee Act,
1957 is amended by adding the following:
2004 c7 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". ŠEarl G. Tucker, Queen's Printer |