CONSOLIDATION

Versatile Pacific Shipyards Inc. Regulations

SOR/87-95

Current to June 20, 2022



OFFICIAL STATUS OF CONSOLIDATIONS Subsections 31(1) and (3) of the Legislation Revision and Consolidation Act, in force on June 1, 2009, provide as follows: Published consolidation is evidence

31 (1) Every copy of a consolidated statute or consolidated regulation published by the Minister under this Act in either print or electronic form is evidence of that statute or regulation and of its contents and every copy purporting to be published by the Minister is deemed to be so published, unless the contrary is shown. ... Inconsistencies in regulations

(3) In the event of an inconsistency between a consolidated regulation published by the Minister under this Act and the original regulation or a subsequent amendment as registered by the Clerk of the Privy Council under the Statutory Instruments Act, the original regulation or amendment prevails to the extent of the inconsistency.

LAYOUT The notes that appeared in the left or right margins are now in boldface text directly above the provisions to which they relate. They form no part of the enactment, but are inserted for convenience of reference only.

NOTE This consolidation is current to June 20, 2022. Any amendments that were not in force as of June 20, 2022 are set out at the end of this document under the heading “Amendments Not in Force”.

Current to June 20, 2022

TABLE OF PROVISIONS Regulations Respecting Insurance of Loans Made to Versatile Pacific Shipyards Inc. 1

Short Title

Interpretation

Insurance

Terms and Conditions

Current to June 20, 2022

ii

Registration SOR/87-95 February 18, 1987

APPROPRIATION ACT NO. 1, 1980-81 APPROPRIATION ACT NO. 4, 1981-82 APPROPRIATION ACTS

Versatile Pacific Shipyards Inc. Regulations P.C. 1987-277

February 18, 1987

Her Excellency the Governor General in Council, on the recommendation of the Minister of Regional Industrial Expansion and the Treasury Board, pursuant to Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81*, as extended by Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82**, is pleased hereby to make the annexed Regulations respecting insurance of loans made to Versatile Pacific Shipyards Inc.

*

S.C. 1980-81-82-83, c. 3

**

S.C. 1980-81-82-83, c. 90

Current to June 20, 2022

Regulations Respecting Insurance of Loans Made to Versatile Pacific Shipyards Inc.

Short Title 1 These Regulations may be cited as the Versatile Pacific Shipyards Inc. Regulations.

Interpretation 2 In these Regulations,

Minister means the Minister of Regional Industrial Expansion; (ministre) private lender means any lender, or its assignee, 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 is effectively controlled by any such government or any agency thereof, or (d) any municipal corporation; (prêteur privé)

Versatile Pacific Shipyards Inc. means a company incorporated with that name under the laws of the province of British Columbia and having its head office in Vancouver, British Columbia. (Versatile Pacific Shipyards Inc.)

Insurance 3 Insurance provided by the Minister in respect of loans

made by a private lender to Versatile Pacific Shipyards Inc. to permit Versatile Pacific Shipyards Inc. to continue operations until the completion of the construction of the Henry Larson 1200 Series Icebreaker shall be subject to the terms and conditions set out in sections 4 to 7.

Terms and Conditions 4 The insurance referred to in section 3 shall be for an

amount up to 100 per cent of any loss up to 13 million dollars that may result in respect of loans referred to in that section.

Current to June 20, 2022

Versatile Pacific Shipyards Inc. Regulations Terms and Conditions Sections 5-7

5 A private lender shall pay to the Minister, by semi-annual payments in advance, a fee of one half of one per cent per annum of the amount of insurance in force. 6 Where a private lender has demanded repayment of a loan insured under these Regulations, the amount payable by the Minister shall not exceed an amount equal to the lesser of (a) the amount of insurance in force on the date of demand, and (b) 100 per cent of the loss incurred by the private

lender. 7 The amount of insurance provided by the Minister to a private lender may be reduced at the request of the private lender.

Current to June 20, 2022

