CONSOLIDATION

Baie Verte Mines Inc. Regulations, 1985

SOR/86-262

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 Baie Verte Mines Inc. 1

Short Title

Interpretation

Insurance

Application for Insurance

Terms and Conditions

Current to June 20, 2022

ii

Registration SOR/86-262 February 27, 1986

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

Baie Verte Mines Inc. Regulations, 1985 P.C. 1986-506

February 27, 1986

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 Baie Verte Mines 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 Baie Verte Mines Inc.

Short Title 1 These Regulations may be cited as the Baie Verte

Mines Inc. Regulations, 1985.

Interpretation 2 In these Regulations,

Baie Verte Mines Inc. means a company incorporated with that name under the laws of the Province of Ontario and having its principal place of business at Baie Verte, Newfoundland; (Baie Verte Mines Inc.) 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)

Insurance 3 Subject to sections 5 to 9, the Minister may provide insurance for the full amount of any loss up to one million dollars in the aggregate that may result in respect of loans made by a private lender to Baie Verte Mines Inc.

Application for Insurance 4 An application for insurance referred to in section 3

shall be made to the Minister and shall contain such information and documents relating to the application as the Minister may require.

Current to June 20, 2022

Baie Verte Mines Inc. Regulations, 1985 Terms and Conditions Sections 5-9

Terms and Conditions 5 No loans made by a private lender to Baie Verte Mines

Inc. may be insured under these Regulations unless (a) the loan is for revolving credit advances for working capital purposes not exceeding four million dollars; and (b) the loan is secured by the inventory or accounts

receivable or both the inventory and accounts receivable of Baie Verte Mines Inc. 6 The insurance provided by the Minister to a private

lender shall cease on March 1, 1987. 7 The amount of insurance provided by the Minister to a private lender may be reduced at the request of the private lender. 8 A private lender shall pay to the Minister by semi-annual payments in advance a premium of one per cent of the amount of insurance in force. 9 Where a private lender has demanded repayment of a

loan insured under these Regulations the amount payable by the Minister shall not exceed 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.

Current to June 20, 2022

