• 10. (1) A loan made pursuant to section 8 shall bear interest at a rate equal to the prevailing rate charged to crown corporations at the time the loan is authorized by the Board for loans of a similar term plus two per cent.

• (2) A guarantee given pursuant to section 8 shall bear a fee of one per cent per annum of the amount of the guaranteed loan in force from time to time and shall be paid by the borrower under such terms and conditions as may be determined by the Board.

• (3) The Board may, to the extent that it deems advisable, take, accept or acquire and hold security of any kind in any form to secure any loan or guarantee provided by it under these Regulations and, without limiting the generality of the foregoing, the Board may take, accept or acquire and hold for that purpose

  • (a) stocks, bonds or debentures of municipal and other corporations whether secured by Canadian, provincial, municipal, British, foreign or other government securities, by mortgage or otherwise;

  • (b) negotiable warehouse receipts and bills of lading;

  • (c) goods, wares and merchandise;

  • (d) mortgages or hypothecs on any real or personal, movable or immovable property; or

  • (e) trustee's or receiver's certificates issued by the trustee or receiver of the assets of an eligible manufacturer.

• (4) A loan made pursuant to section 8 shall be for a term not exceeding

  • (a) 20 years, if the loan is to be made in respect of the acquisition, modernization, development, conversion or expansion of any buildings or real or immovable property; or

  • (b) 10 years, in any other case.

• (5) A guarantee given pursuant to section 8 shall be for such term as may be fixed by the Board.

• (6) A loan made pursuant to section 8 may be repaid in whole or in part in advance of the due date, without notice or bonus, in such manner as may be prescribed by the Board.

• (7) During the term of loan or guarantee made pursuant to section 8, the borrower shall maintain such insurance coverage as the Board may prescribe.

11. Any security given for a loan or guarantee provided pursuant to section 8 may, with the approval of the Board or such advisory or other committee as the Minister of Industry, Trade and Commerce may designate for the purpose, be surrendered, retransferred or reconveyed in exchange for other security.

12. The Board shall keep such records and books and make such reports on its automotive adjustment assistance activities from time to time as the Minister of Industry, Trade and Commerce may require.

• 13. (1) Where, in the opinion of the Board,

  • (a) 10 per cent of the work force or 50 employees, whichever is less, of

    • (i) an eligible manufacturer or of a particular branch or subdivision of his undertaking,

    • (ii) a manufacturer in Canada of automobiles or of a particular branch or subdivision of his undertaking, or

    • (iii) a particular branch or subdivision in Canada of the undertaking of a manufacturer of automobiles

    have been or will be laid off for a period of four weeks or more, and

  • (b) the lay-off, or a proportion thereof determined by the Board, was or will be caused by the termination or decrease of production or other activity arising from the implementation of the automotive program,

  the Board shall so certify to the Department of Labour.

• (2) A certificate issued by the Board under subsection (1) shall contain

  • (a) a list of the employees affected by the lay-off, together with their Social Insurance Numbers and their addresses, and

  • (b) the effective date of the lay-off,

  and shall state

  • (c) in respect of each employee named in the certificate, whether or not he is affected by a supplemental unemployment benefit plan in force at the time the certificate is issued; and

  • (d) in respect of each employee referred to in paragraph (a) who is so affected, the amount of the benefit to which such employee would be entitled under the supplemental unemployment benefit plan.