APPROPRIATION ACT NO. 2, 1977
Regulations Respecting Enterprise Development Program Assistance to Consolidated Computer Inc.
1. These Regulations may be cited as the Consolidated Computer Inc. Enterprise Development Regulations.
3. (1) Notwithstanding subsection 35(1) of the Enterprise Development Regulations, the Board may, under section 28 of those Regulations, provide insurance in an amount not exceeding 99 per cent of the amount of loans, not exceeding $30 million in the aggregate, made by private lenders for the purpose of facilitating the leasing of computer products manufactured by Consolidated Computer Inc., a corporation incorporated under the laws of the Province of Ontario and having its head office in the City of Toronto in that Province.
(2) Notwithstanding section 38 of the Enterprise Development Regulations, where a private lender has demanded repayment of a loan described in subsection (1) of these Regulations in respect of which insurance has been provided under section 28 of the Enterprise Development Regulations, prior to the maturity of that loan, the amount payable by Her Majesty to the private lender shall not exceed the lesser of
(a) the amount of insurance in effect on the date of such demand; and
(b) 99 per cent of the loss incurred by the private lender.
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