FINANCIAL ADMINISTRATION ACTPublic Property Loan RegulationsRegulations Respecting the Loan of Public PropertyP.C.1992-2596 199212
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His Excellency the Governor General in Council, on the recommendation of the Treasury Board, pursuant to section 61 of the Financial Administration Act, is pleased hereby to revoke the Personal Property Loan Regulations, made by Order in Council P.C. 1983-506 of February 17, 1983*, and to make the annexed Regulations respecting the loan of public property in substitution therefor.SOR/83-181, 1983 Canada Gazette Part II, p. 841Short TitleThese Regulations may be cited as the Public Property Loan Regulations.InterpretationIn these Regulations, lending authority meansan appropriate Minister within the meaning of paragraph (a), (a.1) or (b) of the definition appropriate Minister in section 2 of the Financial Administration Act, ora departmental corporation. (autorité prêteuse)ApplicationThese Regulations apply in respect of the lending of public property other than real property.GeneralSubject to subsection (2), every loan of public property shall be by way of a contract in writing, which shall includea description of the consideration for the loan;an undertaking that the borrower will indemnify Her Majesty for, and save Her Majesty harmless from, all losses and claims of any kind in respect of the borrower’s use or possession of the public property;a statement that the lending authority may, at any reasonable time, inspect the public property and view its state of repair;the term of the loan; andidentification of any security that the lending authority requires.Where, in the opinion of the lending authority, an emergency exists, a loan of public property may be made on obtaining a written acknowledgement of receipt thereof from the borrower.Where a loan is made pursuant to subsection (2), the lending authority shall enter into a written contract for the loan, in the form described in subsection (1), as soon as practicable thereafter.