Grants, Contributions, Loans and Guarantees (continued)
Marginal note:Stock options
9 Subject to the regulations, the Minister may acquire, exercise, assign or sell a stock option obtained as a condition under which a contribution or loan was made or guarantee given under this Act.
- 1980-81-82-83, c. 160, s. 9
Marginal note:Limitation on loans guaranteed
10 The aggregate amount of guarantees given under this Act and insurance of loans provided for by subparagraph (a)(i) of Industry, Trade and Commerce Vote 1a of Appropriation Act No. 1, 1980-81, chapter 3 of the Statutes of Canada, 1980-81-82-83, as amended by paragraph (a) of Industry, Trade and Commerce Vote 1e of Appropriation Act No. 4, 1981-82, chapter 90 of the Statutes of Canada, 1980-81-82-83, that are outstanding at any one time shall not exceed one billion two hundred million dollars.
- 1980-81-82-83, c. 160, s. 10
Marginal note:Recovery of contributions
(a) the commercial operation or eligible person is not entitled to the contribution,
(b) the amount of the contribution exceeds the amount to which the commercial operation or eligible person is entitled, or
(c) a term or condition to which the contribution is subject has not been met or has been contravened,
the amount of the contribution or excess, as the case may be, together with interest determined as prescribed and computed from the date the contribution is made, is a debt due to Her Majesty in right of Canada and may be recovered as such from the commercial operation or eligible person in any court of competent jurisdiction.
Marginal note:No recovery in certain cases
(2) Where a circumstance referred to in paragraph (1)(a), (b) or (c) occurs in respect of a contribution made to a commercial operation or an eligible person under this Act and the Minister has, under such conditions as are prescribed, advised the commercial operation or eligible person in writing that the amount of the contribution will not be recovered from the commercial operation or eligible person in that circumstance, subsection (1) shall, effective on the date the circumstance occurred, cease to apply in respect of the contribution.
- 1980-81-82-83, c. 160, s. 11
Marginal note:Offence and punishment
12 Every one who, under this Act, submits any information or documentation, makes any statement or answers any question, whether in connection with an application for a grant, contribution, loan or guarantee or otherwise, knowing that the information, documentation, statement or answer is false or misleading or misrepresents or fails to disclose a material fact, is guilty of an offence and liable
(a) on summary conviction, to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding one year or to both; or
(b) on conviction on indictment, to a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding five years or to both.
- 1980-81-82-83, c. 160, s. 12
Marginal note:Boards may be established
Marginal note:Remuneration and expenses
(2) Each member of a board established under subsection (1) is entitled to be paid, for each day that the member performs duties under this Act, such remuneration as is fixed by the Governor in Council and reasonable travel and other expenses incurred by him while absent from his ordinary place of residence in the course of those duties.
Marginal note:Powers, duties and functions
(3) A board established under subsection (1) may exercise such powers and perform such duties and functions as may be prescribed.
- 1980-81-82-83, c. 160, s. 14
Marginal note:Report to Parliament
14 (1) The Minister shall cause to be laid before each House of Parliament, not later than June 1 next following the end of each fiscal year, or, if Parliament is not then sitting, on the first day thereafter that Parliament is sitting, a report respecting the administration of this Act for that fiscal year to the extent that information is available at the end of that fiscal year.
Marginal note:Reference of report to Committee
(2) Every report laid before Parliament under this section stands permanently referred to any Committee of Parliament designated or established for the purpose of reviewing matters relating to regional and industrial expansion.
- 1980-81-82-83, c. 160, s. 15
15 The Governor in Council may make regulations
(a) providing the method of establishing a development index, which would include a ranking for each district in a province having regard, with respect to each district, to the per capita level of income in the district, the level of employment in the district and the capacity of the province in which the district is located to raise revenue;
(b) defining, for the purposes of this Act, the expressions “commercial operation” and “approved lender”;
(c) determining the scope of any of the activities referred to in paragraphs 4(1)(a) to (d) or 5(1)(a) to (d);
(d) prescribing, generally or with respect to each Tier Group, terms on which and conditions under which grants, contributions and loans may be made or guarantees given pursuant to this Act;
(e) establishing the method of calculating the maximum amount, generally or with respect to each Tier Group, of a grant, contribution or loan that may be made or guarantee that may be given under this Act;
(f) prescribing, generally or with respect to each Tier Group, the type of costs and activities in respect of which a grant, contribution or loan may be made or guarantee given under this Act;
(g) specifying the circumstances in which and the manner in which the Minister may acquire, exercise, assign or sell a stock option obtained as a condition under which a contribution or loan was made or guarantee given under this Act;
(h) prescribing anything that by this Act is to be prescribed; and
(i) generally, for carrying out the purposes and provisions of this Act.
- 1980-81-82-83, c. 160, s. 16
16 No grant, contribution, loan or guarantee may be made under this Act if the application therefor is received after June 30, 1988.
- 1980-81-82-83, c. 160, s. 17
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