Immigration and Refugee Protection Regulations

Marginal note:Terms and conditions

92 An approved fund is subject to the following terms and conditions:

• (a) it must receive the provincial allocation through the agent;

• (b) it must repay the provincial allocation through the agent to the investor within 90 days after the date of receipt by the agent of the request for repayment by the investor, if the request for repayment is received before a permanent resident visa is issued to the investor;

• (c) it must repay the provincial allocation to the agent within 30 days after the agent informs the fund that the investor has chosen to withdraw their investment before the issuance of a permanent resident visa;

• (d) if the approval of the fund has not been suspended, it must receive the provincial allocation through the agent on the first day of the allocation period;

• (e) when it receives the provincial allocation it must

  • (i) on the first day of the allocation period, issue to the investor, through the agent, a debt obligation that is in an amount equal to the provincial allocation, is due and payable 30 days after the expiry of the allocation period, can be pledged as security and cannot be transferred before the expiry of the allocation period without the written consent of the approved fund provided by the agent, and

  • (ii) notify the investor through the agent of the date of receipt of the provincial allocation;

• (f) during the allocation period, it must use the provincial allocation for the purpose of creating or continuing employment in Canada to foster the development of a strong and viable economy;

• (g) at the end of the allocation period, it must transfer the provincial allocation to the agent for repayment in accordance with paragraph (i);

• (h) if the approved fund fails to transfer the provincial allocation to the agent under paragraph (g), the province must transfer an amount equal to the provincial allocation to the agent for repayment in accordance with paragraph (i); and

• (i) 30 days after the expiry of the allocation period, the agent must repay the provincial allocation to the investor thereby extinguishing the debt obligation in respect of that provincial allocation.