2011 Bill 26

	26


Fourth Session, 46th General Assembly 60 Elizabeth II, 2011
BILL 26
AN ACT TO AMEND THE LOAN AND GUARANTEE ACT, 1957
Received and Read the First Time...................................................................................................
Second Reading.................................................................................................................................
Committee............................................................................................................................................
Third Reading.....................................................................................................................................
Royal Assent......................................................................................................................................
HONOURABLE THOMAS W. MARSHALL, Q.C. Minister of Finance and President of Treasury Board
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Schedule to The Loan and Guarantee Act, 1957 by adding the Newfoundland and Labrador Immigrant Investor Fund Limited, a Crown corporation established in April 2005 to receive and invest the province's monthly allocation of funds received from participation in the Government of Canada's redesigned business immigration program. Money received from immigrant investors is to be repaid by participating provincial funds after 5 years and each province provides a guarantee of repayment. This amendment to the Schedule to the Act secures the repayment of the total of the monthly allocations in the amount of $54,630,357 which were received by the Newfoundland and Labrador Immigrant Investor Fund Limited during the fiscal year 2009-2010. This brings the total amount of allocations guaranteed by the province to $204,229,677 as at March 31, 2010.

A BILL

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957

Analysis

1. Schedule Amdt.

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

1957 No.70
as amended

1. The Schedule to The Loan and Guarantee Act, 1957 is amended by adding the following:

Company		Amount	Date of Issue	Expiry Date
Newfoundland and Labrador Immigrant Investor Fund Limited		54,630,357	Apr. 29/05	Jun. 30/14 to May 31/15