24

 


 

Second Session, 47th General Assembly

62 Elizabeth II, 2013

BILL 24

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 respecting 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 would secure the repayment of the net total of monthly allocations less repayments in the amount of $61,061,398 which were received by the Newfoundland and Labrador Immigrant Investor Fund Limited during the fiscal years 2010-2011 and 2011-2012. This allocation brings the total amount of allocations guaranteed by the province to $265,291,075 as at March 31, 2012.

During fiscal year 2012-2013, monthly repayments exceeded new allocations by $22,229,016 thus reducing the total net allocations guaranteed by the province to $243,062,059. As this amount is less than the guaranteed amount as at March 31, 2012, no further amendment is required with respect to the 2012-2013 fiscal year.

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:

SNL1957 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

 

61,061,398

Apr. 29/05

May 1/15
to
Apr. 30/17