Statutes of Newfoundland 1993 Chapter 2

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Statutes of Newfoundland 1993

CHAPTER 2 CHAPTER 2

AN ACT TO AMEND THE FISHERIES LOAN ACT
(Assented to March 25, 1993)

Analysis

1. S.2 Amdt.
Definitions

2. S.9 Amdt.
Board may guarantee loan

3. S.14 Amdt.
Regulations

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

RSN 1990 cF-13

1. (1) Section 2 of the Fisheries Loan Act is amended

(a) by adding immediately after paragraph 2(c) the following:

(c.1) "credit union" means a credit union under the Co-operative Societies Act which is registered with the Registrar of Credit Unions for the province;

(c.2) "financial institution" means an institution considered acceptable to the Fisheries Loan Board, the Minister of Finance and the Minister of Justice and includes but is not restricted to banks, loan and trust companies and credit unions; and

(b) by adding immediately after paragraph 2(f) the following:

(f.1) "loan company" means a loan company which holds a valid and existing licence under the Trust and Loan Companies Licensing Act;

(2) Section 2 of the Act is further amended by deleting the word "and" at the end of paragraph (g), by deleting the period at the end of paragraph (h) and by substituting a semicolon and the word "and" and by adding the following immediately after paragraph (h):

(i) "trust company" means a trust company which holds a valid and existing licence under the Trust and Loan Companies Licensing Act.

2. Section 9 of the Act is amended by adding immediately after the word "bank" the words "or other financial institution".

3. Paragraphs 14(1)(p), (q), (r) and (s) of the Act are amended by adding immediately after the word "bank" wherever it appears the words "or other financial institution".