Consolidated Computer Inc. Adjustment Assistance Regulations

C.R.C., c. 967DEPARTMENT OF INDUSTRY ACT
APPROPRIATION ACTS
Regulations Respecting Adjustment Assistance to Consolidated Computer Inc.Short Title

1 These Regulations may be cited as the Consolidated Computer Inc. Adjustment Assistance Regulations.

Interpretation

2 In these Regulations, all words and expressions have the same meaning as in the General Adjustment Assistance Regulations.

Special Loans

3 (1) Notwithstanding subsection 14(8) of the General Adjustment Assistance Regulations, the Board may, under subsection 14(4) of those Regulations, provide insurance in an amount not exceeding 99 per cent of the amount of loans, not exceeding $30 million in the aggregate, made by private lenders for the purpose of facilitating the leasing of computer products manufactured by Consolidated Computer Inc., a corporation incorporated under the laws of the Province of Ontario and having its head office in the City of Toronto in that Province.

(2) Notwithstanding section 17 of the General Adjustment Assistance Regulations, where a private lender had demanded repayment of a loan described in subsection (1) in respect of which insurance has been provided under subsection 14(8) of the said Regulations, prior to the maturity of that loan, the amount payable by Her Majesty to the private lender shall not exceed the lesser of

(a) the amount of insurance in effect on the date of such demand: and
(b) 99 per cent of the loss incurred by the private lender.