HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act
"board" means The Co-operative Loans and Loans Guarantee Board continued under this Act; (« Office »)
"co-operative association" means a cooperative as defined in section 1 of The Cooperatives Act; (« coopérative »)
"department" means the department of government over which the minister presides and through which this Act is administered; (« ministère »)
"minister" means the member of the Executive Council charged by the Lieutenant Governor in Council with the administration of this Act. (« ministre »)
S.M. 1998, c. 52, s. 397; S.M. 2004, c. 42, s. 63.
The board known as The Co-operative Loans and Loans Guarantee Board is hereby continued consisting of
(a) the deputy of the minister;
(b) a person designated by the minister from the department; and
(c) at least three other persons appointed by the Lieutenant Governor in Council.
The persons appointed under clause (1)(c) shall hold office for such term as may be prescribed by the Lieutenant Governor in Council.
The deputy of the minister shall act as chairman and the person designated by the minister from the department shall act as secretary of the board.
The members of the board are a body corporate under the name: "The Co-operative Loans and Loans Guarantee Board".
Three members of the board constitute a quorum thereof.
The members of the board other than a member who is a civil servant shall receive such remuneration for their services as members of the board as may be approved by the Lieutenant Governor in Council.
Where a co-operative association borrows money for a period not exceeding 10 years and the association, by such evidence as the board may require, proves to the satisfaction of the board that the money is required to assist the association in carrying out its aims and objects and for productive purposes, the board may guarantee the repayment of the whole or part of the money borrowed by the association and interest thereon subject to such terms and conditions as the board may see fit to impose.
The board may also authorize the making of a loan for the purposes set out in subsection (1) to a co-operative association upon the application therefor by the association, subject to such terms and conditions including the period of the loan and the terms of repayment thereof by the association.
Minister of Finance to advance moneys
Where under subsection (2) the board approves an application for a loan, the board shall notify the Minister of Finance of the approval and the Minister of Finance upon receipt of the notification shall advance or cause to be advanced to the co-operative association concerned, the amount of the loan as approved.
The aggregate of the amount of loans guaranteed by the board and the loans approved by the board under this Act shall not at any time exceed such amount as may be authorized for the purposes of this Act by an Act of the Legislature.
Where under section 5 the board guarantees a loan and pursuant to the guarantee, the government is required to make payment to the lender, the board is subrogated to the right of recovery of the lender.
The board shall keep and maintain or cause to be kept and maintained such books, records and accounts as are necessary for the proper administration of this Act.
The accounts of the board shall be audited at the close of each fiscal year of the board by the Auditor General.
The fiscal year of the board is the same as that of the government.
The board shall report annually to the minister respecting its transactions under this Act and the minister shall table the report of the board in the Legislature if it is then in session and if not then within 15 days of the commencement of the next ensuing session thereof.
Moneys required for the purposes of this Act shall be paid from the Consolidated Fund with moneys authorized by an Act of the Legislature to be so paid and applied.
For the purpose of carrying out the provisions of this Act according to their intent, the Lieutenant Governor in Council may make such regulations and orders as are ancillary thereto and are not inconsistent therewith; and every regulation or order made under, and in accordance with the authority granted by, this section has the force of law; and, without restricting the generality of the foregoing, the Lieutenant Governor in Council may make regulations and orders,
(a) defining "production purpose";
(b) respecting the limits of guarantees to be given and loans to be made under this Act;
(c) prescribing forms for use under this Act;
(d) prescribing terms and conditions under which a guarantee may be given or loan made under this Act;
(e) generally for the proper administration of this Act.