AI-assisted research summary: The Corporation may advance a loan or loan guarantee only with the required approval level and only when the applicant’s total indebtedness stays within the stated thresholds.
c t ISLAND INVESTMENT DEVELOPMENT ACT FINANCIAL ASSISTANCE REGULATIONS PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this regulation, current to December 17, 2005. It is intended for information and reference purposes only. This document is not the official version of these regulations. The regulations and the amendments printed in the Royal Gazette should be consulted on the Prince Edward Island Government web site to determine the authoritative text of these regulations. For more information concerning the history of these regulations, please see the Table of Regulations on the Prince Edward Island Government web site (www.princeedwardisland.ca). If you find any errors or omissions in this consolidation, please contact: Legislative Counsel Office Tel: (902) 368-4292 Email: legislation@gov.pe.ca Island Investment Development Act Financial Assistance Regulations Section 1 c ISLAND INVESTMENT DEVELOPMENT ACT Chapter I-10.1 FINANCIAL ASSISTANCE REGULATIONS Pursuant to section 12 of the Island Investment Development Act R.S.P.E.I. 1988, Cap. I-10.1, Council made the following regulations: 1. Definitions In these regulations (a) “affiliate” means any person (i) directly or indirectly controlling, or controlled by, or (ii) under direct, indirect, or common control with, a person making an application pursuant to the Act and these regulations; (b) “application” means a request for a loan or a loan guarantee by a person to the Corporation; (c) “person” includes any partnership, corporation, cooperative, or syndicate formed or existing for the purpose of jointly acquiring or administering assets. (EC686/05) 2. Advance (1) On the application of a person, the Corporation may, with the approval of the board, advance a loan or a loan guarantee to a person if the total indebtedness of the person to the Corporation, including guarantees provided by the Corporation on behalf of that person, or an affiliate of that person, does not exceed $1,000,000 in the aggregate. Idem (2) On the application of a person, the Corporation may, with the approval of Treasury Board, advance a loan or a loan guarantee to a person if the total indebtedness of the person to the Corporation, including guarantees provided by the Corporation on behalf of that person or an affiliate of that person, exceeds $1,000,000, but does not exceed $2,500,000, in the aggregate. Idem (3) On the application of a person, the Corporation may, with the approval of the Lieutenant Governor in Council, advance a loan or a loan guarantee to a person if the total indebtedness of the person to the Corporation, including guarantees provided by the Corporation on behalf of that person or an affiliate of that person, exceeds $2,500,000 in the aggregate. c t Updated December 17, 2005 Page 3 Section 2 Island Investment Development Act Financial Assistance Regulations Total indebtedness (4) Where a person makes an application to the Corporation, the total indebtedness of a person to the Corporation shall be determined under this section by including the amount of the loan or loan guarantee requested by the person in the application. (EC686/05) Page 4 Updated December 17, 2005 t c