Act BEFORE repealed by 2006-12-71, effective March 30, 2006 (Royal Assent).
Pacific North Coast Native Cooperative Act
[RSBC 1996] CHAPTER 343
| Contents | ||
|---|---|---|
| Section | ||
| 1 | Definitions | |
| 2 | Loans to cooperative | |
| 3 | Guarantees | |
| 4 | Power to make regulations | |
Definitions
1 In this Act, "cooperative" means the Pacific North Coast Native Cooperative incorporated on May 15, 1970 under the Co-operative Associations Act, R.S.B.C. 1960, c. 77.
Loans to cooperative
2 (1) On application by the cooperative, the minister may loan to it amounts, not exceeding a total of $5.5 million, required by it for any of the following:
(a) purchasing, constructing, refitting, converting or repairing fishing or fish packing boats, with or without appurtenances and equipment, registered or recorded under the Canada Shipping Act (Canada);
(b) acquiring fishing licences issued under the Fisheries Act (Canada);
(c) acquiring property, works and undertakings that are, in the opinion of the minister, necessary for or related to its business of harvesting products of the sea;
(d) providing working capital to enable the cooperative to finance or refinance its fishing and cannery operations in all its aspects including the expenses of its fishing fleet and advances to its members and others in respect of their fishing operations.
(2) Loans under subsection (1) must be secured and repaid by the cooperative in a manner and subject to terms and conditions the Lieutenant Governor in Council specifies.
Guarantees
3 The Minister of Finance on behalf of the government may, on terms approved by the Lieutenant Governor in Council, guarantee the payment of the principal and interest of any notes, bonds, debentures or other security for the borrowing of money from a Crown corporation or a savings institution, for any of the purposes referred to in section 2, but the guarantee must not exceed at any time a total of $1.5 million.
Section 1 BEFORE amended by 1999-28-226, effective January 31, 2001 (BC Reg 347/2000).
1 In this Act, "cooperative" means the Pacific North Coast Native Cooperative incorporated under the Cooperative Associations Act on May 15, 1970.
Section 3 BEFORE amended by 2004-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
3 The Minister of Finance and Corporate Relations on behalf of the government may, on terms approved by the Lieutenant Governor in Council, guarantee the payment of the principal and interest of any notes, bonds, debentures or other security for the borrowing of money from a Crown corporation or a savings institution, for any of the purposes referred to in section 2, but the guarantee must not exceed at any time a total of $1.5 million.