First

Session, 48th General Assembly

Elizabeth II, 2016

BILL 41

ACT TO AMEND THE LOAN AND GUARANTEE

ACT, 1957 NO. 2

Received and Read the First Time .................................................................................................

Second Reading .................................................................................................................................

Committee ..........................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

CATHY BENNETT

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the

Schedule to

The Loan and Guarantee Act, 1957.

Order in Council

2005-066 authorized a loan guarantee of $350,000 in order to secure additional

operating credit for the Stephenville Airport Corporation during the period of

its restructuring. In 2010, the guarantee was increased by $250,000, with an

additional increase of $300,000 being authorized in 2016. In addition, in 2016,

an expiry date of March 31, 2016 was confirmed and that date was extended to

June 30, 2016. This Bill would confirm an additional extension of the expiry

date to October 31, 2016 and further extend that expiry date to March 31, 2018.

A BILL

AN ACT TO

AMEND THE LOAN AND

GUARANTEE ACT, 1957 NO. 2

Analysis

Schedule Amdt.

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

1957 No.70

as amended

1. The

Schedule to The Loan and Guarantee Act,

1957 is amended by amending Item 2 - Stephenville

Airport Corporation, as enacted by

chapter 6 of 2005 and amended by

chapter 20

of 2010 and

chapter 26 of 2016, as follows:

(

a) by striking out the expiry date of "Jun.

30/16" and substituting the expiry date "Oct. 31/16"; and

(

b) by striking out the expiry date of "Oct.

31/16" and substituting the expiry date "Mar. 31/18".

Queens Printer