Fourth

Session, 46th General Assembly

Elizabeth II, 2011

BILL 26

AN ACT TO AMEND THE LOAN AND

GUARANTEE ACT, 1957

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

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

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

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

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

HONOURABLE

THOMAS W. MARSHALL, Q.C.

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 by adding the Newfoundland

and Labrador Immigrant Investor Fund Limited, a Crown corporation established

in April 2005 to receive and invest the province's monthly allocation of funds

immigration program. Money received from immigrant investors is to be repaid by

participating provincial funds after 5 years and each province provides a guarantee

of repayment. This amendment to the

Schedule to the Act secures the repayment

of the total of the monthly allocations in the amount of $54,630,357 which were

received by the Newfoundland

and Labrador Immigrant Investor Fund Limited during the fiscal year 2009-2010. This brings the total amount of allocations

guaranteed by the province to $204,229,677 as at March 31, 2010.

A BILL

AN ACT TO

AMEND THE LOAN AND

GUARANTEE ACT, 1957

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 adding the following:

Company

Amount

Date of Issue

Expiry Date

Newfoundland and Labrador Immigrant Investor

Fund Limited

54,630,357

Apr. 29/05

Jun. 30/14

May 31/15

William E. Parsons, Queen's Printer