Second

Session, 47th General Assembly

Elizabeth II, 2013

BILL 24

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 respecting the Newfoundland

and Labrador Immigrant Investor Fund Limited, a Crown corporation established

in April 2005 to receive and invest the provinces 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 would secure the

repayment of the net total of monthly allocations less repayments in the amount

of $61,061,398 which were received by the Newfoundland and Labrador Immigrant Investor

Fund Limited during the fiscal years 2010-2011 and 2011-2012. This allocation brings

the total amount of allocations guaranteed by the province to $265,291,075 as

at March 31, 2012.

During fiscal

year 2012-2013, monthly repayments exceeded new allocations by $22,229,016 thus

reducing the total net allocations guaranteed by the province to $243,062,059.

As this amount is less than the guaranteed amount as at March 31, 2012, no

further amendment is required with respect to the 2012-2013 fiscal year.

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:

SNL1957 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

61,061,398

Apr. 29/05

May 1/15

Apr. 30/17

Queen's Printer