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This is an unofficial archived version of The Co-operative Association Loans and Loans Guarantee Act

as enacted by SM 1987-88, c. 9 on July 17, 1987.

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R.S.M. 1987, c. C220

The Co-operative Association Loans and Loans Guarantee Act

Table of contents

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Definitions.

In this Act

"board" means The Co-operative Loans and Loans Guarantee Board continued under this Act; ("Office")

"co-operative association" means an association within the meaning of The Cooperatives Act; ("coopérative")

"minister" means the member of the Executive Council charged by the Lieutenant Governor in Council with the administration of this Act. ("ministre")

Board continued.

2(1)

The board known as The Co-operative Loans and Loans Guarantee Board is hereby continued consisting of

(

a) the deputy of the minister;

(

b) a person designated by the minister from the Department of Co-operative Development; and

(

c) at least three other persons appointed by the Lieutenant Governor in Council.

Terms of office.

2(2)

The persons appointed under clause (1)(

c) shall hold office for such term as may be prescribed by the Lieutenant Governor in Council

Chairman and secretary.

2(3)

The deputy of the minister shall act as chairman and the person designated by the minister from the Department of Co-operative Development shall act as secretary of the board.

Board a corporation.

3(1)

The members of the board are a body corporate under the name: "The Co-operative Loans and Loans Guarantee Board".

Quorum.

3(2)

Three members of the board constitute a quorum thereof.

Remuneration to members.

The members of the board other than a member who is a civil servant shall receive such remuneration for their services as members of the board as may be approved by the Lieutenant Governor in Council.

Guarantee of borrowing.

5(1)

Approving loans.

5(2)

Minister of Finance to advance moneys.

5(3)

Where under subsection (2) the board approves an application for a loan, the board shall notify the Minister of Finance of the approval and the Minister of Finance upon receipt of the notification shall advance or cause to be advanced to the co-operative association concerned, the amount of the loan as approved.

Total of guarantees and loans.

The aggregate of the amount of loans guaranteed by the board and the loans approved by the board under this Act shall not at any time exceed such amount as may be authorized for the purposes of this Act by

an Act of the Legislature.

Subrogation.

Where under

section 5 the board guarantees a loan and pursuant to the guarantee, the government is required to make payment to the lender, the board is subrogated to the right of recovery of the lender.

Books and records.

8(1)

The board shall keep and maintain or cause to be kept and maintained such books, records and accounts as are necessary for the proper administration of this Act.

Audit.

8(2)

The accounts of the board shall be audited at the close of each fiscal year of the board by the Provincial Auditor.

Fiscal year.

8(3)

The fiscal year of the board is the same as that of the government.

Annual report.

The board shall report annually to the minister respecting its transactions under this Act and the minister shall table the report of the board in the Legislature if it is then in session and if not then within 15 days of the commencement of the next ensuing session thereof.

Consolidated Fund.

Moneys required for the purposes of this Act shall be paid from the Consolidated Fund with moneys authorized by

an Act of the Legislature to be so paid and applied.

Regulations.

For the purpose of carrying out the provisions of this Act according to their intent, the Lieutenant Governor in Council may make such regulations and orders as are ancillary thereto and are not inconsistent therewith; and every regulation or order made under, and in accordance with the authority granted by, this

section has the force of law; and, without restricting the generality of the foregoing, the Lieutenant Governor in Council may make regulations and orders,

(

a) defining "production purpose";

(

b) respecting the limits of guarantees to be given and loans to be made under this Act;

(

c) prescribing forms for use under this Act;

(

e) generally for the proper administration of this Act.