Second

Session, 46th General Assembly

Elizabeth II, 2009

BILL 16

AN ACT TO AMEND THE LOAN AND

GUARANTEE ACT, 1957

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

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

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

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

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

HONOURABLE

JEROME P. KENNEDY, Q.C.

Minister

of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

Clause 1 of the 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

business 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 current guarantee of $53,268,445 for Newfoundland and

Labrador Immigrant Investor Fund Limited secures the repayment of the total of

the monthly allocations received by the fund during the 2007/08 fiscal year. This brings the total amount of allocations

guaranteed by the province to $97,932,508 as of March 31, 2008 .

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

53,268,445

Apr. 29/05

June 30/12 to

May 31/13

Earl G. Tucker, Queen's Printer