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OC 590/2010 - Crown Investments Corporation - Incorporation of the Saskatchewan Immigrant Investor Fund Inc. (CIC Subsidiary) (Minister Responsible for Crown Investments Corporation/Minister of Finance)
Description:

Title: Crown Investments Corporation - Incorporation of the Saskatchewan Immigrant Investor Fund Inc. (CIC Subsidiary)

Minister: Minister Responsible for Crown Investments Corporation and Minister of Finance

Summary: Orders that:

a) Crown Investments Corporation of Saskatchewan is authorized to incorporate a body corporate as a wholly-owned subsidiary of Crown Investments Corporation of Saskatchewan, to be known as the Saskatchewan Immigrant Investor Fund Inc.;

b) Crown Investments Corporation of Saskatchewan, through its wholly-owned subsidiary Saskatchewan Immigrant Investor Fund Inc., is authorized to borrow from immigrant investors participating in the Immigrant Investor Program facilitated by the Government of Canada, from time to time on a revolving basis without further authorization, as required in order to participate in the Immigrant Investor Program, amounts not exceeding in the aggregate the principal sum of $230,000,000 at any time outstanding, by issuing promissory notes or other securities, in lawful currency of Canada, bearing such rate of interest and being payable as to principal and interest at such time and is such manner as determined by Saskatchewan Immigrant Investor Fund Inc. or Crown Investments Corporation of Saskatchewan; and

c) Crown Investments Corporation of Saskatchewan, through its wholly-owned subsidiary Saskatchewan Immigrant Investor Fund Inc., is authorized to provide loans, indemnities or any other direct or indirect financial assistance utilizing funds received under the Immigrant Investor Program facilitated by the Government of Canada, to or with respect to any business organization, from time to time on a revolving basis without further authorization, in an amount not exceeding in the aggregate the principal sum of $230,000,000 at any time outstanding in lawful currency of Canada, on terms and conditions acceptable to Saskatchewan Immigrant Investor Fund Inc. or Crown Investments Corporation of Saskatchewan including, bearing such rate of interest and being payable as to principal and interest at such time and in such manner as determined by Saskatchewan Immigrant Investor Fund Inc. or Crown Investments Corporation of Saskatchewan.

See: The Crown Corporations Act, 1993, sections 6, 30 and 40
The Financial Administration Act, 1993, section 46





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