Acts and Regulations

84-166 - General

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Current to 1 January 2024
NEW BRUNSWICK
REGULATION 84-166
under the
Fisheries and Aquaculture Development Act
(O.C. 84-579)
Filed July 16, 1984
Under section 7 of the Fisheries and Aquaculture Development Act, the Lieutenant-Governor in Council makes the following Regulation:
2009-91
1This Regulation may be cited as the General Regulation - Fisheries and Aquaculture Development Act.
2009-91
2In this Regulation
“Act” means the Fisheries and Aquaculture Development Act;(Loi)
“applicant” means a person who requests financial assistance from the Minister;(requérant)
“borrower” means a person who obtains financial assistance from the Minister in the form of a loan; (emprunteur)
“prime” means, for each quarter of the calendar year, the prime business rate posted by the Bank of Canada on the first Wednesday of that quarter; (taux préférentiel)
“provincial interest rate on loans” means the interest rate payable on loans made under the Act, determined by the Minister of Finance on a quarterly basis to be the average interest cost to the Province of borrowing money during the previous quarter;(taux d’intérêt provincial sur les prêts)
“Provincial lending rate” Repealed: 2020-5
“total amount of financial assistance” means the sum of(montant intégral d’aide financière)
(a) the financial assistance requested by the applicant, and
(b) all financial assistance that the applicant previously obtained from the Minister in the same calendar year but has not repaid.
93-133; 2009-91; 2010-126; 2018-5; 2019, c.29, s.66; 2020-5
2.1In the Act and this Regulation, “person” includes a cooperative or association.(personne)
2018-5
3For the purposes of subsection 5(1) of the Act, a request for financial assistance shall be
(a) signed by the applicant, and
(b) delivered in person to the Minister.
2018-5
4For the purposes of subsections 3(1) and (2) of the Act, the total amount of financial assistance provided by the Minister may be used as follows:
(a) to purchase new or used vessels;
(b) to undertake activities related to aquaculture;
(c) to construct weirs;
(d) to purchase an engine;
(e) to purchase electronic equipment related to fisheries or aquaculture;
(f) to purchase fishing equipment;
(g) to make major repairs to the hull or engine of a vessel; or
(h) to purchase a commercial fishing licence or obtain a quota.
88-244; 2009-91; 2010-126; 2018-5
4.01(1)For the purposes of subsection 5(2) of the Act, the amount is $100,000.
4.01(2)For the purposes of subsection 5(4) of the Act, the amount is $500,000.
2018-5
4.1(1)The annual interest rate applicable to financial assistance in the form of a direct loan provided under subsection 3(1) or (2) of the Act shall be fixed at a rate that is at least one percent higher than the provincial interest rate on loans.
4.1(2)For the purposes of subsection (1), the applicable provincial interest rate on loans is the lowest provincial interest rate on loans in effect between the date the application for financial assistance is received by the Minister and the date of first disbursement of funds, inclusive.
4.1(3)The interest payable shall be calculated semi-annually on the outstanding principal and accrued interest.
2010-126; 2020-5
5Repealed: 2020-5
88-244; 92-79; 93-133; 2010-126; 2018-5; 2020-5
5.01Repealed: 2020-5
2010-126; 2020-5
5.1Notwithstanding any other provision in this Regulation, if the Minister determines after making a direct loan under the Act to a borrower that the borrower is unable to repay the loan from the revenues from the fisheries or aquaculture operation, the Minister may, with the approval of the Lieutenant-Governor in Council, adjust in writing the time for repayment and the terms and conditions of the loan.
93-134; 2009-91
6For the purposes of subsection 9(1) of the Act, a person who obtains financial assistance in the form of a guarantee of the repayment of a loan, or the guarantee of a bond issued by the person, shall pay
(a) on the date of issue of the guarantee, an annual charge that is equal to 1.5% of the outstanding principal amount of the loan or bond to which the guarantee applies, and
(b) each following year on the anniversary date of the date of issue, an amount equal to 1.5% of the portion of the principal amount of the loan or bond to which the guarantee applies that is outstanding on that date.
2007-58; 2010-126; 2018-5
7Repealed: 2018-5
2018-5
8Repealed: 2018-5
2018-5
9The Minister may share a portion of the cost of interest on outstanding financial assistance approved on or before December 6, 1979, by reimbursing up to fifty percent of the cost of interest on loans made for new or used vessels, aquaculture or weir construction and by reimbursing up to twenty-five percent of the cost of interest on loans made for new engines, electronics equipment or fishing gear, or for major repairs on hull and engine having a minimum estimated cost of three thousand dollars.
10For the purposes of subsection 5.1(1) of the Act, the security taken on financial assistance shall be in the following form:
(a) a promissory note,
(b) a mortgage, or
(c) any other charge on the assets utilized by the person who obtains financial assistance in a fishery operation or in the practice of aquaculture.
2009-91; 2018-5
11(1)A person who obtains financial assistance shall keep the following records for inspection by the Minister:
(a) a record of the entire operations; and
(b) a record of earnings and disposal or use of the financial assistance provided.
11(2)An audited financial statement shall be provided to the Minister or a person designated by the Minister upon request.
2018-5
12Repealed: 2018-5
2018-5
13The Minister may take possession of the assets mortgaged or charged in order to protect the interests of the Province in the assets
(a) if the person to whom financial assistance is provided does not comply with the terms and conditions of the financial assistance,
(b) if the person to whom financial assistance is provided is declared bankrupt or makes a general assignment for the benefit of creditors,
(c) if the assets taken as security for the financial assistance are not being used for the purpose for which the financial assistance was provided, unless authorized by the Minister,
(d) if the assets taken as security are abused or allowed to lapse into disrepair,
(e) if the person to whom financial assistance is provided fails to observe any covenant or obligation to be observed or performed by that person,
(f) if the person to whom financial assistance is provided encumbers the assets taken as security without obtaining the consent of the Minister in writing, or
(g) if any other terms or conditions of the security are not complied with.
14(1)Where the Minister has taken possession of assets pursuant to section 13,
(a) the Minister may sell or transfer those assets for the purpose of protecting the interest of the Province in those assets,
(b) the Minister may enter into an agreement with the person whose assets were taken possession of, or any other person, to operate the assets on terms and conditions as are mutually agreed upon, or
(c) the Minister may, subject to the prior approval of the Lieutenant-Governor in Council, expend money to refit, repair or renovate such assets.
14(2)Where the Minister proposes to sell or transfer repossessed assets at less than their appraised value, a notice of the proposed sale shall be published in one issue of The Royal Gazette and in at least one issue of two daily newspapers published in the Province.
14.1For the purposes of section 9.2 of the Act, the annual report submitted by the Minister shall include a detailed record of all loans made or grants, guarantees or other financial assistance provided by the Minister up to the amount referred to in subsection 4.01(2) in the preceding year.
2018-5
15Repealed: 2018-5
2009-91; 2016, c.37, s.77; 2018-5
16Regulation 78-31 under the Fisheries Development Act is repealed.
N.B. This Regulation is consolidated to February 5, 2020.