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| B.C. Reg. 61/74 O.C. 370/74 |
Filed February 4, 1974 |
| This archived regulation consolidation is current to August 5, 2005 and includes changes enacted and in force by that date. For the most current information, click here. |
Pacific North Coast Native Cooperative Act
[includes amendments up to B.C. Reg. 549/77]
1.01 These regulations may be cited as the "Pacific North Coast Native Cooperative Act Regulations".
Division 2 — Interpretation of Regulations
2.01 In these regulations:
"Act" means the Pacific North Coast Native Cooperative Act;
"loan" means a loan made pursuant to the terms of the Act;
"cooperative" means the Pacific North Coast Native Cooperative;
"vessel" means a fishing boat or a fish packing boat with or without equipment and appurtenances which is registered or recorded under the Canada Shipping Act;
"fishing licence" means a licence issued pursuant to the Fisheries Act of Canada and approved by the minister;
"gross landed value of the catch" for any calendar year means the aggregate purchase price paid or incurred directly or indirectly by the cooperative during that calendar year for fish and other products of the sea in that year;
"prior years advances" means the aggregate principal amount of all advances of loans made under the Act, whether repaid or not, other than advances made in the immediately preceding 12 months;
"pro-rated advance" means an amount equal to the product obtained when multiplying 1/12 of the amount of any advance made in the immediately preceding calendar year by the number of full calendar months elapsed since the date of making that advance;
"adjusted principal amount" means an amount equal to the aggregate of the prior years advances and each pro-rated advance;
"advance" means an advance of a loan.
[am. B.C. Regs. 312/74; 332/76.]
Division 3 — Loans and Agreement to Loan
3.01 The Minister of Finance and Corporate Relations may make loans in accordance with these regulations.
Division 4 — Application for Advances
4.01 No application for an advance for the purchase of a fishing or fish-packing boat shall be accepted unless it is signed by the secretary-treasurer or any 2 directors of the cooperative, submitted on a form obtained from the minister or a person designated in writing by him and supported by documentary proof or other verification satisfactory to the minister or a person designated in writing by him of
(a) appraisal of the vessel and the fishing licence of the vessel conducted by a marine appraiser or appraisers satisfactory to the minister,
(b) registration of the vessel under the Canada Shipping Act,
(c) the fishing licence for the vessel and any necessary consents to the acquisition and use of the vessel and the fishing licence by or on behalf of the cooperative under applicable legislation, and
(d) an obligation of the vendor for the sale of the vessel to the cooperative.
[am. B.C. Reg. 6/75, s. 1.]
4.02 No application for an advance for refitting a fishing or fish-packing boat shall be accepted unless it is in a form satisfactory to the minister or a person designated in writing by him and is signed by the secretary-treasurer or any 2 directors of the cooperative and is supported by such evidence as the minister or his designate may require with regard to cost, value, appropriateness, quality and completion of the refitting.
[en. B.C. Reg. 6/75, s. 2.]
Division 5 — Security for Loan
5.01 No advance shall be made except upon such security and on such terms and conditions as may be approved by the minister or a person designated in writing by him in addition to those terms and conditions provided in section 6.01.
6.01 Every loan shall be made upon the following terms, (in addition to such terms as may be approved by the minister pursuant to Division 5 hereof):
(a) interest calculated at the rate of 5% per annum on the unpaid balance thereof from time to time shall be payable on February 1 in each and every year while any monies loaned remain unpaid, provided that
(i) subject to paragraph (c), the cooperative shall not be obliged to make in any year an interest payment in an amount in excess of the principal repayment payable in that year, and
(ii) any interest payable but not paid in any year shall be added to the unpaid balance of the loan and shall bear interest at the said rate;
(b) the aggregate principal amount loaned from time to time shall be repayable by annual instalments payable on February 1 in each and every year while any monies loaned remain unpaid, such instalments to be in an amount equal to 5% of the gross landed value of the catch in the immediately preceding calendar year, provided that
(i) subject to paragraphs (b) (ii) and (c), the cooperative shall not be obliged to make in any year an instalment payment in an amount in excess of 5% of the adjusted principal amount, and
(ii) except where any obligation is cancelled or the payment is waived in accordance with these regulations, the amount of the repayment instalment to be made in any year shall be not less than 2% of the adjusted principal amount;
(c) in the event of default by the cooperative in the observance or performance of any of the terms and conditions of the loan on its part to be observed or performed, the aggregate principal amount of the loan and accrued interest, upon demand by the minister, shall become due and payable;
(d) the cooperative, when not in default under the terms and conditions of any loan, shall have the right at any time and from time to time to prepay, without notice or bonus, the aggregate principal balance outstanding on all loans, or any portion thereof, together with interest thereon to the date or dates of such payment or payments;
(e) at any time the Lieutenant Governor in Council may cancel the outstanding obligations of the cooperative to make any further payments of principal or interest on the loans;
(f) in any year the Lieutenant Governor in Council may waive, upon such terms and conditions as the Lieutenant Governor in Council may approve, compliance by the cooperative with any term or condition of a loan, including payment within the time specified of principal or interest;
(g) the loan shall be secured by a charge on a vessel or vessels, and a floating charge on the assets of the cooperative;
(h) the cooperative shall not sell, transfer, mortgage or otherwise dispose of or encumber or permit encumbrance of any asset (or interest therein) securing any loan without the written approval of the minister, and the minister may, in his complete discretion, approve such a sale, transfer, mortgage or other disposition or encumbrance upon such terms and conditions as he may approve.
[am. B.C. Reg. 549/77.]
[Provisions of the Pacific North Coast Native Cooperative Act, R.S.B.C. 1996, c. 343, relevant to the enactment of this regulation: section 4]
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