Investment Incentives Act · s 29

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29.
Procedure and power for applying and issuing an approved foreign loan certificate
(1)
Where a company engaged in any industry is desirous of raising a loan of not less than $200,000 from a non-resident person (hereinafter in this Part referred to as the
“foreign lender”) by means of a financial agreement whereby credit facilities are granted for the purchase of productive

Investment Incentives 34
equipment for the purposes of its trade or business, such company may apply to the Board for a certificate certifying such foreign loan to be an approved foreign loan:
Provided that the Board may, where it thinks it is expedient to do so, consider an application for a foreign loan certificate in respect of a foreign loan of less than $200,000.
(2)
The application shall be in such form and with such particulars as may be prescribed, and shall be accompanied by a copy of such financial agreement.
(3)
Where the Board is satisfied as to the bona fides of such application and that it is expedient in the public interest to do so, it may issue a certificate certifying the loan specified in such application as an approved foreign loan.
(4)
Every certificate issued under subsection (3) of this section shall be in such form and contain such particulars as may be prescribed, and shall be subject to such conditions as the
Board thinks fit.

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s 29Procedure and power for applying and issuing an approved foreign loan certificate

(1)

Where a company engaged in any industry is desirous of raising a loan of not less than $200,000 from a non-resident person (hereinafter in this Part referred to as the

“foreign lender”) by means of a financial agreement whereby credit facilities are granted for the purchase of productive

Investment Incentives 34

equipment for the purposes of its trade or business, such company may apply to the Board for a certificate certifying such foreign loan to be an approved foreign loan:

Provided that the Board may, where it thinks it is expedient to do so, consider an application for a foreign loan certificate in respect of a foreign loan of less than $200,000.

(2)

The application shall be in such form and with such particulars as may be prescribed, and shall be accompanied by a copy of such financial agreement.

(3)

Where the Board is satisfied as to the bona fides of such application and that it is expedient in the public interest to do so, it may issue a certificate certifying the loan specified in such application as an approved foreign loan.

(4)

Every certificate issued under subsection (3) of this section shall be in such form and contain such particulars as may be prescribed, and shall be subject to such conditions as the

Board thinks fit.