Investment Incentives Order, 2001 · As enacted · Part X · Foreign Loans for Productive Equipment
75. Application for and issue of approved foreign loan certificate
Official textFrom Attorney General's Chambers, unchanged
Where a company engaged in any industry is desirous of raising a loan of not less than $200,000 from a non-resident person (referred to in this Part as a foreign lender} by means of a financial agreement whereby credit facilities are granted for the purchase of productive equipment for the purposes of its trade or business, the company may apply to the Minister for a certificate certifying that foreign loan to be an approved foreign loan.
company
"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
The Minister may, where he thinks it expedient to do so, consider an application for a foreign loan certificate in respect of a foreign loan of less than
Minister
"Minister" means the Minister charged with the responsibility for industrial development;
$200,000.
(3}
The application shall be in such form and with such particulars as may be prescribed, and shall be accompanied by a copy of the financial agreement.
{4)
Where the Minister is satisfied as to the bona {zdes of such an application and that it is expedient in the public interest to do so, he may issue a certificate certifying the loan specified in the application as an approved foreign loan.
approved foreign loan
"approved foreign loan" means a loan which is certified under section 75 to be an approved foreign loan;
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Every certificate issued under subsection (4) shall be in such form and contain such particulars as may be prescribed, and shall be subject to such terms and conditions as the Minister thinks fit.
Restriction on disposal of specified productive equipment.
productive equipment
"productive equipment" means machinery or plant which would normally qualify for deduction under sections 16, 17 and 18 of the Income Tax Act;
Terms defined in s 3
approved foreign loan
Defined · s 3"approved foreign loan" means a loan which is certified under section 75 to be an approved foreign loan;
company
Defined · s 3"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
foreign loan certificate
Defined · s 3"foreign loan certificate" means a foreign loan certificate issued under section 75;
Minister
Defined · s 3"Minister" means the Minister charged with the responsibility for industrial development;
productive equipment
Defined · s 3"productive equipment" means machinery or plant which would normally qualify for deduction under sections 16, 17 and 18 of the Income Tax Act;
Part XI
Investment Allowances
Part XII
Part XIII