Unemployment Insurance Account Advance Regulations

Contents

The Minister of Finance, pursuant to subsection 137(2) of the Unemployment Insurance Act, 1971, hereby makes the annexed Regulations respecting advances to the Unemployment Insurance Account from the Consolidated Revenue Fund.^noteOttawa, October 17, 1983

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These Regulations may be cited as the Unemployment Insurance Account Advance Regulations.

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In these Regulations,

Act means the Unemployment Insurance Act, 1971; (Loi)

Commission means the Canada Employment and Immigration Commission; (Commission)

Minister means the Minister of Finance. (ministre)

^note

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Advances made to the Unemployment Insurance Account pursuant to section 137 of the Act shall be repaid on the following terms and conditions:

(a)an advance shall be secured by a promissory note in substantially the form set out in the schedule, signed by the Commission’s duly authorized officers and delivered by the Commission to the Minister;

(b)a promissory note in respect of an advance shall be dated the day the advance is made;

(c)an advance, including principal and interest, shall be due and payable on the day on which the note in respect of that advance matures;

(d)an advance shall bear interest from the day it is made to the day it is paid in full at an annual rate equal to the rate established by the Minister at the time the advance is made, and such interest shall be calculated and compounded semi-annually;

(e)principal and interest that are overdue shall bear interest at the rate established pursuant to paragraph (d) until they are paid in full;

(f)subject to this section, the Commission may, with the concurrence of the Minister, make prepayments on account of principal and interest accrued on an advance; and

(g)payments made by the Commission shall be applied, firstly, in payment of interest accrued on the earliest advance and secondly in repayment or reduction of the principal of that advance and then similarly to subsequent advances in the chronological order in which those advances were made.

Promissory Note (Section 3)

The Canada Employment and Immigration Commission (hereinafter called the “Commission”) hereby acknowledges that, pursuant to section 137 of the Unemployment Insurance Act, 1971 and the Unemployment Insurance Account Advance Regulations, $ has been advanced to the Unemployment Insurance Account as an advance from the Consolidated Revenue Fund on , and hereby promises that the said advance will be repaid on or before , together with interest on the unpaid principal amount of the advance at the rate of per annum, calculated from the date hereof on such part of the principal sum as remains outstanding from time to time and compounded semi-annually. The Commission further promises to pay interest on overdue principal and interest at the aforesaid rate per annum. The Commission may make prepayments from time to time, with the concurrence of the Minister of Finance and subject to the Unemployment Insurance Account Advance Regulations, on account of principal and accrued interest.The Commission hereby waives presentment, demand, protest and notice of any kind., 1983

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.

Unemployment Insurance Account Advance Regulations

Short Title

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Interpretation

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Advances

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Promissory Note (Section 3)

Short Title

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Interpretation

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Advances

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Promissory Note (Section 3)

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