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His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 10(3) of the Interest Act, hereby makes the annexed Prescribed Entities and Classes of Mortgages and Hypothecs Regulations.notenote
1Prescribed entities, mortgages and hypothecs#
For the purposes of paragraph 10(2)(b) of the Interest Act,
(a)the following entities are prescribed:
(i)partnerships,
(ii)trusts settled for business or commercial purposes,
(iii)unlimited liability corporations as defined in the Business Corporations Act, R.S.A. 2000, c. B-9,
(iv)unlimited liability companies as defined in the Business Corporations Act, S.B.C. 2002, c. 57, and
(v)unlimited companies as defined in the Companies Act, R.S.N.S. 1989, c. 81; and
(b)the prescribed class of mortgages and hypothecs consists of those issued after January 1, 2012.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.