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Debt Reserve Funds Replenishment Regulations

Version of section 2 from 2016-04-01 to 2024-08-18:


Marginal note:Notice of proposed amount

  •  (1) At least 90 days before the date of a request requiring payment of amounts to replenish a debt reserve fund under paragraph 84(5)(a) or (b) of the Act, the Authority must send a notice to the council of every borrowing member who has received financing for which that debt reserve fund was established — whether or not the borrowing member’s loan has been repaid — setting out the amount of the shortfall in the fund and the Authority’s intention to require those borrowing members to replenish the fund.

  • Marginal note:Content of notice

    (2) The notice must identify all defaulting members and the amount of the shortfall attributable to each of them.

  • SOR/2016-29, s. 2

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