289. No school service centre shall negotiate a loan on a money market other than the Canadian market or a loan which must be repaid, in whole or in part, in foreign currency without prior authorization from the Minister of Finance and the Minister of Education, Recreation and Sports.
No school service centre shall contract such a loan or engage in any registration formality permitting access to a money market other than the Canadian market without obtaining such prior authorizations.
The loan authorization of the Minister of Education, Recreation and Sports may prescribe the conditions of the loan.
Where the authorization limits the amount of the loan, that amount is deemed to be the par value of the bonds or other securities issued pursuant to that loan, regardless of any premium which may be payable upon repayment, or of the fact that the bonds or other securities may be sold at a premium or rebate.
The loan is deemed to be authorized both in foreign currency and in Canadian currency notwithstanding the difference that may exist between them when the loan is made or subsequently.
1988, c. 84, s. 289; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 2005, c. 28, s. 195; 2020, c. 1, s. 3121.
Until 5 November 2020, the amendment made by 2020, c. 1 is not in force insofar as it concerns an English-language school service centre. 2020, c. 1, s. 335