35 (1) A political party, constituency association, nomination contestant, candidate or leadership contestant registered under this Act may, if subsection (2) is complied with, borrow money from, (a)  a financial institution; or (b)  a registered party or constituency association. 2016, c. 22, s. 31 (1). Report to Chief Electoral Officer (2) The borrower shall keep a record of the loan and its terms, including the name of any guarantor, and report the recorded information to the Chief Electoral Officer.  1998, c. 9, s. 68; 2007, c. 15, s. 40 (1). Prohibition, receiving loan (3) No party, constituency association, nomination contestant, candidate or leadership contestant registered under this Act shall receive any support in the form of a loan, except as provided in subsection (1). 2016, c. 22, s. 31 (2). Prohibition, receiving support in form of guarantee, etc. (4) No party, constituency association, nomination contestant, candidate or leadership contestant registered under this Act shall receive any support in the form of a guarantee or collateral security, except from, (a)  a financial institution or entity that would be entitled to make a loan to the party, constituency association, nomination contestant, candidate or leadership contestant under subsection (1); or (b)  a person who would be entitled to make a contribution under this Act. 2016, c. 22, s. 31 (2). Prohibition, making loan (5) No person or entity, other than one listed in clause (1) (a) or (b), shall make a loan to a party, constituency association, nomination contestant, candidate or leadership contestant registered under this Act. 2016, c. 22, s. 31 (2). Financial institutions and market rate (6) No financial institution that may make a loan under this section may make the loan at a rate of interest below the applicable market rate charged by the financial institution for an equivalent amount at or about the time and in the market area where the loan is provided. 2016, c. 22, s. 31 (2). Prohibition, giving guarantee, etc. (6.1) No person or entity, other than a person who would be entitled to make a contribution under this Act, shall guarantee or provide collateral security for a loan to a party, constituency association, nomination contestant, candidate or leadership contestant registered under this Act. 2016, c. 22, s. 31 (2). Loan as contribution (7) A loan referred to in subsection (1) is not a contribution for the purposes of this Act, except as follows: 1.  If the lender waives the right to recover the loan, the amount to which the waiver applies is a contribution and is subject to the applicable limits in section 18. 2.  If the loan is made at a rate of interest below the applicable market rate, the interest foregone by the lender is a contribution and is subject to the applicable limits in section 18.  1998, c. 9, s. 68. Guarantee as contribution (8) The amount of a guarantee made by a guarantor who is entitled to make a contribution is a contribution for the purposes of this Act. 2016, c. 22, s. 31 (3). Time limits, loan (9) Every nomination contestant, leadership contestant, candidate, party or constituency association who receives a loan to which this section applies shall repay the loan in full no more than two years from, (a)  in the case of a nomination contestant, the date that a candidate is selected for the electoral district for the nomination contestant’s party; (b)  in the case of a leadership contestant, the date that a leader is selected for the contestant’s party; (c)  in the case of a candidate, polling day; or (d)  in the case of a party or constituency association, the day that the loan is due according to its terms. 2016, c. 22, s. 31 (3). Time limits, guarantee (10) No person who makes a guarantee of a loan to which this section applies shall guarantee the loan for a period longer than the applicable period under subsection (9). 2016, c. 22, s. 31 (3). Section Amendments with date in force (d/m/y) 1998, c. 9, s. 68 - 01/01/1999 2007, c. 7, Sched. 7, s. 186 (6) - 01/10/2009; 2007, c. 15, s. 40 (1)
- 04/06/2007 2016, c. 22, s. 31 (1-3)
- 01/01/2017