Public Property Loan Regulations

The Public Property Loan Regulations came into effect on December 14, 1992, and replaced the Personal Property Loan Regulations. The new regulations are designed to provide a clear framework for lending public property by federal departments and agencies. According to these regulations, every loan of public property must be in writing and include certain essential elements such as a description of the consideration, an undertaking from the borrower to indemnify Her Majesty against losses, a statement allowing the lending authority to inspect the property, and the term of the loan. The regulations also provide for exceptions to this rule in cases where an emergency exists, allowing for immediate loans without the need for a written contract.