C-75.1 - Act to promote long term farm credit by private institutions

Section 1 Disposition versions

1983-12-21

1. In this act, unless the context indicates a different meaning,

(a)  “agriculture” means the cultivation of the soil or the raising of livestock;

(b)  “farm” means any immoveable operated or to be operated within a reasonable delay for agricultural purposes; it also designates any other immoveable which, in the opinion of the Office, may be considered as forming part of a farm in respect of which a loan may be granted;

(c)  “economic farm” means any farm which, taking into account all of its resources, is capable of producing a revenue which enables the operator thereof to pay the operating costs thereof, including maintenance and depreciation, to fulfil his obligations and to support his family adequately;

(d)  “farm operator” means any natural person whose principal occupation is agriculture;

(e)  “farmer” means a farm operator who is the owner or lessee of a farm; it also designates, in the case of undivided ownership of a farm, several natural persons provided that among them there are one or more farm operators holding at least sixty per cent of the rights of ownership in such farm;

(f)  “aspiring farmer” means any natural person not less than eighteen nor more than forty years of age who, being the owner or lessee of a farm, practises farming without making it his principal occupation and undertakes to make it his principal occupation within the delays and according to the conditions fixed by regulation;

(g)  “agricultural operations corporation” means a corporation constituted under the Companies Act (chapter C-38), whose principal object and principal activity is the operation of an economic farm which it owns or leases, provided that all of its shareholders are natural persons, and that not less than sixty per cent of the issued shares of each class are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(h)  “agricultural operations cooperative” : means a cooperative governed by the Cooperatives Act (chapter C-67.2) whose main object and principal activity is the operation of an economic farm of which it is the owner or lessee, provided that all its members are natural persons, that at least sixty per cent of the common shares are owned by farm operators and that the majority of its members are farm operators among whom the principal occupation of the majority is the operation of such farm;

(i)  “agricultural operations partnership” means,

i.  a partnership within the meaning of the Civil Code whose principal object is the joint operation of an economic farm of which it is the owner or the lessee, which is constituted by a written contract in accordance with the regulations, which is composed of natural persons and in which at least sixty per cent of the interests are owned by farm operators among whom the principal occupation of the majority is the operation of such farm; or

ii.  several natural persons who are the undivided owners of an economic farm, when not less than sixty per cent of the rights of ownership in such farm are held by farm operators among whom the principal occupation of the majority is the operation of such farm, each of such persons being considered as a partner for the purposes of this act;

(j)  “joint borrowers” means several natural persons to whom a loan is granted jointly, who jointly operate an economic farm constituted of the aggregate of the farms of which they are the owners or lessees, while sharing, according to the proportions determined among them, the income from the aggregate of such farms, provided that not less than sixty per cent of the aggregate of the interests in such farm are owned by one or a number of farmers;

(k)  “borrower” means a farmer, an aspiring farmer, an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership to whom a loan is granted, and joint borrowers;

(l)  “credit union” means any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4);

(m)  “bank” means any bank governed by the Bank Act (Statutes of Canada, 1980-81, chapter 40) or by the Québec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) and by any act amending or replacing either of the said acts;

(n)  “lender” means a credit union or a bank which grants a loan under this act, or any other institution designated by regulation which grants a loan under this act;

(o)  “pledged property” means the property determined by regulation which is the object of a pledge of agricultural property provided for in sections 3 and 4;

(p)  “loan” (prêt) means any loan granted in accordance with this act;

(q)  “loan” (emprunt) means any loan obtained in accordance with this act;

(r)  “deed of loan” means a deed of hypothecary loan or of loan on pledged property;

(s)  “Office” means the Office du crédit agricole du Québec established under the Farm Credit Act (chapter C-75);

(t)  “regulation” means any regulation made by the Government under this act;

(u)  “Fonds” means the Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1).

1978, c. 50, s. 1; 1982, c. 26, s. 296.

0001-01-01

1. In this act, unless the context indicates a different meaning,

(a)  “agriculture” means the cultivation of the soil or the raising of livestock;

(b)  “farm” means any immoveable operated or to be operated within a reasonable delay for agricultural purposes; it also designates any other immoveable which, in the opinion of the Office, may be considered as forming part of a farm in respect of which a loan may be granted;

(c)  “economic farm” means any farm which, taking into account all of its resources, is capable of producing a revenue which enables the operator thereof to pay the operating costs thereof, including maintenance and depreciation, to fulfil his obligations and to support his family adequately;

(d)  “farm operator” means any natural person whose principal occupation is agriculture;

(e)  “farmer” means a farm operator who is the owner or lessee of a farm; it also designates, in the case of undivided ownership of a farm, several natural persons provided that among them there are one or more farm operators holding at least sixty per cent of the rights of ownership in such farm;

(f)  “aspiring farmer” means any natural person not less than eighteen nor more than forty years of age who, being the owner or lessee of a farm, practises farming without making it his principal occupation and undertakes to make it his principal occupation within the delays and according to the conditions fixed by regulation;

(g)  “agricultural operations corporation” means a corporation constituted under the Companies Act (chapter C-38), whose principal object and principal activity is the operation of an economic farm which it owns or leases, provided that all of its shareholders are natural persons, and that not less than sixty per cent of the issued shares of each class are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(h)  “agricultural operations cooperative” means a cooperative agricultural association established under the Act respecting cooperative agricultural associations (chapter S-24) or a cooperative association established under the Cooperative Associations Act (chapter A-24) whose main object and principal activity is the operation of an economic farm of which it is the owner or lessee, provided that all of its shareholder-producers or all of its members, as the case may be, are natural persons, that at least sixty per cent of the issued ordinary shares or of the common shares, as the case may be, are owned by farm operators and that the majority of its shareholder-producers or of its members, as the case may be, are farm operators among whom the principal occupation of the majority is the operation of such farm;

(i)  “agricultural operations partnership” means,

i.  a partnership within the meaning of the Civil Code whose principal object is the joint operation of an economic farm of which it is the owner or the lessee, which is constituted by a written contract in accordance with the regulations, which is composed of natural persons and in which at least sixty per cent of the interests are owned by farm operators among whom the principal occupation of the majority is the operation of such farm; or

ii.  several natural persons who are the undivided owners of an economic farm, when not less than sixty per cent of the rights of ownership in such farm are held by farm operators among whom the principal occupation of the majority is the operation of such farm, each of such persons being considered as a partner for the purposes of this act;

(j)  “joint borrowers” means several natural persons to whom a loan is granted jointly, who jointly operate an economic farm constituted of the aggregate of the farms of which they are the owners or lessees, while sharing, according to the proportions determined among them, the income from the aggregate of such farms, provided that not less than sixty per cent of the aggregate of the interests in such farm are owned by one or a number of farmers;

(k)  “borrower” means a farmer, an aspiring farmer, an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership to whom a loan is granted, and joint borrowers;

(l)  “credit union” means any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4);

(m)  “bank” means any bank governed by the Bank Act (Statutes of Canada, 1980-81, chapter 40) or by the Québec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) and by any act amending or replacing either of the said acts;

(n)  “lender” means a credit union or a bank which grants a loan under this act, or any other institution designated by regulation which grants a loan under this act;

(o)  “pledged property” means the property determined by regulation which is the object of a pledge of agricultural property provided for in sections 3 and 4;

(p)  “loan” (prêt) means any loan granted in accordance with this act;

(q)  “loan” (emprunt) means any loan obtained in accordance with this act;

(r)  “deed of loan” means a deed of hypothecary loan or of loan on pledged property;

(s)  “Office” means the Office du crédit agricole du Québec established under the Farm Credit Act (chapter C-75);

(t)  “regulation” means any regulation made by the Government under this act;

(u)  “Fonds” means the Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1).

1978, c. 50, s. 1.

1978-08-01

1. In this act, unless the context indicates a different meaning,

(a)  “agriculture” means the cultivation of the soil or the raising of livestock;

(b)  “farm” means any immoveable operated or to be operated within a reasonable delay for agricultural purposes; it also designates any other immoveable which, in the opinion of the Office, may be considered as forming part of a farm in respect of which a loan may be granted;

(c)  “economic farm” means any farm which, taking into account all of its resources, is capable of producing a revenue which enables the operator thereof to pay the operating costs thereof, including maintenance and depreciation, to fulfil his obligations and to support his family adequately;

(d)  “farm operator” means any natural person whose principal occupation is agriculture;

(e)  “farmer” means a farm operator who is the owner or lessee of a farm; it also designates, in the case of undivided ownership of a farm, several natural persons provided that among them there are one or more farm operators holding at least sixty per cent of the rights of ownership in such farm;

(f)  “aspiring farmer” means any natural person not less than eighteen nor more than forty years of age who, being the owner or lessee of a farm, practises farming without making it his principal occupation and undertakes to make it his principal occupation within the delays and according to the conditions fixed by regulation;

(g)  “agricultural operations corporation” means a corporation constituted under the Companies Act (chapter C-38), whose principal object and principal activity is the operation of an economic farm which it owns or leases, provided that all of its shareholders are natural persons, and that not less than sixty per cent of the issued shares of each class are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(h)  “agricultural operations cooperative” means a cooperative agricultural association established under the Act respecting cooperative agricultural associations (chapter S-24) or a cooperative association established under the Cooperative Associations Act (chapter A-24) whose main object and principal activity is the operation of an economic farm of which it is the owner or lessee, provided that all of its shareholder-producers or all of its members, as the case may be, are natural persons, that at least sixty per cent of the issued ordinary shares or of the common shares, as the case may be, are owned by farm operators and that the majority of its shareholder-producers or of its members, as the case may be, are farm operators among whom the principal occupation of the majority is the operation of such farm;

(i)  “agricultural operations partnership” means,

i.  a partnership within the meaning of the Civil Code whose principal object is the joint operation of an economic farm of which it is the owner or the lessee, which is constituted by a written contract in accordance with the regulations, which is composed of natural persons and in which at least sixty per cent of the interests are owned by farm operators among whom the principal occupation of the majority is the operation of such farm; or

ii.  several natural persons who are the undivided owners of an economic farm, when not less than sixty per cent of the rights of ownership in such farm are held by farm operators among whom the principal occupation of the majority is the operation of such farm, each of such persons being considered as a partner for the purposes of this act;

(j)  “joint borrowers” means several natural persons to whom a loan is granted jointly, who jointly operate an economic farm constituted of the aggregate of the farms of which they are the owners or lessees, while sharing, according to the proportions determined among them, the income from the aggregate of such farms, provided that not less than sixty per cent of the aggregate of the interests in such farm are owned by one or a number of farmers;

(k)  “borrower” means a farmer, an aspiring farmer, an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership to whom a loan is granted, and joint borrowers;

(l)  “credit union” means any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4);

(m)  “bank” means any bank governed by the Bank Act (Revised Statutes of Canada, 1970, chapter B-1) or by the Québec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) and by any act amending or replacing either of the said acts;

(n)  “lender” means a credit union or a bank which grants a loan under this act, or any other institution designated by regulation which grants a loan under this act;

(o)  “pledged property” means the property determined by regulation which is the object of a pledge of agricultural property provided for in sections 3 and 4;

(p)  “loan” (prêt) means any loan granted in accordance with this act;

(q)  “loan” (emprunt) means any loan obtained in accordance with this act;

(r)  “deed of loan” means a deed of hypothecary loan or of loan on pledged property;

(s)  “Office” means the Office du crédit agricole du Québec established under the Farm Credit Act (chapter C-75);

(t)  “regulation” means any regulation made by the Government under this act;

(u)  “Fonds” means the Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1).

1978, c. 50, s. 1.