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

Section 23 Disposition versions

1978-08-01

23. In addition to the powers conferred on it by the Farm Credit Act, the Office may

(a)  receive and examine any application for a loan;

(b)  appraise, in accordance with the bases fixed by regulation, the property offered as security for a loan applied for and establish the maximum amount of the loan;

(c)  indicate, in each case, the conditions of the loan and the purposes for which the sum lent is to serve, and fix or prolong, in each case, the delay during which a loan may be contracted;

(d)  examine the titles of ownership of the property serving as security for the loan, revise any examination report concerning the real securities and verify the charges against the moveable securities;

(e)  issue the certificate provided for in section 13;

(f)  determine, in cases where a natural person has several important occupations or activities, including farming, which occupation or activity constitutes his principal occupation or his principal activity for the purposes of this act;

(g)  act as the mandatary of a lender, at his request, to claim from any debtor in default the sums owing to such lender or that have become payable on a loan, to make or bring, for such purpose, any request, action or other proceeding and to acquire any hypothecated immoveable or pledged property, and administer, sell or lease such immoveable or property or otherwise dispose of it by onerous title;

(h)  acquire any immoveable hypothecated to secure a loan, either at a sheriff’s sale or directly from the lender following his acquisition of it at a sheriff’s sale or pursuant to a giving in payment clause, and administer, sell or lease that immoveable or otherwise dispose of it by onerous title.

1978, c. 50, s. 23.