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

Section 32 Disposition versions

1978-08-01

32. The authorization of the Office, unless it determines otherwise, and that of the lender, must be obtained in order to validate the voluntary transfer of pledged property or of an immoveable securing a loan.

The authorization of the Office must be obtained in order to validate:

(a)  the lease for more than one year of an immoveable securing a loan or the lease of pledged property;

(b)  any issue, allotment or transfer of shares of an agricultural operations corporation that is a borrower, or any redemption or reimbursement of preferred shares of such a corporation;

(c)  any amendment to the contract constituting an agricultural operations partnership that is a borrower;

(d)  any issue, allotment, transfer or reimbursement of common shares of an agricultural operations cooperative that is a borrower, or any issue, allotment or transfer of ordinary shares of such a cooperative.

The authorization of the Office contemplated in the preceding paragraphs is granted by any person designated for such purpose by the Office.

1978, c. 50, s. 32.