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

Section 37 Disposition versions

1978-08-01

37. The Government may make any regulation

(a)  defining the expressions “principal occupation”, “principal activity”, “cultivation of the soil”, “raising of livestock”, “programme of improvement of land and buildings” and “conversion of operations”;

(b)  fixing the delays within which and the conditions according to which a natural person must undertake to make farming his principal occupation to be considered an aspiring farmer;

(c)  determining what is to be stipulated in a partnership contract in order for such partnership to be an agricultural operations partnership within the meaning of subparagraph i of paragraph i of section 1;

(d)  determining the property mentioned in article 1979a of the Civil Code which may be the object of a pledge of agricultural property in favour of the lender under sections 3 and 4, and that which may constitute the basis of a loan on pledge of agricultural property;

(e)  designate any institution entitled to grant a loan under this act, in addition to those already authorized to do so;

(f)  prescribing that the programme of improvement of land and buildings and the programme of conversion of operations contemplated in section 2 must be submitted to the Office and determining the object and the major particulars thereof;

(g)  determining the particulars that must be contained in the lease of a borrower who is the lessee of a farm and in the emphyteutic lease of a borrower who occupies a farm under such a lease, as well as the formalities which must apply to each such lease;

(h)  determining the tenor of the certificate contemplated in section 13 and the conditions for obtaining it;

(i)  fixing the amortization basis and the terms and conditions relating to the repayment of loans;

(j)  fixing the maximum rate of interest on loans and the periods and criteria for the readjustment of the rate of interest;

(k)  fixing for the purposes of section 17, the mode of allocation of the payments made under the terms of a deed of loan;

(l)  defining the cases where insurance on the life of the borrower may be required;

(m)  defining the cases where a loan must be accompanied with a mandatory programme of financial operations and the terms and conditions to which such a loan must be subject, particularly with regard to the application for it, the supervision fees, the obligations of the borrower and any other accessory conditions;

(n)  fixing the general basis of appraisal of farms and moveable property to be used to secure a loan and also fixing the criteria of need for anyone who applies therefor;

(o)  fixing the cases where the Office is authorized to contribute to the payment of the interest on a loan and determining the extent, the terms and conditions and the date of payment of such contribution;

(p)  determining, for the purposes of section 34, in which cases and on which conditions a lender may grant total or partial release of moveable securities or agree on any alteration thereto;

(q)  fixing the proportion of the cost of appraisal of the property offered as security, payable by the Office and by the borrowers, respectively;

(r)  prescribing the documents, reports and information to be made or filed and the delay for their production;

(s)  prescribing any other measure necessary or advisable for the carrying out and proper operation of this act.

Every regulation made under this act comes into force from its publication in the Gazette officielle du Québec or on any later date fixed therein.

1978, c. 50, s. 37.