C-75 - Farm Credit Act

Section 23 Disposition versions

1978-08-01

23. The Office, in determining the constituents of a loan granted by it which bear interest payable to it at the rate fixed by regulation, shall compute, as if a part of that loan,

(a)  in the case of a loan granted to a farmer or an aspiring farmer: the balance owing from the borrower on any loan obtained under this act or under the Act to promote long term farm credit by private institutions which has been granted to him or of which he has assumed payment, and the balance of his relative share in any loan obtained under this act or the Act to promote long term farm credit by private institutions which has been granted to him jointly with any other person or of which he has assumed payment jointly with any other person;

(b)  in the case of a loan granted to an agricultural operations corporation, cooperative or partnership: the balance owing from the borrower on any loan obtained under this act or the Act to promote long term farm credit by private institutions, which has been granted to it or of which it has assumed payment;

(c)  in the case of a loan granted to joint borrowers or to natural persons considered as an agricultural operations partnership under paragraph j of section 1: the balance owing from them jointly on any loan obtained under this act or the Act to promote long term farm credit by private institutions, which has been granted to them or of which they have assumed payment, the balance owing from each of them on any loan obtained under this act or the Act to promote long term farm credit by private institutions, which has been granted to each of them or of which each of them has assumed payment, and the balance of their relative share in any loan granted under this Act or the Act to promote long term farm credit by private institutions obtained by each of them jointly with any other person or of which each of them has assumed payment jointly with any other person.

Where a person, with the authorization of the Office, assumes, personally, or jointly with any other person, the payment of the balance of a loan, the first paragraph applies mutatismutandis in determining the constituents of the said balance which bear interest at the rate fixed by regulation.

1969, c. 41, s. 11; 1972, c. 32, s. 4; 1975, c. 34, s. 8; 1978, c. 44, s. 6.

1977-12-31

23. To determine the rate of interest payable to the Bureau on a loan (prêt) which it grants under this act, the Bureau shall compute as if they formed part of the same loan, the balance due by the borrower on any loan (prêt) which has been previously granted to him or of which he assumes or has assumed the payment and his relative share of the balance of any loan (prêt) which he previously obtained jointly with others or of which he has assumed payment jointly with others.

1969, c. 41, s. 11; 1972, c. 32, s. 4; 1975, c. 34, s. 8.