C-77.1 - Aquaculture Credit Act

Section 21 Disposition versions

2999-12-31

21. In addition to the powers conferred on it by this Act, the Office may

(1)  receive and examine any application for a certificate in view of obtaining a loan;

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

(3)  indicate, in each case, the conditions of the loan and the part of the sum lent to be used for one or other of the purposes contemplated in section 5, and fix or prolong, in each case, the period during which a borrowing may be contracted from the date of issue of a certificate;

(4)  examine the titles of ownership of the property offered as security for the loan, revise any examination report concerning the real securities and verify the charges encumbering the movable securities;

(5)  act as the mandatary of a lender to claim from any debtor in default and, where such is the case, from any surety of the debtor, the sums owing to the lender or that have become payable on a loan, to make or bring, for that purpose, any demand, action or other proceeding or, in such capacity, to act in defence against any demand, action or other proceeding and to acquire any property offered as security for a loan, and administer, sell or lease such property or otherwise dispose of it by onerous title;

(6)  acquire any immovable 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 immovable or otherwise dispose of it by onerous title;

(7)  act as lender where no person has been designated as lender under subparagraph 2 of the first paragraph of section 44 or if a lender refuses to grant all or part of a loan and, for such purpose, exercise all the rights and powers granted to the lender under this Act.

1984, c. 21, s. 21.