C-77.1 - Aquaculture Credit Act

Section 22 Disposition versions

2999-12-31

22. The Office shall contribute to the payment of the interest on any loan of a class determined by regulation granted by a lender other than the Office, to the extent, for the term, on the conditions, according to the modalities and at the time determined by regulation.

The Office is authorized to reduce, to the extent, for the term, on the conditions, according to the modalities and at the time determined by regulation, the rate of interest applicable to a loan of a class determined by regulation it is authorized to grant under paragraph 7 of section 21.

In no case may the amount of the loan to which the contribution to the payment of interest provided for in the first paragraph or the reduction in the rate of interest provided for in the second paragraph is applicable exceed the maximum determined by regulation, which may be greater according as the contribution or reduction applies to a loan obtained by a partnership, a legal person or a group operation more than one of the members of which engages in the aquicultural operation of the borrower.

The amount of the loan contemplated in the third paragraph must include the balance of any part of any other loan owed by the borrower and to which the contribution to the payment of interest provided for in the first paragraph or the reduction in the rate of interest provided for in the second paragraph applies.

In no case may contributions to the payment of interest or reductions in the rate of interest apply to the interest borne of right under section 12.

1984, c. 21, s. 22.