C-77.1 - Aquaculture Credit Act

Section 26 Disposition versions

2999-12-31

26. Subject to section 24, where, to the knowledge of the Office, a borrower is in default to conform with this Act, the payment of any contribution contemplated in section 22 or the reduction in the rate of interest contemplated in the said section, in respect of a loan, shall be deferred until the borrower proves to the Office that his default has been remedied. However, if three years lapse before the default is remedied, the borrower forfeits any right to receive any deferred payment of the contribution or any amount corresponding to the amount of the reduction in the rate of interest from which he would have benefitted if the reduction had not been deferred, and he shall thenceforth cease to be entitled to such a contribution or reduction.

1984, c. 21, s. 26.