C-77.1 - Aquaculture Credit Act

Section 27 Disposition versions

2999-12-31

27. In the case of a loan for an initial term of not less than five years that is a loan of a class to which the contribution to the payment of interest or reduction in the rate of interest contemplated in section 22 is applicable, the Minister of Agriculture, Fisheries and Food, on the recommendation of the Office, may make a grant toward the interest on a loan obtained or the payment of which is assumed, through succession or otherwise, by an applicant for the purposes of his establishment, provided that he meets the conditions provided by regulation.

The grant provided for in the first paragraph is equal to the net interest on the first $50 000 of the loan or, as the case may be, on the first $50 000 of the balance in principal of the loan outstanding on the date payment thereof was assumed, computed while taking account of the normal amortization of the loan on the first $50 000.

Such a grant does not apply to the interest borne of right under section 12.

1984, c. 21, s. 27.