C-77.1 - Aquaculture Credit Act

Section 29 Disposition versions

2999-12-31

29. In the case of a loan granted by a lender other than the Office, net interest is, for the purposes of sections 27 and 28, the interest that the debtor of the loan would have to pay on the first $50 000 contemplated in the said sections before default interest, after deduction of the contribution toward payment of the interest payable by the Office under section 22, in respect of the first $50 000.

In the case of a grant made by the Office, the net interest for the purposes of sections 27 and 28 is the interest that the debtor of the loan would have to pay on the first $50 000 contemplated in the said sections before default interest, taking into account the reduction in the rate of interest granted under section 22, in respect of the first $50 000.

1984, c. 21, s. 29.