C-77.1 - Aquaculture Credit Act

Section 30 Disposition versions

2999-12-31

30. If, for the purposes of his establishment, a borrower obtains more than one loan or assumes the payment of more than one loan or obtains one or several loans and assumes, at the same time, the payment of one or several other loans, the amount of $50 000 contemplated in the first paragraph of section 27 includes, for the period during which the grant is applicable, in the following order and up to that maximum amount,

(1)  that part to which the contribution to the payment of interest provided for in the first paragraph of section 22 of any loan contemplated in the said paragraph applies, commencing with the loan having the longest period of repayment and according to its rank in time;

(2)  that part to which the reduction in the rate of interest provided for in the second paragraph of section 22 of any loan contemplated in the said paragraph applies, commencing with the loan having the longest period of repayment and according to its rank in time.

Where the term remaining to run on a loan contemplated in the first paragraph the payment of which is assumed by the borrower is less than five years, no account is taken of any part of the balance then due on that loan to form all or part of the maximum amount of $50 000 contemplated in the said paragraph, unless all or part of the said balance is required to complete the maximum amount. In that case, the order prescribed in the said paragraph must be followed in respect of the parts of the said balance which are required to complete that amount.

1984, c. 21, s. 30.