C-77.1 - Aquaculture Credit Act

Section 50 Disposition versions

2999-12-31

50. The sums collected by the Office as interest on its loans are allocated first to the payment of the interest payable on borrowings it has contracted under section 46 and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 49.

The sums collected by the Office as repayment on its loans are allocated as follows and in the following order of priority:

(1)  the repayment on the due date of the principal of the borrowings contemplated in section 46;

(2)  the establishment, as the case may be, of a sinking-fund or other reserves related to borrowings contracted under section 46;

(3)  the repayment on the due date of advances made by the Minister of Finance under section 49, or, if there is no determined due date, as often as determined by the Minister of Finance.

1984, c. 21, s. 50.