C-77.1 - Aquaculture Credit Act

Section 6 Disposition versions

2999-12-31

6. In no case may the total amount of any or several loans of the same class which may be granted to an applicant or the total amount of all the loans of all the classes which may be granted to him exceed the maximums provided by regulation. The regulations may also establish different maximums according as the loans are granted to a partnership, a legal person or a group operation defined by regulation, or to a natural person.

Notwithstanding the foregoing, where immovable or movable property is offered as security for the repayment of a loan, in no case may the amount of the loan exceed the amount corresponding to the percentage, fixed by regulation, of the value of the property beyond which no loan may be granted.

To establish the maximum amount of one or several loans of the same class that may be granted to an applicant, account shall be taken of

(1)  the balance in principal owed by him on any loan of that class he has obtained or of which he has assumed payment by succession or otherwise; and, as the case may be

(2)  his relative share in the balance in principal owing on any loan of that class he has obtained jointly with any other borrower or of which he has assumed payment in the same manner.

The third paragraph applies, mutatis mutandis, to establish the total maximum amount of all the loans of all the classes which may be granted to an applicant.

1984, c. 21, s. 6.