C-77.1 - Aquaculture Credit Act

Section 9 Disposition versions

2999-12-31

9. In no case may the term for repayment of a loan exceed the maximum term fixed by regulation for each class of loans contemplated in section 6.

Subject to the first paragraph, every loan is repayable within the term prescribed in the certificate and according to the terms and conditions determined by regulation for each class of loans.

Where the loan is granted otherwise than in the form of a line of credit, it is repayable according to the amortization basis fixed by regulation for each class of loans.

For the purposes of sections 6 and 7, the amount of a line of credit, for as long as it is in effect, is presumed to be owed by the borrower even if it exceeds the balance owing on any advance of money made under the line of credit.

1984, c. 21, s. 9.