E-12.1 - Act to promote the establishment of young farmers

Section 15 Disposition versions

1982-09-01

15. Every grant under section 14 applies for a period of 5 years from the date it is made. It is equal to the net interest on that part of the first $50 000 contemplated in section 3, that corresponds to the additional holdings in the group operation acquired by the person contemplated in paragraph 1 of section 14 or to the original or additional holdings, as the case may be, obtained in the group operation by the person contemplated in paragraph 2 of section 14, or to the first holdings of not less than 20% in the group operation possessed by the person contemplated in paragraph 3 of section 14, or, as the case may be, to the additional holdings, contemplated in the same paragraph, that he acquires. The amount represented by that part of the loan, added to the original amount of any other part of the loan in respect of which a grant has previously been made under section 2 or section 14, as the case may be, may in no case exceed $50 000. The grant is computed while taking account, during that period, of the normal amortization of that part of the loan to which it applies.

For the application of section 14 and of the first paragraph, “holdings” referred to therein means the percentage of the issued shares of each class, ordinary shares issued or common shares, as the case may be, or of the interests or property rights contemplated in subparagraph e of paragraph 2 of section 7, held in a group operation by each person contemplated in section 14.

The second and third paragraphs of section 3 and section 4 apply, mutatismutandis, in the establishment, in conformity with the first paragraph, of that part of the amount of the loan or of the balance of the loan to which a grant made pursuant to section 14 is applicable.

1982, c. 29, s. 15.