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

Section 3 Disposition versions

1982-09-01

3. The grant provided for in section 2 is equal to the net interest on the first $50 000 of the loan or, as the case may be, on the first $50 000 of the balance in principal of the loan outstanding on the date payment thereof was assumed, computed while taking account of the normal amortization of the loan on the first $50 000.

Notwithstanding the first paragraph, where the grant is made to a group operation, it applies only to the amount corresponding to the amount contemplated in the first paragraph multiplied by the total 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, on the date contemplated in section 5, by all the farm operators or farmers who meet the conditions prescribed in paragraph 2 of section 7.

For the application of the second paragraph, the percentage contemplated therein means,

(1)  in the case of an agricultural operations corporation which has issued only one class of shares, the percentage represented by the number of shares held by each shareholder contemplated in the second paragraph and issued to him, in relation to the total number of shares issued by the corporation;

(2)  in the case of an agricultural operations corporation which has issued several classes of shares,

(a)  the percentage represented by the total number of shares held by each shareholder contemplated in the second paragraph and issued to him, in relation to the total number of shares of all classes issued by the corporation where, while taking account of the total number of shares of each class issued by it, the shareholder holds an equal percentage of shares of each class; or

(b)  the percentage represented by the number of shares of the class of which each shareholder contemplated in the second paragraph holds a percentage lower than the percentage he holds of other classes, in relation to the total number of shares of that class issued by the corporation;

(3)  in the case of an agricultural operations cooperative, the percentage represented by the number of ordinary shares or common shares, as the case may be, held in the cooperative by each person contemplated in the second paragraph, in relation to the total number of ordinary shares issued by the cooperative or, as the case may be, of its common shares held by all its members.

1982, c. 29, s. 3.