F-1.2 - Act respecting farm financing

Section 35 Disposition versions

1988-08-11

35. No borrower shall use an advance of money obtained through a line of credit except for the following purposes:

(1)  to defray current operating expenses relating to the production of crops, and the raising of livestock;

(2)  to purchase livestock intended exclusively to produce meat or eggs;

(3)  to defray, in the cases, on the conditions or within the limits prescribed by regulation, the expenses relating to wages or living expenses;

(4)  to defray any other expenses related to his farming business and prescribed by regulation, within the limits prescribed therein;

(5)  to repay, in the cases and on the conditions prescribed by regulation, the balance owing in principal on a line of credit granted or authorized under this subdivision or under a short-term loan or a line of credit already authorized by the Office before 11 August 1988 or authorized by the Office from that date.

1987, c. 86, s. 35.