C-77.1 - Aquaculture Credit Act

Section 35 Disposition versions

2999-12-31

35. The Minister may, at the request of the Office, cancel the right of any person, partnership or group operation to whom or which a grant provided for in section 27 or in section 28 was made, to receive the unpaid instalments under the grant

(1)  if the person, partnership or group operation refuses to receive payment of the grant;

(2)  in case of non-execution of the loan in respect of which the grant was made;

(3)  if the deed evidencing the loan or the deed under which the loan is assumed is cancelled or revoked before any payment of the grant is made;

(4)  if the person, partnership or group operation has not completed his or its establishment within the 12 months after the Office received his or its written application for a loan or for the assumption of a loan.

Where a cancellation contemplated in the first paragraph occurs before any payment of the grant is made, the grant is, for the purposes of this Act, deemed never to have been made.

1984, c. 21, s. 35.