C-77.1 - Aquaculture Credit Act

Section 44 Disposition versions

2999-12-31

44. The Government may, by regulation,

(1)  define, for the purposes of sections 1, 3 and 6, the words “partnership”, “legal person” and “group operation”;

(2)  designate any person entitled to grant a loan;

(3)  determine the tenor of the certificate contemplated in section 2 and the conditions for obtaining it;

(4)  determine the standards to which the emphyteutic lease and the ordinary lease contemplated in section 4 are subject;

(5)  define the expressions “principal occupation” and “principal activity”, clarify, for the purposes of subparagraph 3 of the first paragraph of section 4, the expression “resident in Québec” and establish, for the purposes of subparagraph 4 of the said paragraph, the requirements to be met by an applicant;

(6)  determine classes of loans and prescribe the purposes for which the loans included in those classes may be granted;

(7)  fix the total maximum amount of one or several loans of the same class that may be granted to an applicant and the total maximum amount of the loans of all classes that may be granted, and establish different maximums for such amounts according as the loans are granted to a partnership, a legal person or a group operation defined by regulation, or to a natural person;

(8)  fix, for the purposes of the second paragraph of section 6, the percentage of the value of the property contemplated in that paragraph beyond which no grant may be made;

(9)  determine the maximum term and the terms and conditions for repayment in respect of each class of loans and, except for loans granted in the form of a line of credit, fix the amortization basis for each class of loans;

(10)  fix the maximum annual rate of interest on loans and the dates and criteria for the readjustment of the rate of interest;

(11)  fix, for the purposes of section 13, the mode of allocation of the payments made in respect of a loan;

(12)  determine, in accordance with section 14, the securities that must be furnished to secure the repayment of a loan and fix the amount of that part of one or several loans beyond which the securities must be furnished;

(13)  determine the cases where the transfer of a borrower’s life insurance policy benefits may be required;

(14)  fix the general bases of appraisal of property offered as security for a loan;

(15)  determine the classes of loans in respect of which the Office is authorized to contribute to the payment of interest and the amount, period, conditions, modalities and dates of payment of the contribution;

(16)  determine the classes of loans in respect of which the Office is authorized to reduce the rate of interest and the extent, period and conditions of a reduction in the rate of interest applicable to the loans, the dates on which the reduction is granted and the terms and conditions of its application;

(17)  fix, in accordance with the third paragraph of section 22, the maximum amount of a loan to which the contribution to the payment of interest or the reduction in the rate of interest provided for in that section is applicable;

(18)  establish the conditions that must be met by a borrower to qualify for a grant under section 27 and, for the purposes of section 28, the conditions that must be met by the person or persons contemplated in that section;

(19)  determine the cases where the grant provided for in the second paragraph of section 28 may be made and the term and the conditions of that grant;

(20)  define, for the purposes of section 28, the nature of the participation or interest contemplated in that section;

(21)  fix the proportion of the cost of appraisal of the property offered as security, payable by the Office and by the borrowers, respectively;

(22)  prescribe the documents, reports and information to be made or filed under this Act and the time limits for their production;

(23)  prescribe any other measure necessary or advisable for the administration of this Act.

Regulations made under this Act come into force ten days after their publication in the Gazette officielle du Québec or on any later date fixed therein.

1984, c. 21, s. 44.