C-77.1 - Aquaculture Credit Act

Section 45 Disposition versions

2999-12-31

45. Subject to the powers of the Office under this Act, to the second paragraph of this section and to every restriction provided in any Act that is applicable to the lender, the latter may, after obtaining the general and specific authorization to do so from the Office, assign or transfer to any person as security for a loan, all or part of the debts owing from loans, or sell to any person all or part of the said debts, provided that the person to whom the assignment, transfer or sale is made gives the lender the mandate of administering the loans that are the subject of such assignment, transfer or sale and that, to that end, the lender and the Office may continue to exercise, in respect of such loans, all the powers conferred on them by this Act.

Where the sale or the assignment of a debt owing from a loan is made by a lender to another lender, the purchaser or assignee may, notwithstanding the first paragraph, with the written consent of the lender and the Office, exercise over the loan all the powers conferred on the original creditor by this Act, including the power to administer the loan.

1984, c. 21, s. 45.