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C-78.1 - Act to promote forest credit by private institutions

Section 5
Disposition versions

Full text
5. Every applicant except a permit holder, manager or professional syndicate must, to contract a borrowing, be the owner of a forest or the lessee of a forest under a lease conforming to the standards prescribed by regulation. Where ownership of a forest is based on emphyteusis, the emphyteusis must conform to the standards prescribed by regulation.
The occupant of a forest under a location ticket is deemed to be a lessee for the purposes of this Act and the location ticket is deemed to conform to the standards for a lease prescribed by regulation.
1983, c. 16, s. 5; 1999, c. 40, s. 98.
5. Every applicant except a permit holder, manager or professional syndicate must, to contract a borrowing, be the owner of a forest or the lessee of a forest under a lease conforming to the standards prescribed by regulation. Where ownership of a forest is based on an emphyteutic lease, the lease must conform to the standards prescribed by regulation.
The occupant of a forest under a location ticket is considered a lessee for the purposes of this Act and the location ticket is deemed to conform to the standards for a lease prescribed by regulation.
1983, c. 16, s. 5.
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