C-78 - Forestry Credit Act

Section 28 Disposition versions

2001-04-17

28. A borrower who obtains the repayment of interest as the result of false declarations or false pretences, does not comply with the management plan or uses all or part of the proceeds of the loan for purposes other than those for which the loan was obtained, shall ipsofacto be forfeited of the right to repayment of interest provided in section 16 and must return to the agency what he or it has received, but the lender does not lose for all that the guarantee of the Government provided in the first paragraph of section 29 or, as the case may be, the guarantee contemplated in the third paragraph of the said section.

1975, c. 33, s. 28; 1977, c. 5, s. 14; 1978, c. 49, s. 45; 2000, c. 53, s. 66.

1978-08-01

28. A borrower who obtains the repayment of interest as the result of false declarations or false pretences, does not comply with the management plan or uses all or part of the proceeds of the loan for purposes other than those for which the loan was obtained, shall ipsofacto be forfeited of the right to repayment of interest provided in section 16 and must return to the Bureau what he or it has received, but the lender does not lose for all that the guarantee of the Government provided in the first paragraph of section 29 or, as the case may be, the guarantee contemplated in the third paragraph of the said section.

1975, c. 33, s. 28; 1977, c. 5, s. 14; 1978, c. 49, s. 45.

1977-12-31

28. A borrower who obtains the repayment of interest as the result of false declarations or false pretences, does not comply with the management plan or uses all or part of the proceeds of the loan for purposes other than those for which the loan was obtained, shall ipsofacto be forfeited of the right to repayment of interest provided in section 16 and must return to the Bureau what he or it has received, but the lender does not lose for all that the guarantee of the Gouvernement provided in section 29.

1975, c. 33, s. 28; 1977, c. 5, s. 14.