E-12.1 - Act to promote the establishment of young farmers

Section 7 Disposition versions

1982-09-01

7. To qualify for a grant provided for in section 2, a group operation must

(1)  file with the Bureau the plan and covenant contemplated in subparagraphs 1 and 2 of the first paragraph of section 6;

(2)  have, among its shareholders, shareholder-producers, members or partners, as the case may be, at least one farm operator or one farmer, as the case may be, who

(a)  is at least 18 years of age and, on the date of receipt by the Bureau or, as the case may be, the Farm Credit Corporation of the written application for a loan or for assumption of a loan made by the group operation for the purposes of its establishment, is under 40 years of age and meets the conditions which may be fixed by regulation as to schooling, farming experience and vocational training;

(b)  has not previously been established as a farmer;

(c)  has not, as a farm operator or as a farmer, previously qualified a group operation for all or part of a grant contemplated in section 2 or in section 14 or of a grant under the Act to promote the development of agricultural operations (chapter M-36), nor has, himself, previously received all or part of such a grant or of any of the benefits referred to in paragraphs a to d of subparagraph 5 of the first paragraph of section 6;

(d)  has, as his principal occupation, the operation of the farm operated by the group;

(e)  holds not less than 20%

i.  of the shares of each class issued by the corporation, in the case of an agricultural operations corporation;

ii.  of the ordinary shares, or as the case may be, common shares, issued by the cooperative, in the case of an agricultural operations cooperative;

iii.  of the interests in the partnership, in the case of an agricultural operations partnership;

iv.  of the interests in the economic farm operated by the operators, in the case of joint operators; or

v.  of the property rights in the farm, in the case of undivided owners of an economic farm;

(3)  carry out its establishment within 12 months of the date contemplated in subparagraph a of paragraph 2;

(4)  fulfill the requirements of subparagraphs 6 and 7 of the first paragraph of section 6;

(5)  not have received all or part of any grant under the Act to promote the development of agricultural operations.

1982, c. 29, s. 7.