F-1.3 - Act respecting the financing of commercial fishing

Updated to 1 April 1999

This document has official status.

chapter C-76

Maritime Fisheries Credit Act

1. The Government may, upon such conditions as it may determine, authorize the Minister of Finance to guarantee and to pay if need be, out of the consolidated revenue fund, up to an aggregate sum of $500 000, the reimbursement of advances or loans (prêts) made, or loans (emprunts) effected, for maritime fishery purposes, by cooperatives, federations of cooperatives, unions, federations and confederations governed by the Savings and Credit Unions Act (chapter C-4.1).

R. S. 1964, c. 210, s. 1; 1966-67, c. 57, s. 1; 1982, c. 26, s. 297; 1988, c. 64, s. 587.

2. The Government shall determine the methods, conditions and delays for the repayment of such guarantees and may take such supervisory and administrative measures as it deems necessary to ensure that such guarantees are used for the purpose for which they are given.

R. S. 1964, c. 210, s. 2.

3. The Government may authorize the Minister of Agriculture, Fisheries and Food to pay, out of the moneys voted annually for such purpose by Parliament, a portion of the interest on loans made by savings and credit unions or Canadian chartered banks to fishermen and insurance premiums on the lives of such fishermen.

R. S. 1964, c. 210, s. 3; 1979, c. 27, s. 1; 1979, c. 77, s. 22.

4. The Government shall determine the conditions on which the loans must be made in order to benefit by the provisions of section 3 and may authorize the Minister of Agriculture, Fisheries and Food to make agreements for that purpose with unions, federations or confederations governed by the Savings and Credit Unions Act (chapter C-4.1) or with Canadian chartered banks.

R. S. 1964, c. 210, s. 4; 1979, c. 77, s. 22; 1988, c. 64, s. 587.

5. The Minister of Agriculture, Fisheries and Food may, under the terms and conditions determined by regulation of the Government, grant advances, loans or loan guarantees to fishermen or other persons, or to companies or organizations carrying on an activity or operating an industry related to maritime fisheries, for the construction, conversion, repair, purchase or operation of fishing-boats and fishing equipment, or for the payment of debts contracted for such purposes.

R. S. 1964, c. 210, s. 5; 1965 (1st sess.), c. 58, s. 1; 1979, c. 27, s. 2; 1979, c. 77, s. 22; 1990, c. 63, s. 1.

5.1. In order to promote the development of maritime fisheries, the Minister of Agriculture, Fisheries and Food may, in accordance with a regulation made to that effect by the Government, assume part of the cost of the loans obtained by the fishermen or other persons, or by companies or organizations contemplated in section 5.

1979, c. 27, s. 2; 1979, c. 77, s. 22; 1984, c. 16, s. 57; 1990, c. 63, s. 2.

6. The Government may make regulations determining

(a)  the conditions that a fisherman or another person, or a company or organization carrying on an activity or operating an industry related to maritime fisheries must fulfil to obtain an advance, a loan or a loan guarantee granted under section 5;

(b)  the conditions of operation, nature and characteristics of a fishing-boat or fishing equipment for which an advance, a loan or a loan guarantee is granted;

(c)  the terms and conditions of obtainment or reimbursement of an advance, a loan or a loan guarantee;

(d)  the objects, the conditions and the modes and procedures of the assumption of a part of the cost of loans granted under section 5.1.

Regulations made under this section come into force on the date of their publication in the Gazette officielle du Québec or on any other later date fixed therein.

R. S. 1964, c. 210, s. 6; 1979, c. 27, s. 3; 1984, c. 16, s. 58; 1990, c. 63, s. 3.

6.1. The Government may, on the recommendation of the Minister of Agriculture, Fisheries and Food, grant loan guarantees, on conditions it determines, to fishermen or other persons or to companies or organizations carrying on activities related to commercial aquiculture or to the preparation, processing and marketing of fishery products.

1990, c. 63, s. 4.

6.2. The Government shall determine the methods, terms and conditions of repayment of the loan guarantees and may take such supervisory and administrative measures as it deems necessary to ensure that such guarantees are used for the purposes for which they are granted.

1990, c. 63, s. 4.

7. The advances, loans and loan guarantees provided for in section 5 are taken out of the consolidated revenue fund, up to the amount of $3 000 000 per fiscal year.

The amount of $3 000 000 mentioned in the first paragraph is increased, for each of the fiscal years 1973/1974, 1974/1975 and 1975/1976, to the amount of $4 500 000 and, from the fiscal year 1979/1980, to the amount of $10 000 000.

From the fiscal year 1987-1988, the advances or loans shall be taken out of the consolidated revenue fund, up to the amount of $10 000 000 per fiscal year and the loan guarantees shall be taken out of the consolidated revenue fund, up to an amount that, including the amount of the advances and loans granted for a fiscal year, does not exceed $30 000 000 per fiscal year.

From the fiscal year 1990-91, the advances or loans granted under section 5 and the loan guarantees granted under section 6.1 shall be taken out of the consolidated revenue fund, up to the amount of $10 000 000 and of $4 000 000, respectively, per fiscal year, and the loan guarantees granted under section 5 shall be taken out of the consolidated revenue fund, up to an amount that, including the amount of advances and loans granted under section 5 and loan guarantees granted under section 6.1 in a fiscal year, does not exceed $30 000 000 per fiscal year.

R. S. 1964, c. 210, s. 7; 1966-67, c. 57, s. 2; 1973, c. 35, s. 1; 1979, c. 27, s. 4; 1987, c. 70, s. 1; 1990, c. 63, s. 5.

8. (This section ceased to have effect on 17 April 1987).

1982, c. 21, s. 1; U. K., 1982, c. 11, Sch. B, Part I, s. 33.

REPEAL SCHEDULE

In accordance with section 17 of the Act respecting the consolidation of the statutes (chapter R-3), chapter 210 of the Revised Statutes, 1964, in force on 31 December 1977, is repealed effective from the coming into force of chapter C-76 of the Revised Statutes.