A-13.1 - Act respecting assistance for tourist development

Section 18 Disposition versions

1983-12-22

18. (Repealed).

1979, c. 34, s. 18; 1983, c. 54, s. 3.

0001-01-01

18. The fund may repay

(a)  the unpaid amount in principal of the loan in the absence of security for the latter, or the amount of the net loss in principal sustained following realization on the security; or

(b)  the amount, computed in the manner provided by regulation, of the net loss sustained following the sale of property acquired by way of a giving in payment; and

(c)  the unpaid interest accrued, to the date of authorization of repayment, on any amount contemplated in paragraph a or b and, if the document evidencing the loan so stipulates, on any unpaid amount of interest and on any sum disbursed for the preservation, protection and recovery of the debt, at the rate stipulated in the said document.

The Corporation may, with respect to a loan granted by a lender other than the Corporation, refuse or cancel the right to the insurance contemplated in section 16, when such lender fails to comply with the provisions of this division and the regulations made under paragraphs j, o and p of section 37.

1979, c. 34, s. 18.