A-13.1 - Act respecting assistance for tourist development

Section 29 Disposition versions

1983-12-22

29. (Repealed).

1979, c. 34, s. 29; 1983, c. 54, s. 3.

0001-01-01

29. The sums recovered by the Corporation relating to a loan for which the fund has paid a claim made in conformity with sections 27 and 28 must be paid into the fund with the exception of any amount withdrawn from that fund and used to protect any debt in respect of which it has been subrogated.

Where a lender acquires, by a giving in payment, property securing a loan, any amount by which the net revenue earned or deficit incurred by the lender in connection with such property during the time he remains the owner thereof, increased by the sale price of that property where he disposes of it or, as the case may be, decreased by the said price, whatever the mode of payment, exceeds the total of the sums owing to him on the loan in principal, interest, costs and accessory expenses at the time of the said acquisition, the expenses allowable by regulation and the interest accrued on the said sums expenses, at a rate not exceeding that fixed for the said loan, must be paid into the fund.

1979, c. 34, s. 29.