A-19 - Act to promote the development and modernization of regional dairies

Section 7 Disposition versions

1977-12-31

7. The Government, by regulation, may determine:

(a)  the qualifications required of any applicant contemplated in section 3, the conditions which he must fulfil and the information he must furnish in addition to that already required by this act;

(b)  the form and tenor of the applications;

(c)  the maximum term of the loans covered by a guarantee under section 2, the maximum interest rate exigible, the security to be given and the method of protecting and realizing upon it in the case of default by the borrower, the portion of the capital necessary for the carrying out of a plan that must be furnished by the borrower, the manner in which the sums loaned are to be used, the form and tenor of the deeds establishing the loans and the other conditions which must be stipulated therein;

(d)  the standards and rules respecting the management of the borrower’s affairs and the distribution of his profits;

(e)  the reports of operations and financial statements to be furnished to the Minister by every borrower, and the supervision which may be exercised over his affairs;

(f)  the authorization to be obtained prior to the carrying out of any transfer of property given as security under the deed of loan, any issue or transfer of shares of a company which has obtained a loan, or any amendment to the charter of such company;

(g)  any other measure deemed appropriate for the carrying out of this Act.

Such regulations shall come into force on the day of their publication in the Gazette officielle du Québec or on such later day as is fixed therein.

1966-67, c. 46, s. 7.