C-75 - Farm Credit Act

Section 11 Disposition versions

1978-08-01

11. The Bureau may:

(a)  Contract loans by notes, bonds or other securities with the prior authorization of the Government, for such amounts, and at such rates of interest and on such other conditions as may be fixed by the Government, and, if considered necessary, but without being subject to articles 1571 to 1571c, 1572 and 2127 of the Civil Code, transfer, as security for the repayment of the sums borrowed, in such manner and on such conditions as may be fixed by the Government as to the mode of signification of such transfer, all or part of the debts owing to it on loans granted under this act and, with the written consent of the lender given at the time the loan was made or subsequently, substitute for any such debt, any other debt arising from any loan granted under this act;

(b)  Acquire and possess the moveable and immoveable property it may need for the carrying out of this act, and the immoveables hypothecated and the property pledged to it whenever the protection of a loan (prêt) so requires;

(c)  Administer, sell, hypothecate or pledge such property, as the case may be, lease it or otherwise dispose of it by onerous title;

(d)  Grant to any borrower who meets the criteria of need established by regulation a loan secured by first hypothec on all or part of the farm of such borrower, of up to 80% of the value established by the Bureau.

Such a loan (prêt) may be granted, up to 90% of such value, to a farmer who is not less than eighteen nor more than forty years of age and who operates an economic farm, to an aspiring farmer who operates an economic farm or to joint borrowers one of whom is not less than eighteen nor more than forty years of age, provided that his interest in the economic farm operated by them represent, in the opinion of the Bureau, not less than 20% of all of the interests in such farm.

Such a loan (prêt) may also be granted, up to 90% of such value, to an agricultural operations corporation or an agricultural operations partnership which has among its shareholders or members one farm operator who is not less than eighteen nor more than forty years of age and who owns not less than 20% of the shares of each class issued by the corporation, or whose interests in the partnership represent, in the opinion of the Bureau, not less than 20% of all of the interests in such partnership.

Such a loan may also be granted, up to 90% of such value, to an agricultural operations cooperative which has among its shareholder-producers or its members, as the case may be, a farm operator who is not less than eighteen nor more than forty years of age who holds not less than 20% of the issued ordinary shares or of the common shares, as the case may be.

Such a loan (prêt) may also be granted up to 90% of such value, to a borrower who or which does not qualify for the benefits contemplated in the two preceding paragraphs and who or which, to make his farm economic or to increase the yield thereof:

(1) carries out a program for improvement of land and buildings in accordance with the regulations,

(2) increases the area of his farm by acquiring additional land or has so increased it during the three years preceding the date on which the Bureau received the application for a loan, or

(3) carries out a program for conversion of his agricultural operation in accordance with the regulations.

The amount loaned under the preceding paragraph which exceeds the amount which would have been loaned under the first paragraph shall be used exclusively to pay for the additional land acquired or for the carrying out of the program for improvement of land and farm buildings or the conversion of the agricultural operation.

The total amount of a loan (prêt), including the amount of a loan by pledge provided for in paragraph e and that of an additional loan (prêt) provided for in section 29 shall not exceed:

(1) $250 000 in the case of a farmer or aspiring farmer;

(2) $450 000 in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership or joint borrowers.

A hypothecary loan granted to a borrower may, in addition to being secured by a first hypothec on all or part of the farm of such borrower, be secured at the same time by a hypothec on all or part of another farm. In such case, the Bureau, to determine the maximum amount of the loan, shall take into account the value of all the farms or parts of farms to be hypothecated to secure the said loan.

When the ownership of a farm or part of a farm which is to be hypothecated to the Bureau as security for a hypothecary loan granted by it, is based on an emphyteutic lease, such lease must comply with the standards provided by regulation. In such case, the hypothec granted to the Bureau may rank after the hypothec securing the annual dues stipulated in the said lease, notwithstanding the provisions of the first and eighth paragraphs and of section 29;

(e)   Grant a loan secured by pledge of agricultural property in favour of the Office of up to 80% of the value of the property pledged established by the Office, to any borrower meeting the criteria of need established by regulation who owns an economic farm and who is a debtor of the Office under this Act or is the debtor of a lender under the Act to promote long term farm credit by private institutions (chapter C-75.1), following or on the occasion of a hypothecary loan granted under this Act or under the Act to promote long term farm credit by private institutions, following or on the occasion of the transfer of a debt arising from a hypothecary loan granted under this Act or under the Act to promote long term farm credit by private institutions, or following or on the occasion of the sale of a farm to the borrower by the Office under this act, under the Act to promote long term farm credit by private institutions or under any other act administered by the Office.

Subject to the seventh paragraph of paragraph d, the total amount of such loan (prêt) shall not exceed:

(1) $100 000 in the case of a farmer or aspiring farmer;

(2) $200 000 in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership, or joint borrowers.

Such a loan (prêt) may include, in addition to the security of the pledged property, a hypothec in favour of the Bureau on the farm of the borrower;

(f)  Grant to any borrower meeting the criteria of need established by regulation who leases an economic farm, a loan secured by agricultural property in favour of the Bureau, of up to 80% of the value of the pledged property established by the Bureau.

The total amount of such a loan shall in no case exceed the maximums provided for in paragraph e and the borrower’s lease must comply with the standards provided by regulation.

The occupant of a farm under a location ticket is considered to be a lessee for the purposes of this Act;

(g)  Before 1 January 1970, grant a settlement loan (prêt) to any farmer between the ages of twenty-one and forty years, who acquires an economic farm for the purposes of cultivation, the total loan (prêt) not to exceed 90% of the value established by the Bureau nor to exceed $25 000.

Such a loan (prêt) may be granted to joint borrowers one of whom is not less than twenty-one nor more than forty years of age, to an agricultural operations corporation or to an agricultural operations partnership who or which acquires for purposes of cultivation an economic farm which has among its shareholders or members one farm operator who is not less than twenty-one nor more than forty years of age and who holds 1/3 or more in value of the shares of any class, or whose interests in the partnership represent, in the opinion of the Bureau, not less than 1/3 of all of the interests in such partnership;

(h)  Define by regulation the expressions “principal occupation”, “principal activity”, “cultivation of the soil”, “raising of livestock”, “program for improvement of land and buildings” and “conversion of the operation”;

(i)  Determine by regulation what is to be comprised in a partnership contract in order for such partnership to be an agricultural operations partnership within the meaning of paragraph j of section 1;

(j)  Determine by regulation the property mentioned in article 1979a of the Civil Code which may be the object of a pledge of agricultural property in favour of the Bureau under paragraphs e and f of this section, and that which may constitute the basis of a loan on a pledge of agricultural property;

(k)  Fix by regulation the delays within which and the conditions according to which a physical person must undertake to make farming his principal occupation to be considered an aspiring farmer;

(l)  Fix by regulation, the general basis of appraisal of farms and pledged property, and also fix the criteria of need for anyone who applies therefor;

(m)  Define by regulation the cases where a loan (prêt) must be accompanied with a mandatory programme of financial operations, and the terms and conditions to which such a loan must be subject, particularly with regard to the application for it, the supervision fees, the obligations of the borrower and any other accessory conditions;

(n)  Determine by regulation the particulars that must be contained in and the formalities which must apply to the lease of a borrower who is the lessee of a farm and the emphyteutic lease of a borrower who occupies a farm under such a lease;

(o)  Fix, by regulation, the proportion of the cost of appraisal of the property, offered as security, payable by the Bureau and by the borrowers, respectively;

(p)  Fix, by regulation, for the loans (prêts) effected, the proportion payable by the Bureau and by the borrowers, respectively, of the costs relating to the search for and the obtaining and registering of titles, and to the radiation of privileges, hypothecs and pledges;

(q)  In each case, indicate the purposes for which the sums loaned shall serve;

(r)  Value the property tendered as security and fix accordingly the amount of each loan (prêt);

(s)  Determine in cases where a person has several important occupations or activities, including farming, which occupation or activity constitutes his principal occupation or activity within the meaning of this Act;

(t)  Establish a working-capital fund not exceeding $500 000 for the disbursements necessary to protect loans, namely, payment of insurance premiums, taxes and assessments, exercising the right of redemption, and acquiring, maintaining, administering, repairing and reselling property guaranteeing loans. As soon as they are recovered, the sums so disbursed must be paid into such working-capital fund.

(u)  Sell, with the authorization of the Government, at such price and on such conditions as it may determine, all or part of the debts arising from loans granted under this Act without being subject to articles 1571 to 1571c, 1572 and 2127 of the Civil Code, but in conformity with the mode fixed by the Government as to the signification of such sale and, with the written agreement of the person acquiring it given at the time of the sale or subsequently, substitute for any such debt any other debt arising from a loan granted under this Act.

R. S. 1964, c. 108, s. 8; 1965 (1st sess.), c. 38, s. 1; 1966-67, c. 17, s. 6; 1969, c. 41, s. 5; 1969, c. 44, s. 26; 1971, c. 85, s. 23; 1972, c. 32, s. 2; 1975, c. 34, s. 4, s. 19; 1978, c. 44, s. 1.

1978-06-08

11. The Bureau may:

(a)  Contract loans by notes, bonds or other securities with the prior authorization of the Government, for such amounts, and at such rates of interest and on such other conditions as may be fixed by the Government, and, if considered necessary, but without being subject to articles 1571 to 1571c, 1572 and 2127 of the Civil Code, transfer, as security for the repayment of the sums borrowed, in such manner and on such conditions as may be fixed by the Government as to the mode of signification of such transfer, all or part of the debts owing to it on loans granted under this act and, with the written consent of the lender given at the time the loan was made or subsequently, substitute for any such debt, any other debt arising from any loan granted under this act;

(b)  Acquire and possess the moveable and immoveable property it may need for the carrying out of this act, and the immoveables hypothecated and the property pledged to it whenever the protection of a loan (prêt) so requires;

(c)  Administer, sell, hypothecate or pledge such property, as the case may be, lease it or otherwise dispose of it by onerous title;

(d)  Grant to any borrower who meets the criteria of need established by regulation a loan secured by first hypothec on all or part of the farm of such borrower, of up to 80% of the value established by the Bureau.

Such a loan (prêt) may be granted, up to 90% of such value, to a farmer who is not less than eighteen nor more than forty years of age and who operates an economic farm, to an aspiring farmer who operates an economic farm or to joint borrowers one of whom is not less than eighteen nor more than forty years of age, provided that his interest in the economic farm operated by them represent, in the opinion of the Bureau, not less than 20% of all of the interests in such farm.

Such a loan (prêt) may also be granted, up to 90% of such value, to an agricultural operations corporation or an agricultural operations partnership which has among its shareholders or members one farm operator who is not less than eighteen nor more than forty years of age and who owns not less than 20% of the shares of each class issued by the corporation, or whose interests in the partnership represent, in the opinion of the Bureau, not less than 20% of all of the interests in such partnership.

Such a loan may also be granted, up to 90% of such value, to an agricultural operations cooperative which has among its shareholder-producers or its members, as the case may be, a farm operator who is not less than eighteen nor more than forty years of age who holds not less than 20% of the issued ordinary shares or of the common shares, as the case may be.

Such a loan (prêt) may also be granted up to 90% of such value, to a borrower who or which does not qualify for the benefits contemplated in the two preceding paragraphs and who or which, to make his farm economic or to increase the yield thereof:

(1) carries out a program for improvement of land and buildings in accordance with the regulations,

(2) increases the area of his farm by acquiring additional land or has so increased it during the three years preceding the date on which the Bureau received the application for a loan, or

(3) carries out a program for conversion of his agricultural operation in accordance with the regulations.

The amount loaned under the preceding paragraph which exceeds the amount which would have been loaned under the first paragraph shall be used exclusively to pay for the additional land acquired or for the carrying out of the program for improvement of land and farm buildings or the conversion of the agricultural operation.

The total amount of a loan (prêt), including the amount of a loan by pledge provided for in paragraph e and that of an additional loan (prêt) provided for in section 29 shall not exceed:

In force: 1978-08-01

(1) $250 000 in the case of a farmer or aspiring farmer;

In force: 1978-08-01

(2) $450 000 in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership or joint borrowers.

A hypothecary loan granted to a borrower may, in addition to being secured by a first hypothec on all or part of the farm of such borrower, be secured at the same time by a hypothec on all or part of another farm. In such case, the Bureau, to determine the maximum amount of the loan, shall take into account the value of all the farms or parts of farms to be hypothecated to secure the said loan.

When the ownership of a farm or part of a farm which is to be hypothecated to the Bureau as security for a hypothecary loan granted by it, is based on an emphyteutic lease, such lease must comply with the standards provided by regulation. In such case, the hypothec granted to the Bureau may rank after the hypothec securing the annual dues stipulated in the said lease, notwithstanding the provisions of the first and eighth paragraphs and of section 29;

In force: 1978-08-01

(e)   Grant a loan secured by pledge of agricultural property in favour of the Office of up to 80% of the value of the property pledged established by the Office, to any borrower meeting the criteria of need established by regulation who owns an economic farm and who is a debtor of the Office under this Act or is the debtor of a lender under the Act to promote long term farm credit by private institutions (chapter C-75.1), following or on the occasion of a hypothecary loan granted under this Act or under the Act to promote long term farm credit by private institutions, following or on the occasion of the transfer of a debt arising from a hypothecary loan granted under this Act or under the Act to promote long term farm credit by private institutions, or following or on the occasion of the sale of a farm to the borrower by the Office under this act, under the Act to promote long term farm credit by private institutions or under any other act administered by the Office.

Subject to the seventh paragraph of paragraph d, the total amount of such loan (prêt) shall not exceed:

In force: 1978-08-01

(1) $100 000 in the case of a farmer or aspiring farmer;

In force: 1978-08-01

(2) $200 000 in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership, or joint borrowers.

Such a loan (prêt) may include, in addition to the security of the pledged property, a hypothec in favour of the Bureau on the farm of the borrower;

(f)  Grant to any borrower meeting the criteria of need established by regulation who leases an economic farm, a loan secured by agricultural property in favour of the Bureau, of up to 80% of the value of the pledged property established by the Bureau.

The total amount of such a loan shall in no case exceed the maximums provided for in paragraph e and the borrower’s lease must comply with the standards provided by regulation.

The occupant of a farm under a location ticket is considered to be a lessee for the purposes of this Act;

(g)  Before 1 January 1970, grant a settlement loan (prêt) to any farmer between the ages of twenty-one and forty years, who acquires an economic farm for the purposes of cultivation, the total loan (prêt) not to exceed 90% of the value established by the Bureau nor to exceed $25 000.

Such a loan (prêt) may be granted to joint borrowers one of whom is not less than twenty-one nor more than forty years of age, to an agricultural operations corporation or to an agricultural operations partnership who or which acquires for purposes of cultivation an economic farm which has among its shareholders or members one farm operator who is not less than twenty-one nor more than forty years of age and who holds 1/3 or more in value of the shares of any class, or whose interests in the partnership represent, in the opinion of the Bureau, not less than 1/3 of all of the interests in such partnership;

(h)  Define by regulation the expressions “principal occupation”, “principal activity”, “cultivation of the soil”, “raising of livestock”, “program for improvement of land and buildings” and “conversion of the operation”;

(i)  Determine by regulation what is to be comprised in a partnership contract in order for such partnership to be an agricultural operations partnership within the meaning of paragraph j of section 1;

(j)  Determine by regulation the property mentioned in article 1979a of the Civil Code which may be the object of a pledge of agricultural property in favour of the Bureau under paragraphs e and f of this section, and that which may constitute the basis of a loan on a pledge of agricultural property;

(k)  Fix by regulation the delays within which and the conditions according to which a physical person must undertake to make farming his principal occupation to be considered an aspiring farmer;

(l)  Fix by regulation, the general basis of appraisal of farms and pledged property, and also fix the criteria of need for anyone who applies therefor;

(m)  Define by regulation the cases where a loan (prêt) must be accompanied with a mandatory programme of financial operations, and the terms and conditions to which such a loan must be subject, particularly with regard to the application for it, the supervision fees, the obligations of the borrower and any other accessory conditions;

(n)  Determine by regulation the particulars that must be contained in and the formalities which must apply to the lease of a borrower who is the lessee of a farm and the emphyteutic lease of a borrower who occupies a farm under such a lease;

(o)  Fix, by regulation, the proportion of the cost of appraisal of the property, offered as security, payable by the Bureau and by the borrowers, respectively;

(p)  Fix, by regulation, for the loans (prêts) effected, the proportion payable by the Bureau and by the borrowers, respectively, of the costs relating to the search for and the obtaining and registering of titles, and to the radiation of privileges, hypothecs and pledges;

(q)  In each case, indicate the purposes for which the sums loaned shall serve;

(r)  Value the property tendered as security and fix accordingly the amount of each loan (prêt);

(s)  Determine in cases where a person has several important occupations or activities, including farming, which occupation or activity constitutes his principal occupation or activity within the meaning of this Act;

(t)  Establish a working-capital fund not exceeding $500 000 for the disbursements necessary to protect loans, namely, payment of insurance premiums, taxes and assessments, exercising the right of redemption, and acquiring, maintaining, administering, repairing and reselling property guaranteeing loans. As soon as they are recovered, the sums so disbursed must be paid into such working-capital fund.

(u)  Sell, with the authorization of the Government, at such price and on such conditions as it may determine, all or part of the debts arising from loans granted under this Act without being subject to articles 1571 to 1571c, 1572 and 2127 of the Civil Code, but in conformity with the mode fixed by the Government as to the signification of such sale and, with the written agreement of the person acquiring it given at the time of the sale or subsequently, substitute for any such debt any other debt arising from a loan granted under this Act.

R. S. 1964, c. 108, s. 8; 1965 (1st sess.), c. 38, s. 1; 1966-67, c. 17, s. 6; 1969, c. 41, s. 5; 1969, c. 44, s. 26; 1971, c. 85, s. 23; 1972, c. 32, s. 2; 1975, c. 34, s. 4, s. 19; 1978, c. 44, s. 1.

1977-12-31

11. The Bureau may:

(a)  Borrow, by issue of bonds or otherwise, up to fifty million dollars;

(b)  Acquire and possess the moveable and immoveable property it may need for the carrying out of this act, and the immoveables hypothecated and the property pledged to it whenever the protection of a loan (prêt) so requires;

(c)  Administer, sell, hypothecate or pledge such property, as the case may be, lease it or otherwise dispose of it by onerous title;

(d)  Grant to any borrower who meets the criteria of need established by regulation a loan secured by first hypothec on all or part of the farm of such borrower, of up to eighty per cent of the value established by the Bureau.

Such a loan (prêt) may be granted, up to ninety per cent of such value, to a farmer who is not less than eighteen nor more than forty years of age and who operates an economic farm, or to joint borrowers one of whom is not less than eighteen nor more than forty years of age, provided that his interest in the economic farm operated by them represent, in the opinion of the Bureau, not less than twenty per cent of all of the interests in such farm.

Such a loan (prêt) may also be granted, up to ninety per cent of such value, to an agricultural operations corporation or an agricultural operations partnership which has among its shareholders or members one farm operator who is not less than eighteen nor more than forty years of age and who owns not less than twenty per cent of the shares of each class issued by the corporation, or whose interests in the partnership represent, in the opinion of the Bureau, not less than twenty per cent of all of the interests in such partnership.

Such a loan may also be granted, up to ninety per cent of such value, to an agricultural operations cooperative which has among its shareholder-producers or its members, as the case may be, a farm operator who is not less than eighteen nor more than forty years of age who holds not less than twenty per cent of the issued ordinary shares or of the common shares, as the case may be.

Such a loan (prêt) may also be granted up to ninety per cent of such value, to a borrower who or which does not qualify for the benefits contemplated in the two preceding paragraphs and who or which, to make his farm economic or to increase the yield thereof:

(1) carries out a program for improvement of land and buildings in accordance with the regulations,

(2) increases the area of his farm by acquiring additional land or has so increased it during the three years preceding the date on which the Bureau received the application for a loan, or

(3) carries out a program for conversion of his agricultural operation in accordance with the regulations.

The amount loaned under the preceding paragraph which exceeds the amount which would have been loaned under the first paragraph shall be used exclusively to pay for the additional land acquired or for the carrying out of the program for improvement of land and farm buildings or the conversion of the agricultural operation.

The total amount of a loan (prêt), including the amount of a loan by pledge provided for in paragraph e and that of an additional loan (prêt) provided for in section 29 shall not exceed:

(1) one hundred and fifty thousand dollars in the case of a farmer or aspiring farmer;

(2) two hundred thousand dollars in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership or joint borrowers.

A hypothecary loan granted to a borrower may, in addition to being secured by a first hypothec on all or part of the farm of such borrower, be secured at the same time by a hypothec on all or part of another farm. In such case, the Bureau, to determine the maximum amount of the loan, shall take into account the value of all the farms or parts of farms to be hypothecated to secure the said loan.

When the ownership of a farm or part of a farm which is to be hypothecated to the Bureau as security for a hypothecary loan granted by it, is based on an emphyteutic lease, such lease must comply with the standards provided by regulation. In such case, the hypothec granted to the Bureau may rank after the hypothec securing the annual dues stipulated in the said lease, notwithstanding the provisions of the first and eighth paragraphs and of section 29;

(e)  Grant to any borrower meeting the criteria of need established by regulation who owns an economic farm and who is a debtor of the Bureau following or on the occasion of a loan granted by the Bureau under paragraph d, following or on the occasion of the transfer of a hypothecary loan (prêt) of the Bureau or following or on the occasion of the sale of a farm to such borrower by the Bureau, a loan secured by pledge of agricultural property in favour of the Bureau, of up to eighty per cent of the value of the property pledged established by the Bureau.

Subject to the sixth paragraph of paragraph d, the total amount of such loan (prêt) shall not exceed:

(1) sixty thousand dollars in the case of a farmer or aspiring farmer;

(2) eighty thousand dollars in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership, or joint borrowers.

Such a loan (prêt) may include, in addition to the security of the pledged property, a hypothec in favour of the Bureau on the farm of the borrower;

(f)  Grant to any borrower meeting the criteria of need established by regulation who leases an economic farm, a loan secured by agricultural property in favour of the Bureau, of up to eighty per cent of the value of the pledged property established by the Bureau.

The total amount of such a loan shall in no case exceed the maximums provided for in paragraph e and the borrower’s lease must comply with the standards provided by regulation.

The occupant of a farm under a location ticket is considered to be a lessee for the purposes of this act;

(g)  Before the 1st of January 1970, grant a settlement loan (prêt) to any farmer between the ages of twenty-one and forty years, who acquires an economic farm for the purposes of cultivation, the total loan (prêt) not to exceed ninety per cent of the value established by the Bureau nor to exceed $25,000.

Such a loan (prêt) may be granted to joint borrowers one of whom is not less than twenty-one nor more than forty years of age, to an agricultural operations corporation or to an agricultural operations partnership who or which acquires for purposes of cultivation an economic farm which has among its shareholders or members one farm operator who is not less than twenty-one nor more than forty years of age and who holds one-third or more in value of the shares of any class, or whose interests in the partnership represent, in the opinion of the Bureau, not less than one-third of all of the interests in such partnership;

(h)  Define by regulation the expressions “principal occupation”, “principal activity”, “cultivation of the soil”, “raising of livestock”, “program for improvement of land and buildings” and “conversion of the operation”;

(i)  Determine by regulation what is to be comprised in a partnership contract in order for such partnership to be an agricultural operations partnership within the meaning of paragraph j of section 1;

(j)  Determine by regulation the property mentioned in article 1979a of the Civil Code which may be the object of a pledge of agricultural property in favour of the Bureau under paragraphs e and f of this section, and that which may constitute the basis of a loan on a pledge of agricultural property;

(k)  Fix by regulation the delays within which and the conditions according to which a physical person must undertake to make farming his principal occupation to be considered an aspiring farmer;

(l)  Fix by regulation, the general basis of appraisal of farms and pledged property, and also fix the criteria of need for anyone who applies therefor;

(m)  Define by regulation the cases where a loan (prêt) must be accompanied with a mandatory programme of financial operations, and the terms and conditions to which such a loan must be subject, particularly with regard to the application for it, the supervision fees, the obligations of the borrower and any other accessory conditions;

(n)  Determine by regulation the particulars that must be contained in and the formalities which must apply to the lease of a borrower who is the lessee of a farm and the emphyteutic lease of a borrower who occupies a farm under such a lease;

(o)  Fix, by regulation, the proportion of the cost of appraisal of the property, offered as security, payable by the Bureau and by the borrowers, respectively;

(p)  Fix, by regulation, for the loans (prêts) effected, the proportion payable by the Bureau and by the borrowers, respectively, of the costs relating to the search for and the obtaining and registering of titles, and to the radiation of privileges, hypothecs and pledges;

(q)  In each case, indicate the purposes for which the sums loaned shall serve;

(r)  Value the property tendered as security and fix accordingly the amount of each loan (prêt);

(s)  Determine, in cases where a physical person has several important occupations, including farming, which occupation constitutes his principal occupation for the purposes of this act;

(t)  Establish a working-capital fund not exceeding five hundred thousand dollars for the disbursements necessary to protect loans, namely, payment of insurance premiums, taxes and assessments, exercising the right of redemption, and acquiring, maintaining, administering, repairing and reselling property guaranteeing loans. As soon as they are recovered, the sums so disbursed must be paid into such working-capital fund.

R. S. 1964, c. 108, s. 8; 1965 (1st sess.), c. 38, s. 1; 1966-67, c. 17, s. 6; 1969, c. 41, s. 5; 1969, c. 44, s. 26; 1971, c. 85, s. 23; 1972, c. 32, s. 2; 1975, c. 34, s. 4, s. 19.