C-75 - Farm Credit Act

Section 30 Disposition versions

1977-12-31

30. The recipient of a settlement loan under paragraph g of section 11 before 1 January 1970 shall be entitled to a remission of 1/3 of the amount loaned, up to $3 000, if he proves to the satisfaction of the Bureau that he has lived on his farm and has cultivated it, without interruption, during the ten years following the date of signature of the deed of loan. Such remission shall be granted only once to any one person.

Such a remission may be granted to joint borrowers, to an agricultural operations corporation or to an agricultural operations partnership who or which has obtained a settlement loan under paragraph g of section 11 provided that the person who qualifies such joint borrowers, agricultural operations partnership or agricultural operations corporation for such remission fulfils mutatis mutandis the conditions contemplated in the preceding paragraph.

In the case of death before the expiration of the ten years above mentioned, the remission may be granted to any person whom the Bureau acknowledges to have continued to discharge the obligations of the borrower.

R. S. 1964, c. 108, s. 20; 1969, c. 41, s. 13; 1969, c. 44, s. 27; 1975, c. 34, s. 19.