C-77 - Act to promote credit to farm producers

Section 1 Disposition versions

1983-12-21

1. In this act, unless the context indicates a different meaning, the following words and expressions mean or designate:

(a)  “agriculture” : the cultivation of the soil or the raising of livestock;

(b)  “farm operator” : any physical person whose principal occupation is agriculture;

(c)  “farmer” : any physical person who is the owner or the tenant of a farm and whose principal occupation is agriculture; it also designates, in the case of undivided ownership of a farm, several physical persons provided that among them there are one or more farm operators holding at least sixty per cent of the rights of ownership in such farm;

(d)  “aspiring farmer” : any physical person not less than eighteen nor more than forty years of age who, being the owner or lessee of a farm, practises farming without making it his principal occupation and undertakes to make it his principal occupation within the delays and according to the conditions fixed by regulation;

(e)  “farm” : any immoveable operated or to be operated within a reasonable delay for agricultural purposes;

(f)  “economic farm” : a farm which, taking into account all of its resources, is capable of producing a revenue which enables the operator thereof to pay the operating costs thereof, including maintenance and depreciation, to fulfil his obligations and to support his family adequately;

(g)  “agricultural operations corporation” : a corporation constituted under the Companies Act (chapter C-38) whose principal object and principal activity are the operation of an economic farm which it owns or leases, provided that all of its shareholders are physical persons and that not less than sixty per cent of the issued shares of each class are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(h)  “agricultural operations cooperative” : a cooperative governed by the Cooperatives Act (chapter C-67.2) whose main object and principal activity is the operation of an economic farm of which it is the owner or lessee, provided that all its members are natural persons, that at least sixty per cent of the common shares are owned by farm operators and that the majority of its members are farm operators among whom the principal occupation of the majority is the operation of such farm;

(i)  “agricultural operations partnership” : a partnership within the meaning of the Civil Code whose principal object is the joint operation of an economic farm, of which it is the owner or lessee, constituted by a written contract complying with the regulations, composed of physical persons and in which at least sixty per cent of the interests are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(j)  “joint borrowers” : several physical persons to whom a loan is granted jointly, who jointly operate an economic farm constituted of the aggregate of the farms of which they are the owners or lessees while sharing, according to the proportions determined among them, the income from the aggregate of such farms, provided that not less than sixty per cent of the aggregate of the interests in such farm are owned by one or several farmers;

(k)  “loan” : any loan contracted under section 4;

(l)  “borrower” : a farmer, aspiring farmer, agricultural operations corporation, agricultural operations cooperative or agricultural operations partnership to whom a loan is granted, and joint borrowers;

(m)  “union” : any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4);

(n)  “bank” : any bank within the meaning of the Bank Act (Statutes of Canada) or the Quebec Savings Banks Act (Statutes of Canada);

(o)  “lender” : any union or bank from which a loan has been obtained;

(p)  “regulation” : any regulation made by the Government under this act;

(q)  “Bureau” : the Office du crédit agricole du Québec;

(r)  “loan” : any loan contemplated in section 4, including the opening of credit.

1972, c. 38, s. 1; 1974, c. 33, s. 1; 1975, c. 34, s. 19; 1977, c. 5, s. 14; 1982, c. 26, s. 298.

1977-12-31

1. In this act, unless the context indicates a different meaning, the following words and expressions mean or designate:

(a)  “agriculture” : the cultivation of the soil or the raising of livestock;

(b)  “farm operator” : any physical person whose principal occupation is agriculture;

(c)  “farmer” : any physical person who is the owner or the tenant of a farm and whose principal occupation is agriculture; it also designates, in the case of undivided ownership of a farm, several physical persons provided that among them there are one or more farm operators holding at least sixty per cent of the rights of ownership in such farm;

(d)  “aspiring farmer” : any physical person not less than eighteen nor more than forty years of age who, being the owner or lessee of a farm, practises farming without making it his principal occupation and undertakes to make it his principal occupation within the delays and according to the conditions fixed by regulation;

(e)  “farm” : any immoveable operated or to be operated within a reasonable delay for agricultural purposes;

(f)  “economic farm” : a farm which, taking into account all of its resources, is capable of producing a revenue which enables the operator thereof to pay the operating costs thereof, including maintenance and depreciation, to fulfil his obligations and to support his family adequately;

(g)  “agricultural operations corporation” : a corporation constituted under the Companies Act (chapter C-38) whose principal object and principal activity are the operation of an economic farm which it owns or leases, provided that all of its shareholders are physical persons and that not less than sixty per cent of the issued shares of each class are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(h)  “agricultural operations cooperative” : an agricultural cooperative association established under the Act respecting cooperative agricultural associations (chapter S-24) or a cooperative association established under the Cooperative Associations Act (chapter A-24) whose main object and principal activity is the operation of an economic farm of which it is the owner or lessee, provided that all of its shareholder-producers or all of its members, as the case may be, are physical persons, that at least sixty per cent of the ordinary shares or common shares, as the case may be, are owned by farm operators and that the majority of its shareholder-producers or members, as the case may be, are farm operators among whom the principal occupation of the majority is the operation of such farm;

(i)  “agricultural operations partnership” : a partnership within the meaning of the Civil Code whose principal object is the joint operation of an economic farm, of which it is the owner or lessee, constituted by a written contract complying with the regulations, composed of physical persons and in which at least sixty per cent of the interests are owned by farm operators among whom the principal occupation of the majority is the operation of such farm;

(j)  “joint borrowers” : several physical persons to whom a loan is granted jointly, who jointly operate an economic farm constituted of the aggregate of the farms of which they are the owners or lessees while sharing, according to the proportions determined among them, the income from the aggregate of such farms, provided that not less than sixty per cent of the aggregate of the interests in such farm are owned by one or several farmers;

(k)  “loan” : any loan contracted under section 4;

(l)  “borrower” : a farmer, aspiring farmer, agricultural operations corporation, agricultural operations cooperative or agricultural operations partnership to whom a loan is granted, and joint borrowers;

(m)  “union” : any savings and credit union governed by the Savings and Credit Unions Act (chapter C-4);

(n)  “bank” : any bank within the meaning of the Bank Act (Statutes of Canada) or the Quebec Savings Banks Act (Statutes of Canada);

(o)  “lender” : any union or bank from which a loan has been obtained;

(p)  “regulation” : any regulation made by the Government under this act;

(q)  “Bureau” : the Office du crédit agricole du Québec;

(r)  “loan” : any loan contemplated in section 4, including the opening of credit.

1972, c. 38, s. 1; 1974, c. 33, s. 1; 1975, c. 34, s. 19; 1977, c. 5, s. 14.