C-77 - Act to promote credit to farm producers

Section 4.1 Disposition versions

1983-06-08

4.1. Where a borrower is engaged in the production of cereals or feeder cattle or of both cereals and feeder cattle and he fulfils the conditions prescribed in section 5, a bank or credit union may grant to him, for one or more of the purposes mentioned in section 8, a loan or a line of credit of up to $500 000.

However, if the borrower is also engaged in some other production, the amount of any part of the loan or of the line of credit that is applicable to purposes related to such other production, added to the amount of any part of the balance of a loan owing by the same borrower or of a line of credit previously granted to him and still in effect, obtained for purposes related to any production other than the production of cereals or feeder cattle, must not exceed $100 000.

1983, c. 8, s. 1.