C-77 - Act to promote credit to farm producers

Section 7 Disposition versions

1978-08-01

7. The Gouvernement du Québec shall guarantee to the lender the repayment of losses in principal and interest resulting from a loan granted for one or several of the purposes provided in section 8, and of expenses allowable by regulation that are incurred to claim or obtain payment thereof.

The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.

The Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1) guarantees to the lender, in conformity with that act, the repayment of losses in principal and interest resulting from loans contracted from the date mentioned in the second paragraph, and of the expenses allowable by regulation under the said act that are incurred to claim or obtain the payment thereof.

A lender may benefit by the guarantee provided for in the first paragraph or, as the case may be, the guarantee contemplated in the third paragraph for several loans granted to a single borrower, provided the amount owing in principal on such loans never exceeds the maximum amount provided for in section 4.

1972, c. 38, s. 4; 1974, c. 33, s. 4; 1977, c. 5, s. 14; 1978, c. 49, s. 34.

1977-12-31

7. The Gouvernement du Québec shall guarantee to the lender the repayment of losses of principal and interest resulting from a loan granted for one or several of the purposes provided in section 8, and of expenses allowed by regulation and incurred to claim or obtain payment thereof.

A lender may benefit by such guarantee for several loans granted to a single borrower, provided the amount owing in principal on such loans never exceeds the amount of $50,000.

1972, c. 38, s. 4; 1974, c. 33, s. 4; 1977, c. 5, s. 14.