C-77 - Act to promote credit to farm producers

Section 8 Disposition versions

1978-08-01

8. The guarantee contemplated in the first paragraph of section 7 or, as the case may be, the guarantee contemplated in the third paragraph of the said section may be granted with respect to any loan made for one or more of the following purposes:

(1)  to defray current operating expenses relating to the production of crops, and particularly, but without restricting the generality of the foregoing:

(a)  work of preparing and seeding the soil;

(b)  purchase and application of amelioraters and fertilizers;

(c)  purchase of seeds;

(d)  purchase and application of pesticides and herbicides;

(e)  harvesting, drying, transportation and warehousing;

(f)  crop insurance premiums;

(g)  (subparagraph repealed).

(2)  to purchase livestock intended exclusively to produce meat or eggs;

(3)  to defray current operating expenses relating to the raising of livestock, and particularly, but without restricting the generality of the foregoing:

(a)  food, medication and litter;

(b)  costs of veterinarians;

(c)  costs of artificial insemination;

(d)  insurance premiums.

(4)  to purchase standing crops;

(5)  to defray, in the cases, on the conditions or within the limits provided for by regulation, the expenses relating to the wages or living expenses:

(a)  of the borrower when he is a farmer or an aspiring farmer;

(b)  of any shareholder, any producer, whether a shareholder or a member, or any partner of the borrower, whose principal occupation is operating the farm qualifying the borrower for the loan, where the borrower is an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership;

(c)  of any farm operator whose principal occupation is the operation of the farm qualifying the borrower for the loan, where that loan is contracted by joint borrowers or several natural persons being the undivided owners of a farm;

(6)  to defray all other expenses related to the farming operations of the borrower, and particularly, but without restricting the generality of the foregoing:

(a)  assessments payable under the Act respecting farm income stabilization insurance (chapter A-31);

(b)  expenses for the maintenance of farm equipment and buildings;

(c)  the purchase of fuel, oil, grease, tires and all other materials necessary for the operation of tractors, trucks and other vehicles used for the farming operations of the borrower;

(d)  expenses for the transportation of farm products;

(e)  the rent or the annual rent for a farm of which the borrower is the lessee or the emphyteutic lessee;

(f)  municipal and school taxes as well as all other real estate taxes;

(g)  premiums or assessments for fire insurance, loan-life insurance or public liability insurance;

(h)  heating expenses for farm buildings;

(i)  the purchase of bags or other containers used in production or marketing;

(j)  salaries payable to any person other than the persons mentioned in paragraph 5;

(7)  to repay, in the cases and on the conditions provided by regulation, the balance owing in principal under the terms and conditions of a loan granted in the form of an opening of credit.

1972, c. 38, s. 5; 1974, c. 33, s. 5; 1975, c. 34, s. 19; 1978, c. 49, s. 35; 1978, c. 46, s. 4.

1977-12-31

8. The guarantee contemplated in section 7 may be granted with respect to any loan made for one or more of the following purposes:

(1)  to defray current expenses relating to the production of crops, namely:

(a)  work of preparing and seeding the soil;

(b)  purchase and application of amelioraters and fertilizers;

(c)  purchase of seeds;

(d)  purchase and application of pesticides and herbicides;

(e)  harvesting, drying, transportation and warehousing;

(f)  crop insurance premiums;

(g)  wages relating to the operations contemplated in subparagraphs a, b, d and e, excluding the wages of a borrower who is a farmer or aspiring farmer and his dependants and, where the borrower is an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership, excluding the wages of the shareholders of such corporation, the shareholder-producers or the members, as the case may be, of such cooperative or the members of such partnership, and their dependants in each of such cases;

(2)  to purchase livestock intended exclusively to produce meat or eggs;

(3)  to defray current expenses relating to the raising of livestock, namely:

(a)  food, medication and litter;

(b)  costs of veterinarians;

(c)  costs of artificial insemination;

(d)  insurance premiums.

(4)  to purchase standing crops.

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