C-78 - Forestry Credit Act

Section 44 Disposition versions

1977-12-31

44. A permit holder or manager,

(a)  if a physical person, shall not, throughout the whole term of the loan, be a businessman engaged in wood processing nor hold a majority of the rights of ownership or control in a wood processing plant;

(b)  if an association, shall not, throughout the whole term of the loan, use the greater part of its forest production to supply a wood processing plant of which majority ownership or control is held by the association, or by one or several of its members or shareholders.

1975, c. 33, s. 44.