C-78 - Forestry Credit Act

Section 46.4 Disposition versions

2001-04-17

46.4. The sums collected by the agency as interest on its loans are applied, as the interest on its borrowings becomes due, first, to the payment of the interest payable on borrowings contracted under section 46, and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 46.3.

The sums collected by the agency as repayment on its loans are applied as follows and in the following order of priority:

(a)  the repayment of capital borrowed under section 46, as such repayment becomes due;

(b)  the establishment, as the case may be, of a sinking fund and other reserves related to borrowings contracted under section 46;

(c)  the repayment of advances made by the Minister of Finance under section 46.3, when such repayment becomes due or, if there is no due date, as often as determined by the Minister of Finance.

1980, c. 29, s. 4; 2000, c. 53, s. 66.

1980-12-19

46.4. The sums collected by the Bureau as interest on its loans are applied, as the interest on its borrowings becomes due, first, to the payment of the interest payable on borrowings contracted under section 46, and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 46.3.

The sums collected by the Bureau as repayment on its loans are applied as follows and in the following order of priority:

(a)  the repayment of capital borrowed under section 46, as such repayment becomes due;

(b)  the establishment, as the case may be, of a sinking-fund and other reserves related to borrowings contracted under section 46;

(c)  the repayment of advances made by the Minister of Finance under section 46.3, when such repayment becomes due or, if there is no due date, as often as determined by the Minister of Finance.

1980, c. 29, s. 4.