M-36 - Act to promote the development of agricultural operations

Section 10 Disposition versions

1979-03-15

10. An agricultural operations corporation or an agricultural operations partnership may benefit by the grants for which farmers are qualified under sections 2 and 5, on the same conditions as such farmers, provided that one of its shareholders or members is a farm operator not less than eighteen nor more than forty years of age who owns 20% or more of the shares of each class issued by the corporation, or whose interests in the partnership represent, in the opinion of the Bureau, at least 20% of all the interests in such partnership.

However, where an agricultural operations corporation or an agricultural operations partnership has more than one farm operator not less than eighteen nor more than forty years of age among its shareholders or members each owning 20% or more of the shares of each class issued by the corporation, or among whom the interests of each in the partnership represent, in the opinion of the Bureau, at least 20% of all the interests in such partnership, the maximum grants for which it may qualify under the preceding paragraph may exceed the maximums provided for in sections 2 and 5 but without exceeding the maximums of $2 000 and $6 000, respectively, multiplied by the number of such operators.

An agricultural operations cooperative may benefit by grants for which agricultural operations corporations may qualify under the two preceding paragraphs, and up to the maximums provided for therein, provided it fulfills, mutatismutandis, the conditions provided for in such paragraphs respecting the agricultural operators which such cooperative must include among its shareholder-producers or its partners, as the case may be, except that the proportion of the shares which must be owned by each of such agricultural operators applies only to the ordinary shares or common shares, as the case may be.

1969, c. 44, s. 10; 1971, c. 85, s. 31; 1972, c. 34, s. 2; 1975, c. 34, s. 19; 1975, c. 38, s. 6; 1978, c. 43, s. 6.

1977-12-31

10. An agricultural operations corporation or an agricultural operations partnership may benefit by the grants for which farmers are qualified under sections 2 and 5, on the same conditions as such farmers, provided that one of its shareholders or members is a farm operator not less than eighteen nor more than forty years of age who owns twenty per cent or more of the shares of each class issued by the corporation, or whose interests in the partnership represent, in the opinion of the Bureau, at least twenty per cent of all the interests in such partnership.

However, when an agricultural operations corporation or an agricultural operations partnership has more than one farm operator not less than eighteen nor more than forty years of age among its shareholders or members each owning twenty per cent or more of the shares of each class issued by the corporation, or among whom the interests of each in the partnership represent, in the opinion of the Bureau, at least twenty per cent of all the interests in such partnership, the maximum grants for which it may qualify under the preceding paragraph may exceed the maximums provided for in sections 2 and 5, but without exceeding the maximums of one thousand dollars and three thousand dollars, respectively, multiplied by the number of such operators.

An agricultural operations cooperative may benefit by grants for which agricultural operations corporations may qualify under the two preceding paragraphs, and up to the maximums provided for therein, provided it fulfills, mutatismutandis, the conditions provided for in such paragraphs respecting the agricultural operators which such cooperative must include among its shareholder-producers or its partners, as the case may be, except that the proportion of the shares which must be owned by each of such agricultural operators applies only to the ordinary shares or common shares, as the case may be.

1969, c. 44, s. 10; 1971, c. 85, s. 31; 1972, c. 34, s. 2; 1975, c. 34, s. 19; 1975, c. 38, s. 6.