P-20 - Farm Loan Act

Section 4 Disposition versions

1977-12-31

4. The Government, on such conditions as it shall determine, may authorize the Bureau to assume, before 1 January 1970, up to an amount of $3 000, one-third of the debt owed to the Corporation by a borrower who has obtained from the Corporation after 1 May 1962 a loan similar to a settlement loan from the Bureau.

To be entitled to such advantage, the borrower must prove to the satisfaction of the Bureau that he has lived on his farm and has cultivated it, without interruption during the ten years following the date of signature of the deed of loan. Such advantage shall be granted only once to any one person.

In the case of death before the expiration of the ten years above mentioned, the advantage may be granted to any person whom the Bureau recognizes as having continued to discharge the obligations of the borrower.

R. S. 1964, c. 111, s. 4; 1969, c. 44, s. 25.