P-20 - Farm Loan Act

Section 5 Disposition versions

1977-12-31

5. The Government, on such conditions as it shall determine, may authorize the Bureau to pay, as from 1 May 1964, on loans made to veterans as full-time farmers of Québec, after 26 June 1954 until 1 October 1972, under Part III of the Veterans’ Land Act (Revised Statutes of Canada, 1970, chapter V-4), the difference between the annual interest of 21/2% and that owing on such loans.

The Government may, on such conditions as it determines, authorize the Bureau to pay on any loan granted after 1 October 1972 to a veteran as a full-time Québec farmer under Part III of the Veterans’ Land Act (Revised Statutes of Canada), the difference between the annual interest which he owes on such loan and the annual interest computed on the equivalent capital of hypothecary loan which the Bureau may make at the rate fixed under section 22 of the Farm Credit Act (chapter C-75); any change in the annual interest rate fixed under the said section 22 shall only apply to the loans granted under the Veterans’ Land Act from the coming into force of such change.

Such difference, contemplated in the first and second paragraphs, shall be paid only on a loan not exceeding $15 000 and, if the loan exceeds such amount, it shall be paid only on a portion of the interest proportionate to the fraction of the loan corresponding to $15 000.

In applying the third paragraph to loans made before 1 May 1964, the balance of the principal on that date shall be considered as being the amount of the loan.

R. S. 1964, c. 111, s. 5; 1972, c. 35, s. 2.