P-20 - Farm Loan Act

Section 6 Disposition versions

1977-12-31

6. From 1 November 1975, sections 3 and 5 apply only to the extent and for the period that the loans contemplated therein meet the requirements for the obtaining of a hypothecary loan under the Farm Credit Act (chapter C-75) and the regulations made thereunder.

From the same date, where a loan provided for in section 3 is granted to an individual whose principal occupation is not farming, in accordance with Part IV of the Farm Credit Act (Revised Statutes of Canada, 1970, chapter F-2), the said section does not apply, moreover, until such time as that individual furnishes to the Bureau proof deemed satisfactory that the individual has made farming his principal occupation within the same delays and on the same conditions as those fixed for an aspiring farmer to make farming his principal occupation under paragraph d of section 1 of the Farm Credit Act.

1975, c. 36, s. 1 (part).