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A-18 - Act to promote farm improvement

Section 19
Disposition versions

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19. The Gouvernement du Québec shall guarantee to the lender the repayment of losses in capital and interest, and the expenses allowable by regulation that are incurred to claim or obtain the payment thereof, resulting from loans contemplated by this act and sustained by
(a)  any bank, up to ten per cent of the total amount of such loans made by such bank;
(b)  any credit union not affiliated with a federation, up to ten per cent of the total amount of such loans made by such union;
(c)  any credit union affiliated with a federation, up to ten per cent of the total amount of such loans made by credit unions affiliated with such federation.
The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.
The Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1) guarantees to the lender, in conformity with that act, the repayment of losses in principal and interest resulting from loans contracted from the date mentioned in the second paragraph, and of the expenses allowable by regulation under the said act that are incurred to claim or obtain the payment thereof.
Where the Office du crédit agricole du Québec repays, in the name of the Government, a loss resulting from a loan contracted under this act, it is subrogated in the rights of the lender to whom a repayment is so made, up to the amount of such repayment.
The borrower whose default entails the repayment contemplated in the fourth paragraph or, as the case may be, that contemplated in section 17 of the Act respecting farm-loan insurance and forestry-loan insurance, shall not benefit by another loan without the prior consent of the Office.
R. S. 1964, c. 109, s. 17; 1965 (1st sess.), c. 40, s. 11; 1969, c. 43, s. 11; 1975, c. 35, s. 12; 1977, c. 5, s. 14; 1978, c. 49, s. 31.
19. The Gouvernement du Québec shall guarantee to the lender the repayment of losses in capital and interest, and the expenses allowed by regulation and incurred to claim or obtain the payment thereof, resulting from loans contemplated by this act and suffered by:
(a)  any bank, up to ten per cent of the total amount of such loans made by such bank;
(b)  any union not affiliated with a federation, up to ten per cent of the total amount of such loans made by such union;
(c)  any union affiliated with a federation, up to ten per cent of the total amount of such loans made by unions affiliated with such federation.
Where the Office du crédit agricole du Québec repays, in the name of the Gouvernement, a loss resulting from a loan contracted under this act, it is subrogated in the rights of the lender to whom a repayment is so made, up to the amount of such repayment.
The borrower whose default entails such repayment shall not benefit by another loan without the prior consent of the Office.
R. S. 1964, c. 109, s. 17; 1965 (1st sess.), c. 40, s. 11; 1969, c. 43, s. 11; 1975, c. 35, s. 12; 1977, c. 5, s. 14.
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