9. The term of a loan must not exceed ten years, except in the case of a loan for the purchase of additional land or for land improvement by underground drainage, where such term must not exceed fifteen years.
R. S. 1964, c. 109, s. 6; 1965 (1st sess.), c. 40, s. 7; 1969, c. 43, s. 5; 1975, c. 35, s. 5.