F-1.2 - Act respecting farm financing

Section 112 Disposition versions

1988-08-11

112. The Office may, more particularly, exercise the following powers:

(1)  to act as the mandatary of a lender, to claim from any debtor in default and, where such is the case, from any surety of the debtor, the sums owing to such lender or that have become payable on a loan, line of credit or special loan, to make or bring, for such purpose, a motion, action or other proceeding or, in such capacity, to set up a defence against any motion, action or proceeding, and to acquire any property securing a loan, a line of credit or a special loan and administer, sell or lease such property or otherwise dispose of it by onerous title;

(2)  to acquire any property related to its activities concerning loans, lines of credit or special loans and to administer, sell or lease the property or otherwise dispose of it by onerous title;

(3)  to act as a lender where a lender refuses to grant a loan, line of credit or special loan or proves to the Office that it cannot grant it in whole or in part or cannot act upon a certificate authorizing it and, for that purpose, to exercise the rights and powers conferred on the lender under this Act;

(4)  to authorize, for the period and according to the terms and conditions it determines, any lender contemplated in paragraph 1 of section 5 and in section 6 to grant any loan, line of credit or special loan, without prior examination of the application by the Office and without issue of a certificate by it;

(5)  to establish rules applicable to the administration and disposition by a lender or by the Office as the mandatary of a lender of property which, having served to secure a loan, a line of credit or a special loan was acquired by the lender or the Office pursuant to a giving in payment clause or at an auction sale or sheriff’s sale;

(6)  to recognize as forming part of a farm any immovable which, in its opinion, is related to the operation of a farming business;

(7)  to conduct any investigation it considers necessary for the prevention or detection of offences against this Act or any other Act under its administration and of non-compliance with any plan, program or project the direction or execution of which is entrusted to it. For these purposes, every member of the Office and every investigator it designates has the powers and attributions conferred on a commissioner by the Act respecting public inquiry commissions (chapter C-37), except the power to order imprisonment.

1987, c. 86, s. 112.