F-1.2 - Act respecting farm financing

Section 23 Disposition versions

1988-08-11

23. A long-term loan may be granted for any of the following purposes:

(1)  the purchase of a farming business constituting a complete unit;

(2)  the purchase of a farm or part of a farm;

(3)  the construction or improvement of farm buildings, the clearing of land, drainage or any other permanent improvement made to increase the productivity of a farming business;

(4)  the redemption by an agricultural operations corporation of shares of its capital stock and the purchase of any shares, holdings, undivided rights or common shares, as the case may be, from any person who withdraws from a group operation, where the applicant proves to the Office that the redemption or acquisition can ensure the continuation of the operation of his farming business or improve its efficiency;

(5)  the consolidation of debts incurred for any of the purposes described in paragraphs 1 to 4;

(6)  any other purpose which, in the opinion of the Office, may render the operation of the borrower’s farming business more efficient or ensure its continuation.

1987, c. 86, s. 23.