47. (1) The Director may conduct training courses in house construction for any group of not less than five eligible veterans.
(2) The Director may supply or arrange for instructors for courses in house construction that are organized or conducted by the Royal Canadian Legion or by other recognized veterans’ organization or educational body or by a department of and federal, provincial or municipal government that desires to cooperate and that has services and facilities that can be used to advantage if those courses follow the syllabus prescribed from time to time for such courses by the construction officials of the Director.
48. (1) The Director may furnish to an approved cooperative housing association, for the construction of single family dwellings by the association, technical and financial assistance calculated, in the aggregate, on the basis of the number of members or shareholders of the association.
(2) The assistance referred to in subsection (1) shall be given in the manner, to the extent and upon like terms and conditions as are authorized to be furnished to an individual veteran by Part II of the Act, and the construction contract provided for by section 55 of the Act and the collateral agreement provided for by section 57 of the Act shall be between the Director and the association.
(3) Upon the completion of the dwellings as required by a construction contract made in accordance with subsection (2), the Director, upon proper direction in writing from the association and in accordance with section 59 of the Act and the collateral agreement between the Director and the association, shall provide
(a) for the registration of a mortgage from and the conveyance to the association of the aggregate parcels of land; or
(b) simultaneously for the registration of mortgages from and conveyances to each member or shareholder of the association of the land designated for his use, in which event the necessary adjustments of taxes and insurance to meet the requirements of the Director shall be made between the association and the member or shareholder.
PART III LOANS
49. (1) An agreement made pursuant to section 74 of the Act may, at the option of the Director, provide that the loan advanced under the provisions of Part III of the Act be consolidated and made payable with the indebtedness owing the Director by the veteran under Part I of the Act, interest on such consolidated indebtedness being computed at a rate that, on an amortization basis, will provide for liquidation at maturity of the total amounts of principal and interest owing under Parts I and III of the Act.
(2) Where, after the consolidation of loans under subsection (1), a veteran makes prepayments amounting to not less than 10 per cent of the greatest consolidated indebtedness that at any time existed in his account, the Director may apply the prepayments to the loan under Part III of the Act and reconsolidate the then remaining debts at the appropriate revised rate of interest, but if there is default in any subsequent payment, the pre-reconsolidation rate may be charged.
50. Subject to section 51, every veteran certified by the Director to be a full-time farmer who applies for a loan under section 71 of the Act shall, at the time he makes application for a loan,
(a) submit a plan acceptable to the Director for the organization and operation of the veteran’s farming enterprise as an economic farm unit;
(b) agree to follow the plan as accepted by the Director except for such changes therein as may from time to time be agreed to by the Director;
(c) agree to keep farm accounts in manner satisfactory to the Director and to make them available for inspection by a representative of the Director;
(d) agree to submit before February 1st in each year on the form prescribed by the Director
(i) a financial statement on the operation of the farm for the preceding calendar year, and
(ii) a statement of net worth as of December 31st of the calendar year immediately preceding; and
(e) agree not to incur additional debt in excess of the debt carrying capacity of his farming operation as estimated by the Director’s representative.
- Date modified: