Disposal of Surplus Lands
44 (1) Where the Director wishes to sell any lands to a person other than a certified veteran, he shall first advertise them for sale by public tender subject to the condition stated in the advertisement that no offer received by the Director as a result of such advertising will necessarily be accepted.
(2) Subsection (1) does not apply to lands that may be required for the special purposes specified in section 28 of the Act.
(3) Where the time limited in an advertisement published pursuant to subsection (1) has expired and no satisfactory offer has been received, the Director may negotiate with any person who made an offer or with any other person for the purpose of obtaining a binding offer to recommend for acceptance under the provisions of the Act.
Disposal of Repossessed Chattels
45 Where the Director has repossessed chattels theretofore held by a veteran under any agreement with the Director and the nature of the chattels is such that in the opinion of the Director they are likely to deteriorate in value in his hands or prove costly to keep and care for until they can be used for the ordinary purposes of the Act, or are not likely to be required for the ordinary purposes of the Act, the Director may sell those chattels forthwith
(a) by public auction for cash, after due advertising;
(b) privately at a cash price agreed to in writing by the veteran from whom the chattels have been repossessed; or
(c) privately, after an appraisal of the chattels by an independent qualified person, at a cash price at or near the appraised value.
Home Construction and Land Settlement Contracts
46 (1) For the purpose of section 67 of the Act, a veteran who has entered into a contract with the Director under section 55 of the Act is eligible to enter into a contract under Part I of the Act if the veteran was required to dispose of the home he constructed under section 55 due to
(a) the transfer of his place of employment to another area,
(b) his inability to secure employment in the area where his home has been constructed,
(c) the ill-health of the veteran or his family,
(d) the land having been required and taken for public purposes,
and the Director is satisfied that the disposition was not made for speculative reasons, or
(e) existing housing accommodation being, in the opinion of the Director, not suitable for the veteran and his family.
(2) For the purpose of section 67 of the Act, a veteran who has entered into a contract with the Director under section 55 of the Act is eligible to enter into a contract under Part I of the Act in respect of the land to which the contract under section 55 relates or related if
(a) the land contains the minimum area prescribed by section 23 of these Regulations or may be increased to that area by the acquisition of adjoining land; and
(b) the veteran pays to the Director on demand any legal, survey or other fees involved in any re-acquisition by the Director of title to the land for the purposes of Part I of the Act.
(3) The terms and conditions of any contract, advance or grant entered into under Part I of the Act in respect of land referred to in subsection (2) shall be consistent with the provisions of that Part.
(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
(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.
51 Section 50 applies only where and as long as
(a) the total financial assistance required by a veteran to set up an economic farm unit, including any debt owing by the veteran to the Director, is in excess of 75 per cent of the security value of the real property available as security; or
(b) the veteran is in default under an existing contract with the Director and the Director so requires.
Nature and Extent of Security
52 For the purposes of section 79 of the Act, every loan advanced by the Director under section 71 to a veteran certified by the Director to be a full-time farmer shall, wherever practicable, be secured in its entirety by farm land.
53 (1) Where an advance is made by way of loan to a veteran under section 72 of the Act and the amount of the advance together with amounts then outstanding as described in the section exceeds 75 per cent of the market value of security held, acquired or taken by the Director, the Director shall take as additional security, title to livestock, farm equipment and other chattels of a value equal to not less than the amount by which the advance together with the amounts outstanding exceeds 75 per cent of the value of the said security.
(2) Any livestock, farm equipment and other chattels taken as security by the Director under subsection (1) shall not be valued for the purposes of security at an amount greater than 50 per cent of the market value as determined by the Director of such livestock, farm equipment and other chattels.
54 (1) Every contract providing for repayment of a loan entered into between a veteran and the Director pursuant to Part I or III of the Act shall be in the form prescribed by the Director pursuant to section 36 of the Act and set out in Schedule I or II or in the form set out in Schedule IV, whichever form is appropriate.
(2) The terms and conditions of an agreement made under section 20 of the Act shall be those contained in clause 11 of Schedule I.
(3) Every contract providing for repayment of Part I assistance entered into between a veteran and the Director subsequent to the initial 10 years of the veteran’s establishment shall be in the form set out in Schedule III.
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