Canadian Agricultural Loans Act (R.S.C., 1985, c. 25 (3rd Supp.))

Marginal note:Compliance required

• 12 (1) The Minister is not liable under this Act to make any payment to a lender in respect of any loss sustained by it as a result of a loan unless

  • (a) the lender has complied with the regulations made pursuant to this Act; and

  • (b) the lender has, at such time as is prescribed, paid to the Minister a fee of one-half of one per cent of the amount of the loan or such other fee as is prescribed or calculated in the manner prescribed.

• Marginal note:Partial refund of fee

  (2) Where a lender advances less than three quarters of the amount of a loan to a farmer or farm products marketing cooperative, the Minister may, on application by the lender made within one year after the first instalment of the loan was advanced, refund to the lender that portion of the fee paid pursuant to paragraph (1)(b) that is attributable to the unadvanced portion of the loan.