Canadian Agricultural Loans Act

Marginal note:Regulations

• 15 (1) The Governor in Council may, on the recommendation of the Minister and the Minister of Finance, make regulations

  • (a) defining for the purposes of this Act “repair”, “alteration”, “additions”, “major”, in relation to “repair” and “overhaul”, and “works for drainage”;

  • (b) prescribing, in respect of loans made for any purpose,

    • (i) the security to be taken by the lender for the repayment of loans made for that purpose,

    • (ii) the terms of repayment and other terms, including provisions in respect of insurance, on which loans made for that purpose are to be made, and

    • (iii) the maximum rate of interest payable by a farmer or farm products marketing cooperative or the manner of determining that maximum rate;

  • (c) prescribing that in the event of actual or impending default in the repayment of a loan the lender may, with the approval of the Minister and the farmer or farm products marketing cooperative, alter or revise by way of an extension of time or otherwise any of the terms of the loan, or any agreement in connection therewith, and that an alteration or revision shall not discharge the liability of the Minister in respect thereof under this Act;

  • (d) prescribing, in the event of default in the repayment of a loan, the legal or other measures to be taken by the lender and the procedure to be followed for the collection of the amount of the loan outstanding and the disposal or realization of any security for the repayment thereof held by the lender;

  • (e) prescribing the method of determination of the amount of loss sustained by a lender as a result of a loan;

  • (f) prescribing the procedure to be followed by a lender in making a claim for any loss sustained by it as a result of a loan;

  • (g) prescribing the steps to be taken by a lender to effect collection on behalf of the Minister of any loan in respect of which any payment has been made by the Minister to the lender under this Act and providing that, in the event of neglect by the lender to take such steps, the amount of the payment may be recovered by the Minister;

  • (h) requiring reports to be made periodically to the Minister by a lender in respect of loans made by it;

  • (i) prescribing any thing that is by this Act to be prescribed; and

  • (j) generally for carrying out the purposes and provisions of this Act.

• Marginal note:Amendment of section 4 or 6

  (2) The Governor in Council may, by order made on the recommendation of the Minister and the Minister of Finance, amend subsections 4(1) and 6(1) by striking out the percentage set out therein and by substituting therefor another percentage not exceeding ninety-five per cent.