Canadian Agricultural Loans Act

Marginal note:Principal amount where joint borrowers

• 5 (1) For the purposes of paragraph 4(3)(c), the principal amount of a loan shall, where the loan was made jointly to two or more farmers each of whom held a prescribed interest in a separate farm, and the principal amount of the loan did not exceed two hundred and fifty thousand dollars, be deemed to be, in respect of each of those farmers, an amount equal to the amount obtained by dividing the principal amount of the loan by the number of farmers.

• Marginal note:Amount owing where joint borrowers

  (2) For the purposes of paragraph 4(3)(c), the amount owing in respect of any loan previously made to a farmer shall, where the loan was made jointly to that farmer and one or more other farmers each of whom held a prescribed interest in a separate farm, be deemed to be an amount equal to the amount obtained by dividing the amount owing in respect of that loan by the number of farmers.