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The Agricultural Credit Corporation Amendment Act

This is an unofficial version.
If you need an official copy, contact Statutory Publications.

S.M. 1996, c. 30

THE AGRICULTURAL CREDIT CORPORATION AMENDMENT ACT


 

(Assented to November 19, 1996)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. A10 amended

1         The Agricultural Credit Corporation Act is amended by this Act.

2(1)      The definition "farming" in subsection 1(1) is amended

(a)  by repealing clause (c) and substituting the following:

(c) the raising or keeping of livestock;

(b) by repealing clauses (e), (f) and (g).

2(2)      The definition "livestock" in subsection 1(1) is amended by striking out "and fur breeding stock" and substituting ", fur breeding stock and any other animal or bird designated as livestock in the regulations".

3         Subsection 26(1) is amended

(a) in clause (a) of the English version, by striking out "prescribed" and substituting "provided for";

(b) in clause (b), by striking out "in the form and containing the information prescribed by the regulations" and substituting "in a form acceptable to and containing the information required by the corporation";

(c) in clause (f), by striking out "prescribed by" and substituting "provided for in"; and

(d) in clause (g), by striking out "in the manner prescribed in" and substituting "in accordance with".

4         Section 27 is amended

(a) in the English version, by striking out "and no other" in the part of the section preceding clause (a);

(b) by adding the following after clause (c):

(c.1) the purchase of land;

(c) by repealing clause (f) and substituting the following:

(f) any other purpose provided for in the regulations.

5         Clause 28(a) is amended by striking out "prescribed" and substituting "required by the corporation or".

6         Subsections 30(1) and (2) are amended by striking out "in the form prescribed by the regulations" and substituting "in a form acceptable to the corporation".

7         Section 31 is repealed and the following is substituted:

Regulations

31(1)     The corporation may, with the approval of the Lieutenant Governor in Council, make regulations

(a) governing loans and credit under Parts III and IV;

(b) governing the purposes for which the corporation may guarantee a loan in addition to those provided for in section 27;

(c) governing the qualifications of persons eligible for loans or credit;

(d) governing applications for loans or credit, including the conditions to be met by applicants;

(e) establishing maximum and minimum amounts for loans or credit;

(f) governing the terms and conditions on which loans or credit may be made or provided;

(g) respecting interest on loans and credit;

(h) respecting security to be given for loans or credit;

(i) governing the duties and obligations of a person during the period that his or her indebtedness under a loan or credit is outstanding;

(j) governing the terms and conditions of an agreement respecting guaranteed loans that the corporation may enter into with a bank, an approved lending institution, an individual lender or a borrower;

(k) defining "part-time farmer" for the purpose of this Act;

(l) respecting any matter necessary or advisable to carry out the purpose of this Act effectively.

Regulations for specific classes of loans

31(2)     A regulation under this section may be made in respect of different classes of loans or credit.

8         The following is added after section 35:

Protection from liability

36        No member of the board of directors, no employee of the corporation and no person acting under the instructions of any of them or under the authority of this Act or the regulations is personally liable for any loss or damage suffered by any person by reason of anything done or omitted to be done in good faith in the exercise or purported exercise of any power conferred by this Act or the regulations.

Coming into force

9         This Act comes into force on the day it receives royal assent.