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S.M. 1986-87, c. 20

An Act to amend The Agricultural Credit Corporation Act

(Assented to September 10, 1986)

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

Sec. 26.1 added.

1

The Agricultural Credit Corporation Act, being chapter A10 of the Continuing Consolidation of the Statutes of Manitoba, is amended by adding immediately after section 26 thereof, the following section:

Guarantees of individual lender loans.

26.1(1)

The corporation shall pay to an individual lender the amount of loss sustained by the lender as a result of a guaranteed loan under this Part if

(a) the loan was made for any of the purposes set out in section 27;

(b) the loan was made in accordance with the regulations.

Cl.28(b) and secs. 29, 30 apply.

26.1(2)

The provisions of clause 28(b) and sections 29 and 30 apply with the necessary changes to a loan made under this section.

Cl. 31(p) added.

2

Section 31 of the Act is amended by adding immediately after clause (o) thereof the following clause:

(p) prescribing terms and conditions for guaranteeing loans made by individual lenders under section 26.1 including any of the procedures which may be prescribed for a bank or approved lending institution under clauses (h) to (m).

Sec. 34 am.

3

Section 34 of the Act is amended by striking out the word "June" and substituting therefor the word "September".

Commencement of Act.

4

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