An Act to increase the availability of agricultural loans and to repeal the Farm Improvement Loans Act (S.C. 2009, c. 15)
Assented to 2009-06-18
11. (1) Subsection 15(1) of the Act is amended by adding the following after paragraph (b):
(b.1) prescribing, for the purposes of paragraph 4(1)(c), the purpose for which the livestock is kept or the minimum period that the livestock must remain in the possession of the farmer;
(b.2) fixing percentages for the purposes of subsections 4(1) and 6(1) and paragraphs 9(a) and (b);
(b.3) fixing amounts for the purposes of paragraphs 4(3)(c) and 6(2)(c), subsection 6(3) and section 7;
(2) Paragraph 15(1)(h) of the Act is replaced by the following:
(h) prescribing the information to be furnished to the Minister by a lender in respect of loans made by it and the time when the information is to be furnished;
(3) Subsection 15(2) of the Act is repealed.
12. Section 22 of the Act is replaced by the following:
Marginal note:Annual report
22. The Minister shall, not later than June 30 in each year, prepare a report with respect to the administration of this Act during the fiscal year that ended on the preceding March 31 and shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day the Minister completes it.
Marginal note:Five-year review
22.1 (1) Every five years after the coming into force of this subsection, the Minister shall review the provisions and administration of this Act in consultation with the Minister of Finance.
Marginal note:Tabling of report
(2) The Minister shall cause a copy of the report on the review to be laid before each House of Parliament on any of the first 30 days on which that House is sitting after the report is completed.
1991, c. 46CONSEQUENTIAL AMENDMENTS TO THE BANK ACT
Marginal note:1998, c. 36, s. 21
13. (1) Subparagraph 427(1)(m)(v) of the Bank Act is replaced by the following:
(v) any works for the improvement or development of an aquaculture operation for which a loan, as defined in the Canada Small Business Financing Act, or a business improvement loan, as defined in the Small Business Loans Act, may be made,
(2) Subparagraphs 427(1)(n)(v) and (vi) of the Act are replaced by the following:
(vi) any purpose for which a loan as defined in the Canadian Agricultural Loans Act may be made,
Marginal note:Repeal of R.S., c. F-3
14. The Farm Improvement Loans Act is repealed.
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