C-77.1 - Aquaculture Credit Act

Section 28 Disposition versions

2999-12-31

28. Notwithstanding section 27, where the grant is made to a partnership, a legal person or a group operation, it then applies only to the amount corresponding to the amount contemplated in the said section, multiplied by the percentage of participation or interest, of a nature defined by regulation, held in the partnership, legal person or group operation by a person or persons who meet the conditions determined by regulation and who are not already established in aquaculture or in an undertaking that constitutes a fish-breeding plant, or who are not or have not formerly been part of a partnership, legal person or group operation formerly established in aquaculture or in an undertaking that constitutes a fish-breeding plant.

Where, on the date contemplated in section 31, the percentage contemplated in the first paragraph does not exceed eighty per cent, the Minister may grant to the borrower, in the cases, for the term and on the conditions determined by regulation and on the recommendation of the Office, an additional grant applicable to the net interest accrued on the first $50 000 of the loan in respect of which the grant provided for in section 27 was granted in accordance with the said paragraph.

A grant under the second paragraph applies only in respect of that proportion of the first $50 000 of the loan to which the grant provided for in section 27 or the additional grant provided for in the said paragraph does not apply or has not formerly applied and is computed while taking into account, during the period it is applicable, the normal amortization of the loan to which it applies.

1984, c. 21, s. 28.