S-11.0101 - Act respecting the Société de financement agricole

Section 16 Disposition versions

1999-10-22

16. The Société may, in particular,

(1)  examine all applications for financial assistance and determine, in accordance with this Act and the programs, the assistance which may be granted to a business and the particular conditions to which the assistance is subject;

(2)  subject to paragraph 3 of section 34, and on the conditions it determines, authorize any person to act as lender within the scope of an assistance program;

(3)  authorize, on the conditions it determines, a lender to grant a loan;

(4)  where a loan is used to consolidate another loan to which a subsidy granted under this Act, the Act respecting farm financing (chapter F-1.2) or any Act replaced thereby applies, determine the advantages of that subsidy over the subsidy applicable to the new loan and, where required, transfer such advantages to the new loan;

(5)  take, at the expense of the borrower, when the borrower neglects to do so, the measures it judges necessary to ensure the proper maintenance of the property securing a loan or the continued operation of a business;

(6)  act as the mandatary of a lender, as plaintiff or defendant, in any judicial proceeding relating to a loan;

(7)  act as lender;

(8)  acquire, manage, sell, rent or otherwise alienate, in its own name or as mandatary of the lender, any property securing a loan granted under this Act or another Act or connected to a program entrusted to it by the Government;

(9)  reimburse a lender for the loans granted to a borrower pursuant to this Act, the Act respecting farm financing or any Act replaced thereby, when the borrower is in default on any such loan.

Where the Société reimburses a loan under subparagraph 9, it is subrogated in the rights of the lender.

1992, c. 32, s. 16; 1999, c. 40, s. 278.

1993-06-17

16. The corporation may, in particular,

(1)  examine all applications for financial assistance and determine, in accordance with this Act and the programs, the assistance which may be granted to a business and the particular conditions to which the assistance is subject;

(2)  subject to paragraph 3 of section 34, and on the conditions it determines, authorize any person to act as lender within the scope of an assistance program;

(3)  authorize, on the conditions it determines, a lender to grant a loan;

(4)  where a loan is used to consolidate another loan to which a subsidy granted under this Act, the Act respecting farm financing (chapter F-1.2) or any Act replaced thereby applies, determine the advantages of that subsidy over the subsidy applicable to the new loan and, where required, transfer such advantages to the new loan;

(5)  take, at the expense of the borrower, when the borrower neglects to do so, the measures it judges necessary to ensure the proper maintenance of the property securing a loan or the continued operation of a business;

(6)  act as the mandatary of a lender, as plaintiff or defendant, in any judicial proceeding relating to a loan;

(7)  act as lender;

(8)  acquire, manage, sell, rent or otherwise alienate, in its own name or as mandatary of the lender, any property securing a loan granted under this Act or another Act or connected to a program entrusted to it by the Government;

(9)  reimburse a lender for the loans granted to a borrower pursuant to this Act, the Act respecting farm financing or any Act replaced thereby, when the borrower is in default on any such loan.

Where the corporation reimburses a loan under subparagraph 9, it is subrogated in the rights of the lender.

1992, c. 32, s. 16.