F-1.3 - Act respecting the financing of commercial fishing

Updated to 20 February 2024

This document has official status.

chapter F-1.3

Act respecting the financing of commercial fishing

This Act was formerly entitled: “Maritime Fisheries Credit Act”. The title of the Act was replaced by section 1 of chapter 61 of the statutes of 2000.

2000, c. 61, s. 1.

1. The Government may, upon such conditions as it may determine, authorize the Minister of Finance to guarantee and to pay if need be, out of the Consolidated Revenue Fund, up to an aggregate sum of $500,000, the reimbursement of advances or loans (prêts) made, or loans (emprunts) effected, for commercial fishing purposes, by cooperatives, federations of cooperatives, and financial services cooperatives governed by the Act respecting financial services cooperatives (chapter C-67.3).

R. S. 1964, c. 210, s. 1; 1966-67, c. 57, s. 1; 1982, c. 26, s. 297; 1988, c. 64, s. 587; 2000, c. 61, s. 2; 2000, c. 29, s. 631.

2. The Government shall determine the methods, conditions and time limits for the repayment of such guarantees and may take such supervisory and administrative measures as it deems necessary to ensure that such guarantees are used for the purpose for which they are given.

R. S. 1964, c. 210, s. 2; 1999, c. 40, s. 96.

3. (Repealed).

R. S. 1964, c. 210, s. 3; 1979, c. 27, s. 1; 1979, c. 77, s. 22; 2000, c. 61, s. 3.

4. (Repealed).

R. S. 1964, c. 210, s. 4; 1979, c. 77, s. 22; 1988, c. 64, s. 587; 2000, c. 61, s. 3.

5. The Minister of Agriculture, Fisheries and Food may establish financial assistance programs for fishing businesses providing for the granting of loans, subsidies or loan guarantees.

Every program providing for the granting of loans or loan guarantees shall be submitted to the Government for approval.

The Government may entrust, subject to the conditions it determines, a government body it designates with the administration of a program.

R. S. 1964, c. 210, s. 5; 1965 (1st sess.), c. 58, s. 1; 1979, c. 27, s. 2; 1979, c. 77, s. 22; 1990, c. 63, s. 1; 1999, c. 40, s. 96; 2000, c. 61, s. 4.

5.1. (Repealed).

1979, c. 27, s. 2; 1979, c. 77, s. 22; 1984, c. 16, s. 57; 1990, c. 63, s. 2; 1999, c. 40, s. 96; 2000, c. 61, s. 5.

6. (Repealed).

R. S. 1964, c. 210, s. 6; 1979, c. 27, s. 3; 1984, c. 16, s. 58; 1990, c. 63, s. 3; 1999, c. 40, s. 96; 2000, c. 61, s. 5.

6.1. The Government may, on the recommendation of the Minister of Agriculture, Fisheries and Food, grant loan guarantees, on conditions it determines, to fishermen or other persons or to partnerships or organizations carrying on activities related to commercial aquaculture or to the preparation, processing and marketing of fishery products.

1990, c. 63, s. 4; 1999, c. 40, s. 96; 2003, c. 23, s. 71.

6.2. The Government shall determine the methods, terms and conditions of repayment of the loan guarantees and may take such supervisory and administrative measures as it deems necessary to ensure that such guarantees are used for the purposes for which they are granted.

1990, c. 63, s. 4.

7. (Repealed).

R. S. 1964, c. 210, s. 7; 1966-67, c. 57, s. 2; 1973, c. 35, s. 1; 1979, c. 27, s. 4; 1987, c. 70, s. 1; 1990, c. 63, s. 5; 2000, c. 61, s. 5.

8. (This section ceased to have effect on 17 April 1987).

1982, c. 21, s. 1; U. K., 1982, c. 11, Sch. B, Part I, s. 33.

REPEAL SCHEDULE

In accordance with section 9 of the Act respecting the consolidation of the statutes and regulations (chapter R-3), chapter C-76 of the Revised Statutes, in force on 1 April 2002, is repealed effective from the coming into force of chapter F-1.3 of the Revised Statutes.