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C-75 - Farm Credit Act

Section 55
Disposition versions

Full text
55. The Bureau is authorized to make advances to any Credit Union operating in the counties of Bonaventure, Gaspé-Nord, Gaspé-Sud and the Îles-de-la-Madeleine, up to sixty-five per cent of the amount of each loan granted in such counties by such Credit Union in virtue of this Division.
To guarantee such advances the Bureau must exact that such Credit Union transfer to it every claim, whether hypothecary or chirographic, which it holds from its debtor by reason of a loan granted to such latter in virtue of this Division.
The advances made by the Bureau to the Credit Union shall bear interest at the rate of two and one-half per cent per annum, payable semi-annually.
The method of reimbursement and the other conditions of such advances shall be determined by regulations of the Bureau, subject to the approval of the Government.
R. S. 1964, c. 108, s. 41.
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