F-1.2 - Act respecting farm financing

Section 144 Disposition versions

1988-08-11

144. The Office may discontinue the contribution to the payment of interest or the reduction of the interest rate where the borrower

(1)  has been granted the contribution or reduction as a result of false declarations;

(2)  uses all or part of the loan, without the consent of the Office, for purposes other than those for which the loan was obtained;

(3)  ceases to fulfill the conditions of eligibility provided in subparagraph 1 of the first paragraph of section 13 and subparagraph 2 of the first paragraph of section 14.

From the date on which a borrower remedies his failure to meet the conditions of eligibility contemplated in subparagraph 3 of the first paragraph, he shall become again entitled to the contribution or reduction.

If the borrower does not remedy his failure, he shall remit to the Office every amount he received while the failure persisted.

In the cases described in subparagraphs 1 and 2 of the first paragraph, the borrower not only forfeits his right to the contribution or reduction but also is required to remit to the Office any amount so received, with interest at the annual rate of interest of the loan or special loan specified in the related deed of loan.

1987, c. 86, s. 144.