C-78.1 - Act to promote forest credit by private institutions

Section 57 Disposition versions

2001-04-17

57. The sums collected by the agency as interest on its loans are allocated first, to the payment of the interest payable on borrowings it has contracted under section 53, and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 56.

The sums collected by the agency as repayment on its loans are allocated as follows and in the following order of priority:

(1)  the repayment on the due date of the principal of the borrowings contemplated in section 53;

(2)  the establishment, as the case may be, of a sinking fund or other reserves related to borrowings contracted under section 53;

(3)  the repayment on the due date of advances made by the Minister of Finance under section 56, or, if there is no determined due date, as often as determined by the Minister of Finance.

1983, c. 16, s. 57; 1992, c. 32, s. 43; 2000, c. 53, s. 66.

1993-06-17

57. The sums collected by the Société as interest on its loans are allocated first, to the payment of the interest payable on borrowings it has contracted under section 53, and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 56.

The sums collected by the Société as repayment on its loans are allocated as follows and in the following order of priority:

(1)  the repayment on the due date of the principal of the borrowings contemplated in section 53;

(2)  the establishment, as the case may be, of a sinking-fund or other reserves related to borrowings contracted under section 53;

(3)  the repayment on the due date of advances made by the Minister of Finance under section 56, or, if there is no determined due date, as often as determined by the Minister of Finance.

1983, c. 16, s. 57; 1992, c. 32, s. 43.

1984-06-30

57. The sums collected by the Office as interest on its loans are allocated first, to the payment of the interest payable on borrowings it has contracted under section 53, and, secondly, to the payment of the interest payable on the advances made by the Minister of Finance under section 56.

The sums collected by the Office as repayment on its loans are allocated as follows and in the following order of priority:

(1)  the repayment on the due date of the principal of the borrowings contemplated in section 53;

(2)  the establishment, as the case may be, of a sinking-fund or other reserves related to borrowings contracted under section 53;

(3)  the repayment on the due date of advances made by the Minister of Finance under section 56, or, if there is no determined due date, as often as determined by the Minister of Finance.

1983, c. 16, s. 57.