HER MAJESTY, by and with
the advice and consent of the Legislative Assembly of Alberta, enacts as
follows:
Definitions
1 In this Act,
(a) “lending
institution” means an institution designated pursuant to section 5;
(b) “money”
includes negotiable instruments;
(c) “negotiable instrument” includes a cheque,
draft, traveller’s cheque, postal note, money order, postal remittance, bill of
exchange payable on demand or any other similar instrument.
1986 cF‑2.5
s1;1995 c31 s3
Purpose
2 The purpose of this Act is to facilitate loans
to Alberta farmers.
1986 cF‑2.5 s2
Payments
3 The Minister of Finance shall pay from the
General Revenue Fund money required to make
(a) deposits
in lending institutions, and
(b) any
other payments to lending institutions
pursuant to agreements entered into under section 4.
RSA 2000 cF‑6
s3;2006 c23 s29
Agreements
4 The Minister of Finance may enter into
agreements with lending institutions for the purpose of this Act.
RSA 2000 cF‑6
s4;2006 c23 s29
Designation of lending
institutions
5 The Lieutenant Governor in Council may by order
designate lending institutions with which the Minister of Finance may enter
into agreements under section 4.
RSA 2000 cF‑6
s5;2006 c23 s29
Guarantee of loans
6 Subject to the regulations, the Minister of
Finance may, for the purpose of this Act, make guarantees to lending
institutions in respect of loans made in accordance with this Act.
RSA 2000 cF‑6
s6;2006 c23 s29
Regulations
7(1) The Lieutenant Governor in Council may make
regulations
(a) respecting
the loans to be made by lending institutions to farmers in accordance with this
Act including, without limitation, regulations respecting the following
matters:
(i) the purposes for which a loan may be made;
(ii) the criteria for eligibility for a loan;
(iii) limitations on the amount of a loan or class of loan that may be
made to an individual borrower;
(iv) the interest payable under a loan;
(v) the time and manner of repayment of a loan;
(vi) any other terms or conditions under which a loan may be made or
to which a loan is subject;
(b) prescribing
the maximum aggregate amount of loans for the purposes of section 8;
(c) respecting
the guarantee by the Minister of Finance of loans made by lending institutions
to farmers in accordance with this Act including, without limitation,
regulations respecting the following matters:
(i) the loans that are eligible to be guaranteed;
(ii) the nature and extent of a guarantee;
(iii) who may execute a guarantee;
(iv) any other terms or conditions under which a guarantee may be
given or to which a guarantee is subject.
(2) Regulations under subsection (1) may be made
effective from a date not earlier than July 1, 1986.
RSA 2000 cF‑6
s7;2006 c23 s29
Termination of program
8(1) When the Lieutenant Governor in Council, on the
report and recommendation of the Minister of Finance, determines that the
aggregate amount of loans made in accordance with this Act is approaching the
maximum aggregate amount prescribed in the regulations, the Lieutenant Governor
in Council may by order fix a date, or the manner of determining a date, after
which no further loans may be authorized under the regulations.
(2) Subject
to subsection (3), no loans may be authorized after
(a) June
30, 1991, or
(b) the
date fixed or determined in an order under subsection (1),
whichever is earlier.
(3) An agreement under section 4 may provide for
the authorizing of loans after the applicable date in subsection (2) if the
purpose of the loan is to continue or transfer to another person the benefit of
a loan made in accordance with this Act.
RSA 2000 cF‑6
s8;2006 c23 s29