Bill 4 — Third Session, 16Th Legislature, 19' Elizabeth Ii the Legislative Assembly Of, Alj3Erta Bill 4 An Act To Amend the Farm Purchase Credit Act, 1963 (Legislature 16, Session 3)

L16 S3 4696

Alberta — Bills

1970 Bill Third Session, 16th Legislature, 19' Elizabeth II THE LEGISLATIVE ASSEMBLY OF, ALJ3ERTA BILL

An Act to amend The Farm Purchase Credit Act, 1963 THE MINISTER OF' AGRICULTURE First Reading Second Reading ............... . Third Reading ....... ~ ... : .... : ............... . Printed by L. S. Wall. Que,en's Printer, Edmonton BILL

An Act to amend The Farm Purchase Credit Act, 1963 (Assented to , 1970) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Farm Purchase Credit Act, 1963 is hereby amended.

Section 28, subs·ection (1) is amended by striking out clause (

a) and by substituting the following: (

a) that no assignment of the agreement for sale and no further agreement for sale may be made by the purchaser except to or with a person who is ap proved as a purchaser by the Board, and upon the assignment of the agreement for sale or the entry into the further agreement :f.or sale to or with a person who is not approved all instalments under the agreement become due and payable, 3.

Section is struck out and the following is substi tuted: 2:9. Notwithstanding anything Icontained in this Act, where (

a) a purchaser wishes to dispose of his interest in 'land being purchas·ed under an agreement for sale, or an agreement has been cancelled or surrendered, and (

b) no person who is qualified to obtain assistance under this Act is interested in acquiring the land, the Board may (

c) permit an assignment to, or (

d) permit a further agreement for sale by the pur chaser with, or (

e) enter into an agreement for sale with, a person who is not qualified to obtain assistance under this Act, upon such terms as the Board may stipUlate. 4. This Act comes into force on the day upon which it is assented to. Explanatory Notes I. This Bill 'amends

chapter of the Statutes of Alberta, 1963. 2. Section 28(1) (

a) presently reads: 28.

(1) It shall be a term of every agreement for sale of farm lands between the Board and any purchaser under this Act (

a) that no assignment of the agreement for sale may be made except to a person who is approved as a purchaser by the BDard and upon the assignment of the agreement ,tiD a person who is not approved all installments under the agreement become due and paywble, The existing

section enables the B'Oard to control assignments of the agreements rDor sale >by approved purchasers to persons not qualified to 'Obtain the benefits of this Act. The ,amendment will extend the Board's ,control to further agree ments for sale by the purchasers to unqualified pers'Ons. 3.

Section presently reads: 29. Notwithstanding anything contained in this Act, where (

a) a purchaser wishes to' dispose of his interest under an agree ment for ,sale,or an agreement has been cancelled Dr surrender ed, and (

b) nO' person who is qualified to 'obtain assistance under this Act is interested in acquiring the land, the Board may permit an assignment to, or may enter into an agree ment for sale with a person who is nDt qualified to obtain assistance under this Act, upon such terms as the Board may stipulate. The ,am-endment will ,authorize the Board to permit a purchaser to dispose of the property by a further -agreement f'Or sale as well as by an assignment when no qualified party is interested in acquiri,ng the land. Title: 1970 (16th, 3rd) Bill 4,

An Act to amend The Farm Purchase Credit Act, 1963

Document details

Collection	Alberta — Bills
Citation	L16 S3 4696
Type	bill
Volume / chapter	L16 S3 4696
Language	en
Format	json
Source	PROVINCIAL
Identifier	481e51bbd2254400115b51c13574917c1ae8fc08

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