Bill 12 — First Session, 21St Legislature, 35 Elizabeth Ii the Legislative Assembly of Alberta Bill 12 Farm Credit Stability Fund Act the Provincial Treasurer (Legislature 21, Session 1)

L21 S1 3198

Alberta — Bills

1986 BILL 12 First Session, 21st Legislature, 35 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 12 FARM CREDIT STABILITY FUND ACT THE PROVINCIAL TREASURER First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Bill 12 BILL 12 1986 FARM CREDIT STABILITY FUND ACT (Assented to , 1986) Table of Contents

Definitions Purpose Establishment of Fund Advances and transfers Other payments into Fund Payments out of Fund Insufficient money Surplus money CCITF Agreements Designation of lending institutions Guarantee of loans Regulations Termination of program Consequential Coming into force 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ;finitions ablishment Fund HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 In this Act, (a) "Fund" means the Farm Credit Stability Fund established under

section 3; (b) "lending institution" means an institution designated pur suant to

section 11; (c) "money" includes negotiable instruments; (d) "negotiable instrument" includes a cheque, draft, traveller's cheque, postal note, money order, postal remittance, bill of ex change payable on demand or any other similar instrument. 2 The purpose of this Act is to facilitate loans to Alberta farmers. 3(1) There is hereby estabhshed a fund to be known as the Farm Credit Stability Fund.

(2) The Provincial Treasurer shall hold and administer the Fund in accordance with this Act and the regulations. 1

Advances and transfers

(3) The Provincial Treasurer shall establish and maintain a separate accounting record for the Fund.

(4) The Provincial Treasurer shall deposit into the Fund money raised under the authority of

section 61(l)(b. 1) of the Financial Administra tion Act. 4(1) The Provincial Treasurer may advance money required for the purpose of this Act to the Fund from the General Revenue Fund.

(2) If at any time it appears to the Provincial Treasurer that there is money in the Fund that is not required for the purpose of this Act, the Provincial Treasurer may transfer the money to the General Rev enue Fund.

(3) Any outstanding advances to the Fund from the General Reve nue Fund are reduced by a transfer of money made under subsection (2). Other payments 5(1) The iucomc camcd by the Fund accrues to and forms part of into Fund the Fund.

(2) Money paid to the Provincial Treasurer (

a) pursuant to an agreement under

section 10 between a lending institution and the Provincial Treasurer, or (

b) in respect of deposits or investments made from the Fund accrues to and forms part of the Fund. Payments out of Fund Insufficient money Surplus money CCITF Agreements 6 In addition to money required to be paid from the Fund under

section 69(2)(g.

l) of the Financial Administration Act, the Provincial Treasurer shall pay from the 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 10. 7 If the Fund at any time has insufficient money available to malce payments that are required pursuant to this Act or

section 69(2)(g.

l) of the Financial Administration Act, the Provincial Treasurer shall pay from the General Revenue Fund into the Fund the amount of the insufficiency. 8 The Provincial Treasurer may invest, in accordance with the in vestment powers for the General Revenue Fund set out in

Part 5 of the Financial Administration Act, money forming part of the Farm Credit Stability Fund that is not immediately required for the pur poses of the Fund. 9 The Provincial Treasurer may be designated as a depositor, on behalf of the Fund, in the Consolidated Cash Investment Trust Fund 10 The Provincial Treasurer may enter into agreements with lend ing institutions for the purpose of this Act.

Designation of lending institutions Guarantee of loans Termination of program 11 The Lieutenant Governor in Council may by order designate lending institutions with which the Provincial Treasurer may enter into agreements under

section 10. 12 Subject to the regulations, the Provincial Treasurer may, for the purpose of this Act, make guarantees to lending institutions in re spect of loans made in accordance with this Act. Regulations 13 The Lieutenaut 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 14; (

c) respecting the guarantee by the Provincial Treasurer of loans made by lending institutions to farmers in accordance with this Act including, without limitation, regulations respecting the fol lowing 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. 14(1) When the Lieutenant Governor in Council, on the report and recommendation of the Provincial Treasurer, determines that the ag gregate amount of loans made in accordance with this Act is ap proaching the maximum aggregate amount prescribed in the regula tions, 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, 1989, or (

b) the date fixed or determined in an order under subsection (1), whichever is earlier.

(3) An agreement under

section 10 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. Amends 15 The Financial Administration Act is amended RSA 1980 cF-9 (

a) in

section 1(1) by adding the following after clause (f): (f.l) "Farm Credit Stabihty Fund" means the Fund estab lished under the Farm Credit Stability Fund Act; (

b) in

section 61(1) (

i) by striking out "or" at the end of clause (

b) and by adding the following after clause (b): (b.

l) the Farm Credit Stability Fund Act, or (ii) in clause (

c) by striking out "clauses (

a) and (b)" and sub stituting "this subsection"; (

c) in

section 69(2) by adding the following after clause (g): (g.

l) from the Farm Credit Stability Fund in respect of money borrowed under the authority of

section 61(l)(b.l), Coming 16 This Act is deemed to have come into force on July 1, 1986. into force Title: 1986 (21st, 1st) Bill 12, Farm Credit Stability Fund Act

Document details

Collection	Alberta — Bills
Citation	L21 S1 3198
Type	bill
Volume / chapter	L21 S1 3198
Language	en
Format	json
Source	PROVINCIAL
Identifier	ab3d6de517c5ab73ecf6c7d23e00c57ea457460b

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