Bill 21 — First Session, 16Th L..€Gislatufeb .. L:L . .Ejizaoem-F! the Legislative Assembly of Alberta Bill 21 An Act To Amend the Farm Purchase Credit Act, 1963 (Legislature 16, Session 1)

L16 S1 4472

Alberta — Bills

1968 Bill First Session, 16th l..€gislatufEb .. l:l . .EJizaoem-f! THE LEGISLATIVE ASSEMBLY OF ALBERTA 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, Queen's Printer, Edmonton BILL 21

An Act to amend The Farm Purchase Credit Act, 1963 (Assented to , 1968) 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 21, subsection (3) is amended by striking out the word "five" and by SUbstituting the figure "7". 3.

Section is amended by striking out the words "four and one-half" wherever they occur and by substituting in each case the figure "6~".

Section 28, subsection (1), clause (

c) is amended by striking out the word "five" and by substituting the figure "7". 5. This Act comes into force on the day upon which it is ass en ted to. Explanatory Notes I. This Bill amends

chapter of the Statutes of Alberta, 1963. 2. Self-explanatory.

Section presently reads: 21.

(1) The Board shall enter into an agreement for sale with the purchaser, which shall provide that the purchase price under the agree· ment together with the interest thereon shall be paid within a period not exceeding twenty years.

(2) Payments on account of the purchase price, in addition to those provided for in the agreement for sale, may be made at any time.

(3) The interest charged under any such agreement shall be five per cent per annum. 3. Self-explanatory.

Section '22 presently reads: 22.

(1) In any agreement' to pay the balance of the purchase price of the farm lands to the vendor by the Board, the interest arranged for shall not exceed four and one· half per cent per annum.

(2) Interest shall be paid on the loan from the Fund at a rate not exceeding four and one-half per cent per annum. 4. Self-explanatory. Section 28 (1) (

c) 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 (

c) that the purchaser will pay interest on defaulted payments at a rate of five per cent per annum, will pay when due all assess ments, taxes and other charges levied against the farm land and will effect such insurance as the Board may require, and Title: 1968 (16th, 1st) Bill 21,

An Act to amend The Farm Purchase Credit Act, 1963

Document details

Collection	Alberta — Bills
Citation	L16 S1 4472
Type	bill
Volume / chapter	L16 S1 4472
Language	en
Format	json
Source	PROVINCIAL
Identifier	ae2dce5ee9500ad0afc0191674b751c400d0bcf7

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