Bill 204 — Third Session, 21St Legislature, 37 Elizabeth Ii the Legislative Assembly of Alberta Bill 204 Farm Land Vendor Financing Act (Legislature 21, Session 3)

L21 S3 2987

Alberta — Bills

1988 BILL Third Session, 21st Legislature, 37 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL FARM LAND VENDOR FINANCING ACT MR. HYLAND First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1988 (21st, 3rd) Bill 204, Farm Land Vendor Financing Act Bill Mr. Hyland BILL 204 FARM LAND VENDOR FINANCING ACT (Assented to , 1988) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Definitions In this Act, (a) "Board" means the Board of Trustees of the Fund; (b) "farm land" has the meaning prescribed in the regulations; (c) "Fund" means the fund established pursuant to

section 2; (d) "Minister" means the Minister of Agriculture. Fund established There is hereby established a fund to be known as the "Farm Land Vendor Financing Fund" into which shall be paid such moneys as are appropriated to the purpose by the Legislature. Purpose of Fund The purpose of the Fund is to provide interest subsidies and guarantees of payment to vendors of farm land who participate in the financing of the sale of the farm land, on the terms and condi tions established by the regulations. Administration of Fund 4(1) The Fund shall be administered by a Board of trustees, appointed by the Minister. 1

(2) The members of the Board shall be appointed by the Minister, and (a) 1 shall be a member of the Legislative Assembly; (b) 2 shall be farmers; (c) 2 shall be representatives of the financial community.

(3) The Minister shall appoint of the trustees to be chairman of the Board.

(4) The Minister shall, by order, set the tenure and the terms and conditions of office of the trustees. Regulations The Minister may, after consultation with the Board, make regulations for the purposes of this Act which may (

a) define any term not defined herein; (

b) establish terms and conditions under which payments may be made from the Fund for the purposes established in

section 3; (

c) provide the terms and conditions under which guarantees may be made pursuant to

section 3. Auditor The Auditor General is the auditor of the Fund. Report 7(1) The Board shall prepare a financial statement of the Fund in respect of each fiscal year and shall submit the statement to the Minister after it has been audited.

(2) The Minister shall table the report in the Legislative Assembly 15 days after receiving it or, if the Legislative Assembly is not then sitting, within 15 days after the commencement of the next sitting. Coming into force This Act comes into force on Proclamation. 2 Title: 1988 (21st, 3rd) Bill 204, Farm Land Vendor Financing Act

Document details

Collection	Alberta — Bills
Citation	L21 S3 2987
Type	bill
Volume / chapter	L21 S3 2987
Language	en
Format	json
Source	PROVINCIAL
Identifier	b2953f7180c8584e3b0f7580a34aa347df6820da

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