Bill 85 (Legislature 15, Session 3)

L15 S3 1391

Alberta — Bills

No. 85 3rd Session, 15th Legislature, Alberta 14 Elizabeth II BILL 85 A Bill to amend The Farm Purchase Credit Act, 1963 HON. MR. STROM Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1966

Explanatory Note I. This Bill will amend

chapter 17 of the StatuteS' of Alberta, 1963. 2. This amendment raises the upper limit of advances to the Fund and outstanding at anyone time to $16,000,000.00 from $15,000,000.00.

Section 18, subsection (2) presently reads:

(2) The Board may not grant assistance where the value of the land to be purchased together with the value of the land already owned by the applicant is, in the opinion of the Board, in excess of forty thousand dollars.

Section 19, subsection (1) presently reads: 19.

(1) A loan from the Fund for any single purchase of farm lands may not exceed ten thousand dollars or fifty per cent of the purchase price, whichever amount is the lesser, and the Board may not enter into an agreement for sale whereby Ithe purchaser would be indebted to the Board for an amount exceeding twenty-four thousand dollars.

Section 20, subsection (2) presently reads:

(2) The Board shall pay the vendor (

a) the amount of the down payment made by the purchaser upon title to the farm lands being registerel at the a-ppropriate land titles office in the name of the Board, f,ree and clear of all en oumbrances other than such as may be prescribed, (

b) the 3;mount of the loan under this Act as soon as it is advanced from the Fund, and (

c) the balance of the sale price pursuant to the agreement. 6. Commencement of Act.

BILL No. 85 of 1966

An Act to amend The Farm Purchase Credit Act, 1963 (Assented to , 1966) 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 6, subsection (3) is amended by striking out the word "fifteen" and by substituting the word Usixteen".

Section 18, subsection (2) is amended by striking out the word "forty" and by substituting the word "fifty".

Section 19, subsection (1) is amended by striking out the words "ten thousand dollars or fifty per cent of the purchase price, whichever amount is the lesser," and by substituting the words "twenty-four thousand dollars".

Section 20, subsection (2) is amended (

a) by adding the word "and" at the end of clause (

a) and by striking out the word "and" at the end of clause (b), (

b) by striking out clause (c). ,6. This Act comes into force on the day upon which it is assented to.

No. 85 THIRD SESSION FIFTEENTH LEGISLATURE 14 ELIZABETH II 1966 BILL

An Act to amend The Farm Purchase Credit Act, 1963 Received and read the First time Second time Third time HON. MR. STROM Title: 1966 (15th, 3rd) Bill 85,

An Act to amend The Farm Purchase Credit Act, 1963

Document details

Collection	Alberta — Bills
Citation	L15 S3 1391
Type	bill
Volume / chapter	L15 S3 1391
Language	en
Format	json
Source	PROVINCIAL
Identifier	b769414a77238760a6695881062ec56ca93950db

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