Farm Credit Stability Act (RSA 2000, c. F-6)

© Published by Alberta Queen’s Printer E-mail: qp@gov.ab.ca Shop on-line at www.qp.alberta.ca Alberta Queen’s Printer 7th Floor, Park Plaza 10611 - 98 Avenue Edmonton, AB T5K 2P7 Phone: 780-427-4952 Fax: 780-452-0668 Province of Alberta Office Consolidation Revised Statutes of Alberta 2000 Chapter F-6 Current as of May 27, 2013 FARM CREDIT STABILITY ACT Copyright and Permission Statement Alberta Queen's Printer holds copyright on behalf of the Government of Alberta in right of Her Majesty the Queen for all Government of Alberta legislation. Alberta Queen's Printer permits any person to reproduce Alberta’s statutes and regulations without seeking permission and without charge, provided due diligence is exercised to ensure the accuracy of the materials produced, and Crown copyright is acknowledged in the following format: © Alberta Queen's Printer, 20 .* *The year of first publication of the legal materials is to be completed. Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law. Regulations The following is a list of the regulations made under the Farm Credit Stability Act that are filed as Alberta Regulations under the Regulations Act. Alta. Reg. Amendments Farm Credit Stability Act Farm Credit Stability Fund.............................339/86 ............. 47/87, 169/88, 62/89, 179/89, 236/89, 27/2002, 109/2003, 35/2007, 68/2008, 31/2012, 62/2013 Lending Institutions .......................................340/86 ............. 69/93, 27/2002, 196/2006, 68/2008, 31/2012, 62/2013 FARM CREDIT STABILITY ACT Chapter F-6 Table of Contents 1 Definitions 2 Purpose 3 Payments 4 Agreements 5 Designation of lending institutions 6 Guarantee of loans 7 Regulations 8 Termination of program HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Definitions 1 In this Act, (a) “lending institution” means an institution designated pursuant to section 5; (b) “money” includes negotiable instruments; (c) “negotiable instrument” includes a cheque, draft, traveller’s cheque, postal note, money order, postal remittance, bill of exchange payable on demand or any other similar instrument. 1986 cF-2.5 s1;1995 c31 s3 Purpose 2 The purpose of this Act is to facilitate loans to Alberta farmers. 1986 cF-2.5 s2 RSA 2000 Section 3 Chapter F-6 FARM CREDIT STABILITY ACT 2 Payments 3 The President of Treasury Board and Minister of Finance shall pay from the General Revenue 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 4. RSA 2000 cF-6 s3;2006 c23 s29;2013 c10 s32 Agreements 4 The President of Treasury Board and Minister of Finance may enter into agreements with lending institutions for the purpose of this Act. RSA 2000 cF-6 s4;2006 c23 s29;2013 c10 s32 Designation of lending institutions 5 The Lieutenant Governor in Council may by order designate lending institutions with which the President of Treasury Board and Minister of Finance may enter into agreements under section 4. RSA 2000 cF-6 s5;2006 c23 s29;2013 c10 s32 Guarantee of loans 6 Subject to the regulations, the President of Treasury Board and Minister of Finance may, for the purpose of this Act, make guarantees to lending institutions in respect of loans made in accordance with this Act. RSA 2000 cF-6 s6;2006 c23 s29;2013 c10 s32 Regulations 7(1) The Lieutenant 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; RSA 2000 Section 8 Chapter F-6 FARM CREDIT STABILITY ACT 3 (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 8; (c) respecting the guarantee by the President of Treasury Board and Minister of Finance of loans made by lending institutions to farmers in accordance with this Act including, without limitation, regulations respecting the following 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. (2) Regulations under subsection (1) may be made effective from a date not earlier than July 1, 1986. RSA 2000 cF-6 s7;2006 c23 s29;2013 c10 s32 Termination of program 8(1) When the Lieutenant Governor in Council, on the report and recommendation of the President of Treasury Board and Minister of Finance, determines that the aggregate amount of loans made in accordance with this Act is approaching the maximum aggregate amount prescribed in the regulations, 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, 1991, or (b) the date fixed or determined in an order under subsection (1), whichever is earlier. (3) An agreement under section 4 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. RSA 2000 cF-6 s8;2006 c23 s29;2013 c10 s32 Printed on Recycled Paper *9780779773459*