Agricultural Credit Regulation

Agricultural Credit Regulation, M.R. 94/2000 The Manitoba Agricultural Services Corporation Act , C.C.S.M. c. A25 Regulation 94/2000 Registered July 20, 2000 bilingual version (HTML) Definitions 1 In this regulation, "Act" means The Agricultural Credit Corporation Act ; («  Loi  ») "share" , in relation to a cooperative, includes a membership share; (« action ») "shareholder" , in relation to a cooperative, includes a member. (« actionnaire ») General requirements for applicants 2(1) An applicant for a loan or loan guarantee (a) who is an individual shall provide evidence satisfactory to the corporation (i) that he or she is at least 18 years of age, and (ii) that he or she resides in Manitoba and (A) is a Canadian citizen, or (B) has been lawfully admitted to Canada for permanent residence; (b) that is a partnership shall provide evidence satisfactory to the corporation (i) that it is registered in Manitoba and carrying on or intending to carry on business in Manitoba, and (ii) that a majority of its partners are individuals who meet the requirements set out in clause (a); and (c) that is a cooperative or corporation shall provide evidence satisfactory to the corporation (i) that it is incorporated in Manitoba and carrying on or intending to carry on business in Manitoba, (ii) that a majority of its shareholders are individuals who meet the requirements set out in clause (a), and (iii) that a majority of the issued and outstanding shares of each class of shares are legally and beneficially owned by individuals who meet the requirements set out in clause (a). 2(2) Notwithstanding subsection (1), the corporation may, if it is satisfied that a loan or loan guarantee applied for is consistent with the corporation's objects, accept an application for the loan or loan guarantee from an applicant that does not meet some or all of the criteria set out in that subsection. 2(3) An applicant for a loan or loan guarantee shall (a) provide evidence satisfactory to the corporation that the applicant has or will have the ability, knowledge and experience to successfully operate the farm or agricultural enterprise in respect of which the applicant is applying for the loan or loan guarantee; (b) provide the corporation with any financial and other information that it requires in a form satisfactory to it; and (c) meet such other requirements as the corporation considers necessary or advisable. Guaranteed loans 3 In consideration of the corporation's guarantee of a loan, the corporation may require a lender to do one or more of the following: (a) take and hold whatever security that the corporation considers necessary or advisable; (b) realize, assign, dispose of or otherwise deal with the security referred to in clause (a); (c) assign any or all of the security referred to in clause (a) to the corporation; (d) enter into an agreement that is satisfactory to the corporation establishing the terms and conditions of the relationship between the lender and the corporation. M.R. 48/88 R repealed 4(1) The definitions "agricultural implements and farm machinery", "board", "complete line of credit", "economic farm unit", "family farm", "individual lender", "intermediate term credit", "land in respect of which a loan is made", "loan", "long term credit", "part-time farmer", "short term credit" and "young farmer" in section 1 of the Agricultural Credit Corporation Regulation , Manitoba Regulation 48/88 R, are repealed. 4(2) Parts I to VI, Part VIII and Schedules A to E of the Agricultural Credit Corporation Regulation , Manitoba Regulation 48/88 R, are repealed. 4(3) Section 1 and Part VII of the Agricultural Credit Corporation Regulation , Manitoba Regulation 48/88 R, are repealed. Coming into force 5(1) This regulation, except for subsection 4(3), comes into force on the day that it is registered under The Regulations Act . 5(2) Subsection 4(3) comes into force on December 31, 2000.