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| This archived statute consolidation is current to November 10, 1992 and includes changes enacted and in force by that date. |
1. In this Act
"agricultural credit" means financial assistance given to a farm operator;
"farm operator" means a person who satisfies the minister that he operates a farm or is a person who is likely to do so, as defined by regulation.
Historical Note(s): 1973-96-1; 1982-40-11, proclaimed August 20, 1982, effective April 1, 1982.
2. (1) A farm operator may, under this Act and regulations, apply to the minister for agricultural credit.
(2) A farm operator is not entitled to receive agricultural credit except for a purpose relating to the
(a) purchase of livestock;
(b) clearing, breaking, irrigating, draining, dyking, or fencing of land;
(c) construction or improvement of farm buildings;
(d) purchase of agricultural equipment;
(e) consolidation or other rearrangement of liabilities;
(f) purchase of land or buildings;
(g) development of a water supply; or
(h) purchase of plant materials and supplies, the purchase of production quotas and the acquisition of working capital
for his farm operation; and except for other purposes relating to the development or operation of farms as are authorized by regulation.
Historical Note(s): 1973-96-2; 1982-3-2, proclaimed effective July 21, 1982.
3. (1) The Minister of Finance or the Minister of Agriculture and Food when authorized by the Minister of Finance may on behalf of the government guarantee the payment to a bank or credit union of all or any part of the money owing by a farm operator to that bank or credit union. The Minister of Finance shall prescribe the form and manner of the guarantee.
(2) The Minister of Finance and the Minister of Agriculture and Food shall not, without the prior approval of the Lieutenant Governor in Council, guarantee payment of money under this section where the total liability of all guarantees is more than $15 million.
Historical Note(s): 1973-96-3(1,3); 1974-4-1; 1982-10-1,2.
4. (1) The minister may, subject to the security, terms and conditions he determines, lend money to a farm operator.
(2) [Repealed 1982-3-3, proclaimed effective July 21, 1982.]
Historical Note(s): 1973-96-3(2,4); 1974-4-1; 1982-3-3, proclaimed effective July 21, 1982; 1982-40-12, proclaimed August 20, 1982, effective April 1, 1982; 1983-10-21, effective October 26, 1983 (B.C. Reg. 393/83).
4.1 (1) The minister may, subject to conditions he may require, discount or reimburse loan principal or interest owing or paid by a farm operator for agricultural credit
(a) obtained under this Act, or
(b) obtained other than under this Act so long as the agricultural credit was for a purpose referred to in this Act or the regulations.
(2) Where the minister has discounted or reimbursed principal or interest under this section and it is determined that the farm operator was not eligible under this Act or the regulations, in addition to any other remedy, there may be deducted from any future money or agricultural credit payable to the farm operator under this Act an amount equal to the amount by which he was improperly given a discount or reimbursement.
Historical Note(s): 1982-3-4, proclaimed effective August 20, 1982.
4.2 (1) Where
(a) a farm operator fails to repay money loaned to him under section 4, or
(b) an owner or occupier who has entered into a contract under the Agricultural Land Development Act fails to pay an instalment in accordance with the contract,
the minister may forward to the Surveyor of Taxes for a rural area, or to the collector of a municipality for land in the municipality, a certificate containing a description of the land, the name of the farm operator or of the owner or occupier, and the total amount outstanding, whether then payable or not.
(2) The Surveyor of Taxes or the collector shall add the amount to the assessment roll and it shall then be deemed to be taxes for all purposes of the Taxation (Rural Area) Act or the Municipal Act, including collection and recovery.
(3) An amount collected by a municipality shall be transmitted to the Minister of Finance.
Historical Note(s): 1982-3-4, proclaimed effective August 20, 1982.
4.3 (1) In addition to the procedure under section 4.2, the minister may file in the land title office a certificate showing
(a) a description of the land of the farm operator or of the owner or occupier, and
(b) that a guarantee has been made under section 3, a loan has been made under section 4 or a contract has been entered into under the Agricultural Land Development Act.
(2) The registrar of titles shall on application and without fee enter the certificate against the indefeasible title to the land affected by the certificate.
(3) The entry constitutes an encumbrance on the land in favour of the Crown in the amount of the indebtedness owing.
(4) On payment of the debt or on issue of a certificate under section 4.2, the minister shall issue a certificate stating that the debt has been paid or added to the assessment roll, as the case may be.
(5) A certificate under subsection (4) shall identify the land and shall, on application and on filing in the land title office, be entered without fee as a release of the encumbrance under this section.
Historical Note(s): 1982-3-4, proclaimed effective August 20, 1982.
5. (1) Money received by the government under this Act shall be paid into the consolidated revenue fund.
(2) Money required for the purposes of this Act may be paid out of the consolidated revenue fund.
(3) The cumulative total of amounts paid out under this section shall not exceed the cumulative total of the following amounts:
(a) the cash balance of the Agricultural Land Development Fund as at March 31, 1982;
(b) money received after March 31, 1982 under subsection (1) or under the Agricultural Land Development Act;
(c) an appropriation in a Supply Act of an amount to be paid out under this Act.
Historical Note(s): 1982-40-13, proclaimed August 20, 1982, effective April 1, 1982; 1986-15-1.
6. The Lieutenant Governor in Council may, subject to the terms and conditions he requires, authorize the minister on behalf of the Province to enter into an agreement for agricultural credit that would, in the opinion of the Lieutenant Governor in Council, provide for the joint participation by the Province and Canada or of another province in agricultural credit.
Historical Note(s): 1973-96-5.
7. The Lieutenant Governor in Council may make regulations. The regulations may
(a) prescribe the terms and conditions for an application for agricultural credit;
(b) prescribe limitations on agricultural credit or its form for a farm operator or class of farm operator;
(c) prescribe interest rates;
(d) for the purposes of this Act, establish and maintain, or authorize the minister to establish and maintain, a corporation, branch or agency;
(e) prescribe powers and duties of the minister, a corporation, branch or agency established under paragraph (d), or any other person, respecting farm credit; and
(f) prescribe the powers of and the procedures to be followed by the minister, a corporation, branch, agency or any other person, respecting the security for money advanced as, or guarantee given for, or collection of money owing as farm credit.
Historical Note(s): 1973-96-6.
9. A contract entered into under the Agricultural Land Development Act shall, after the coming into force of this section, be deemed to have been entered into under this Act.
Historical Note(s): 1982-3-4, proclaimed effective August 20, 1982.
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