Acts and Regulations

2010-114 - Agricultural Development Act

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NEW BRUNSWICK
REGULATION 2010-114
under the
Agricultural Development Act
(O.C. 2010-417)
Filed August 23, 2010
1Section 2 of New Brunswick Regulation 84-295 under the Agricultural Development Act is amended
(a) by repealing the following definitions:
(i) “appraised value”;
(ii) “economic farm unit”;
(iii) “family farm”;
(iv) “first-time borrower”;
(v) “woodlot operator”;
(b) by repealing the definition “farmer” and substituting the following:
“farmer” means a person who is engaged in a farming operation or a farming operation combined with a woodlot;(agriculteur)
(c) by repealing the definition “person” and substituting the following:
“person” includes a cooperative or association;(personne)
(d) by repealing the definition “provincial lending rate” and substituting the following:
“provincial lending rate” means the rate of interest determined by the Minister of Finance on a quarterly basis to be the average interest cost to the Province of borrowing money during the previous quarter;(taux provincial)
(e) in the definition “purchaser” in the English version by striking out the semicolon at the end of the definition and substituting a period;
(f) by adding the following definition in alphabetical order:
“farm unit” means a farming operation or a farming operation combined with a woodlot;(entité agricole)
2Section 2.2 of the Regulation is amended
(a) in subsection (1) by striking out “one hundred thousand dollars” and substituting “$500,000”;
(b) in subsection (2) by striking out “one hundred thousand dollars” and substituting “$500,000”.
3Section 3 of the Regulation is amended
(a) in subsection (1)
(i) by repealing paragraph (a) and substituting the following:
(a) if the applicant is a farmer, the Board shall be satisfied that the loan will effectively establish the farmer on a farm unit that can provide the income necessary to repay any financial assistance given under the Act;
(ii) by repealing paragraph (b) and substituting the following:
(b) the Board shall be satisfied that an applicant for a loan has the necessary ability, skill and knowledge to operate the holding in accordance with a mutually agreed on management plan;
(iii) by adding after paragraph (b) the following:
(b.1) the borrower shall undertake to operate the holding in accordance with a mutually agreed on management plan;
(iv) by repealing paragraph (h) and substituting the following:
(h) the term of a loan shall be no more than 20 years;
(v) by repealing paragraph (i) and substituting the following:
(i) no security given to the Board to secure a loan shall be for a term in excess of the term of the loan;
(vi) by repealing paragraph (j);
(vii) by repealing paragraph (j.1);
(viii) in paragraph (j.2) by striking out “applied for after the commencement of this paragraph”;
(b) by repealing subsection (2) and substituting the following:
3(2)The Board may decline to make a loan to an applicant or may limit the amount of financial assistance if, in the opinion of the Board, the applicant has the resources necessary to establish a viable farm unit.
4Section 4 of the Regulation is amended
(a) in the portion preceding paragraph (a) by adding “by the Board” after “to be leased”;
(b) by repealing paragraph (a) and substituting the following:
(a) the Board shall be satisfied that a lease will effectively increase an applicant’s holding so as to make it a farm unit that can provide the income necessary to repay any financial assistance given under the Act or that the land to be leased constitutes such a farm unit;
(c) by repealing paragraph (b) and substituting the following:
(b) the Board shall be satisfied that an applicant for a lease has the necessary ability, skill and knowledge to operate the leased land in accordance with a mutually agreed on management plan for the leased land or for the entire holding, as the case may be;
(d) by adding after paragraph (b) the following:
(b.1) the applicant shall undertake to operate the leased land in accordance with a mutually agreed on management plan for the leased land or for the entire holding, as the case may be;
(e) in paragraph (f) by striking out “five” and substituting “six”;
(f) in paragraph (g) by striking out “land leased for agricultural purposes shall be at” and substituting “the rent for land leased for agricultural purposes shall be payable at”;
(g) by adding after paragraph (g) the following:
(g.1) the rent referred to in paragraph (g) shall be deferred in year one and year two of the lease and shall be payable at the end of the term of the lease;
5 Section 5 of the Regulation is amended
(a) in paragraph (a) by striking out “an economic farm unit in circumstances enabling him to obtain an income adequate to maintain an acceptable standard of living” and substituting “a farm unit in circumstances enabling the purchaser to obtain the income necessary to repay any financial assistance given under the Act”;
(b) by repealing paragraph (b) and substituting the following:
(b) the Board shall be satisfied that a purchaser has the necessary ability, skill and knowledge to operate the premises in accordance with a mutually agreed on management plan;
(c) by adding after paragraph (b) the following:
(b.1) the purchaser shall undertake to operate the premises in accordance with a mutually agreed on management plan;
(d) in paragraph (h) by striking out “appraised value” and substituting “appraised value for agricultural or forestry purposes, or both,”;
(e) in paragraph (k) by striking out “annually” and substituting “semi-annually”.
6 Section 7 of the Regulation is amended in the portion preceding paragraph (a) by striking out “and woodlot operators”.
7 Section 8 of the Regulation is repealed.