Acts and Regulations

2020-4 - Agricultural Development Act

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NEW BRUNSWICK
REGULATION 2020-4
under the
Agricultural Development Act
(O.C. 2020-8)
Filed February 5, 2020
1Section 2 of New Brunswick Regulation 84-295 under the Agricultural Development Act is amended
(a) by repealing the definition “provincial lending rate”;
(b) by adding the following definition in alphabetical order: 
“provincial interest rate on loans” means the interest rate payable on loans made under the Act, 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 d’intérêt provincial sur les prêts)
2Section 2.02 of the Regulation is amended by adding after paragraph (a) the following:
(a.1) to purchase shares in a farming operation;
3Section 2.3 of the Regulation is repealed and the following is substituted: 
2.3(1)The annual interest rate applicable to financial assistance provided under subsection 13(1) of the Act shall be fixed at a rate that is at least one percent higher than the provincial interest rate on loans.
2.3(2)For the purposes of subsection (1), the applicable provincial interest rate on loans is the lowest provincial interest rate on loans in effect between the date the application for financial assistance is received by the Minister and the date of first disbursement of funds, inclusive.
2.3(3)The interest payable shall be calculated semi-annually on the outstanding principal and accrued interest.
4The heading “LEASES” preceding section 4 of the Regulation is repealed.
5Section 4 of the Regulation is repealed.
6Paragraph 5(k) of the Regulation is amended by striking out “provincial lending rate” and substituting “provincial interest rate on loans”.