Acts and Regulations

2010-116 - Agricultural Development Act

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NEW BRUNSWICK
REGULATION 2010-116
under the
Agricultural Development Act
(O.C. 2010-419)
Filed August 23, 2010
1Section 2 of New Brunswick Regulation 90-152 under the Agricultural Development Act is amended
(a) by repealing the following definitions:
(i) “borrower”;
(ii) “economic farm unit”;
(c) 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)
(d) by repealing the definition “perennial crop loan” and substituting the following:
“perennial crop loan” means a loan granted under section 3;(prêt relatif aux cultures vivaces)
(b) by adding the following definitions in alphabetical order:
“Act” means the Agricultural Development Act;(Loi)
“farm unit” means a farming operation or a farming operation combined with a woodlot;(entité agricole)
“person” includes a cooperative or association;(personne)
2Section 3 of the Regulation is repealed and the following is substituted:
3The Board may grant a loan under subparagraph 5(c)(i) of the Act to a farmer for the purpose of establishing a perennial crop.
3Subsection 4(1) of the Regulation is amended
(a) by repealing paragraph (a) and substituting the following:
(a) the Board shall be satisfied that the loan will effectively establish the applicant on a farm unit that can provide 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 the applicant has the necessary ability, skill and knowledge to operate the farming operation in accordance with a mutually agreed on management plan;
(c) by adding after paragraph (b) the following:
(b.1) the borrower shall undertake to operate the farming operation in accordance with a mutually agreed on management plan;
(d) by repealing paragraph (g) and substituting the following:
(g) no security given to the Board to secure a loan shall be for a term in excess of the term of the loan;
(e) by adding after paragraph (g) the following:
(g.1) the term of the loan shall be no more than ten years;
(f) by repealing paragraph (n) and substituting the following:
(n) repayment of the loan shall not begin until year five of the term of the loan and shall be made by
(i) an annual interest payment, and
(ii) at the end of the term of the loan, a payment of the outstanding principal; and