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Copyright © 2000: Queens Printer,
Revised Statutes of Newfoundland 1990
AN ACT TO CREATE A FARM LOAN BOARD AND TO PROVIDE LOANS FOR FARM DEVELOPMENT
1. This Act may be cited as the Farm Development Loan Act.
RSN1970 c125 s1Back to Top
2. In this Act
(a) "agriculture" includes farming;
(b) "board" means the Farm Development Loan Board continued under section 3;
(c) "farmer" means a person who is engaged in the production of agricultural products;
(d) "fund" means the Farm Development Loan Fund continued under section 6; and
(e) "minister" means the Minister of Forestry and Agriculture.
RSN1970 c125 s2; 1973 No37 Sch; 1979 c49 Sch B; 1989 c18 Sch BBack to Top
3. (1) The Farm Development Loan Board, consisting of not fewer than 5 members to be appointed by the Lieutenant-Governor in Council, is continued.
(2) The Lieutenant-Governor in Council shall designate 1 member to be chairperson.
(3) The members of the board shall be appointed for 1 year and are eligible for reappointment.
(4) Where a vacancy occurs in the board by reason of the death, resignation or illness of a member, the Lieutenant-Governor in Council may appoint a person to replace him or her.
(5) Nothing in this Act shall be construed to prevent the Lieutenant-Governor in Council from designating a member of the board to be a member of another board.
(6) A majority of the members of the board constitute a quorum.
(7) The board is a body corporate.
RSN1970 c125 s4Back to Top
4. The Lieutenant-Governor in Council may appoint those other officers, assistants, supervisors, clerks and other employees that may be necessary for the purpose of this Act and those appointees shall receive the remuneration and allowances that the Lieutenant-Governor in Council determines.
RSN1970 c125 s5Back to Top
Bonding in certain cases
5. (1) Every person other than a civil servant as defined in the Civil Service Act employed in the work of the board whose duty it may be to receive or handle money on behalf of the board shall before entering upon his or her duties furnish a bond or covenant of some guarantee company to be approved by the minister to secure the due accounting by that person of all money that may come into his or her hands.
(2) A bond or covenant required by subsection (1) shall be in a form and for an amount that the board determines and the board shall pay the premium for the bond or covenant.
RSN1970 c125 s6Back to Top
6. The Farm Development Loan Fund, into which shall be paid all money appropriated by the Legislature or otherwise received for the purpose of this Act, is continued.
RSN1970 c125 s7Back to Top
7. (1) The board shall, in accordance with the regulations, administer the fund and other money that may come under its control for the purpose of improving and developing the agricultural industry of the province.
(2) The board may make loans or advances only under the terms and conditions and only for the purposes prescribed by the regulations.
(3) The minister may require that a recommendation made by the board for loans or advances under this Act be submitted to the Lieutenant-Governor in Council for approval or otherwise.
RSN1970 c125 s8Back to Top
Agreement re loans
8. An agreement shall be made between the board and the borrower respecting the manner in which all livestock, equipment, land, goods and services obtained with loans or advances made under this Act may be used.
RSN1970 c125 s9Back to Top
Right of inspection
9. The members of the board and a person authorized in writing by the board for that purpose may at all reasonable times enter upon the property of a borrower and inspect livestock, equipment, land, or goods obtained with loans or advances made under this Act, and the borrower shall make available to them accounts and records kept by him or her.
RSN1970 c125 s10Back to Top
Repayment of loans
10. (1) All repayments in respect of a loan made by the board, including interest and including the proceeds of the sale of all livestock, equipment, land or goods repossessed by the board, shall be paid into the fund.
(2) All money received by the board shall be deposited to the credit of the fund in an account to be kept by the minister and all money required by the board shall be paid out of the fund by the minister following a recommendation or approval by the board.
RSN1970 c125 s11; 1974 No64 s2Back to Top
Payment to Consolidated Revenue Fund
11. The chairperson of the board shall pay into the Consolidated Revenue Fund out of the fund sums of money, at the intervals and in the manner that the Lieutenant-Governor in Council may order.
1986 c13 s1Back to Top
Minutes of meetings
12. The chairperson of the board shall keep regular minutes of all meetings of the board and shall ensure that full and complete books of accounts and records are kept.
RSN1970 c125 s12Back to Top
13. The financial year of the board shall correspond to the financial year of the government of the province.
RSN1970 c125 s13Back to Top
14. (1) The auditor general shall at least once in every year audit the accounts of the board and has authority to call for and shall be supplied by the board with all books and vouchers which he or she considers necessary for the audit.
(2) Whenever the auditor general makes an interim examination of the accounts of the board during the course of a financial year he or she shall submit a report to the chairperson of the board and to the minister and the minister shall lay the report before the Legislature with the statement referred to in section 15.
RSN1970 c125 s14Back to Top
Report to minister
15. (1) The board shall, not later than May 15 in each year, prepare and submit to the minister a financial statement setting out the assets and liabilities of the board and the receipts and expenditures of the board for the previous financial year, together with a report concerning the work of the board during the previous financial year, and the statement and reports shall be laid before the Legislature within 15 days after they are submitted to the minister if the Legislature is then in session, and, if not, then within 15 days after the commencement of the next session.
(2) The financial statement referred to in subsection (1) shall be signed by the chairperson and 1 other member of the board and shall be certified by the auditor general and shall have attached to it a report on the statement that the auditor general may have made to the board.
RSN1970 c125 s15Back to Top
16. (1) Subject to the approval of the Lieutenant-Governor in Council, the board may make regulations
(a) prescribing the manner in which applications for loans are to be made;
(b) prescribing the terms and conditions on which loans may be made;
(c) prescribing the purposes for which loans may be made;
(d) prescribing or limiting the amount of a loan;
(e) fixing the rate of interest on loans;
(f) prescribing the form of a mortgage and the manner of its execution;
(g) prescribing or approving the quality, kind and type of livestock, equipment, goods or services in respect of which a loan may be made;
(h) prescribing the form of the agreement setting out the manner in which livestock, equipment, land, goods or services obtained with advances or loans made under this Act may be used;
(i) prescribing the manner in which all money advanced as loans by the board may be made available to the borrower;
(j) prescribing the manner and conditions on which a borrower may sell or transfer livestock, land, equipment or goods in respect of which a loan has not been fully repaid;
(k) deferring the payment of the whole or a part of the loan for the reasons that the board may, in its discretion, determine;
(l) providing for the commuting of repayments due to the board from a borrower;
(m) prescribing the manner in which meetings of the board shall be called, the time and place of the meetings and the manner in which business is to be conducted at those meetings;
(n) prescribing the manner in which all books and records of the board shall be kept; and
(o) generally, to give effect to the purpose of this Act.
(2) Regulations made under subsection (1) may be made with retroactive effect.
RSN1970 c125 s16; 1973 No96 s2
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