The Farm Loans Act. being. Chapter 208 of The Revised Statutes of Saskatchewan, 1953 (effective February 1, 1954).

Transcription

1 The Farm Loans Act UNEDITED being Chapter 208 of The Revised Statutes of Saskatchewan, 1953 (effective February 1, 1954). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation.

2 Table of Contents 1 Short title 2 Farm Loans Branch established 3 Powers of Provincial Treasurer 4 Provincial Treasurer successor to board 5 Tax proceedings 6 Execution of instruments 7 Litigation 8 Rates of interest 9 Procedure where amount repaid exceeds instalment next accruing due 10 Regulations re payments 11 Remedy against defaulting mortgagor 12 Power to borrow 13 Payments of principal 14 Financial year and annual report 15 Regulations

3 CHAPTER 208 An Act respecting the Farm Loans Branch of the Treasury Department Short title 1 This Act may be cited as The Farm Loans Act. R.S.S. 1953, c.208, s.1. Farm Loans Branch established 2 There shall be a branch of the Treasury Department established to be called the Farm Loans Branch (2nd. Sess.) c.46, s.2; R.S.S. 1953, c.208, s.2. Powers of Provincial Treasurer 3 The Provincial Treasurer may: (a) acquire and hold real property, including farm lands, to which title is obtained by him under this Act, and in his discretion operate farm lands held by him, or any of such lands, or any part thereof, or dispose of the same in whole or in part, at such times and in such manner as he deems advisable; (b) undertake such financing of purchasers and lessees of land from The Saskatchewan Farm Loan Board or from him as he may deem advisable; (c) undertake such financing of persons on whose land he holds a mortgage under the provisions of this Act as he may deem advisable; (d) take such additional security for advances under clauses (b) and (c) as he may deem advisable (2nd. Sess.) c.46, s.3; R.S.S. 1953, c.208, s.3. Provincial Treasurer successor to board 4 Where the words The Saskatchewan Farm Loan Board appear in any certificate of title, mortgage or other instrument of whatever nature or kind, the words Her Majesty the Queen in right of Saskatchewan herein acting and represented by the Provincial Treasurer shall be deemed to be substituted therefor without any registration, and the Provincial Treasurer shall have all the rights, remedies and powers which The Saskatchewan Farm Loan Board had with respect to such certificate of title, mortgage or other instrument (2nd. Sess.) c.46, s.4; R.S.S. 1953, c.208, s.4.

4 4 c. 208 FARM LOANS Tax proceedings 5 Notwithstanding anything contained in this Act lands which, prior to the first day of January, 1945, were registered in the name of The Saskatchewan Farm Loan Board or which were then subject to a mortgage to the said board shall be liable to tax proceedings under The Arrears of Taxes Act, chapter 146 of The Revised Statutes of Saskatchewan, 1940, The Tax Enforcement Act, The Tax Arrears Consolidation Act, chapter 147 of The Revised Statutes of Saskatchewan, 1940, or The Tax Consolidation and Adjustment Act, chapter 148 of The Revised Statutes of Saskatchewan, 1940, in respect of taxes levied prior to the thirty-first day of December, 1944, but not otherwise, and any such tax proceedings commenced prior to the first day of January, 1945, may be continued in respect of the said taxes, but not otherwise: Provided that thirty days notice of intention to make final application for title shall be sent by registered mail to the Provincial Treasurer where the final thirty day notice has been given prior to the thirtieth day of March, , c.78, s.2; R.S.S. 1953, c.208, s.5. Execution of instruments 6(1) All transfers, assignments, discharges, deeds, securities and other instruments of whatever nature or kind executed prior to the first day of January, 1945, in the name of The Saskatchewan Farm Loan Board shall be deemed to have been executed by the Provincial Treasurer in the name of His Majesty the King in right of Saskatchewan. (2) All transfers, assignments, discharges, deeds, securities and other documents of whatever nature or kind which purport to be signed by the Provincial Treasurer, or by an official or officials designated under subsection (3), in the presence of a person who has subscribed his name as witness shall be deemed to be validly executed. (3) The Treasury Board may designate one or more officials of the Farm Loans Branch to sign on behalf of the Provincial Treasurer the documents referred to in subsection (2) (2nd. Sess.) c.46, s.5; R.S.S. 1953, c.208, s.6. Litigation 7(1) Any civil action or other legal proceeding commenced in the name of The Saskatchewan Farm Loan Board may be continued in the name of the Provincial Treasurer without the necessity of making an application to the court with respect thereto. (2) Any civil action or other legal proceeding brought or taken by the Provincial Treasurer may be conducted on behalf of the Provincial Treasurer by the Attorney General or by any solicitor in the employ of the Treasury Department designated for that purpose by the Provincial Treasurer (2nd. Sess.) c.46, s.6; R.S.S. 1953, c.208, s.7.

5 FARM LOANS c Rates of interest 8 The rate of interest to be charged on loans and other amounts payable to the Provincial Treasurer shall be determined by the Treasury Board and may in like manner be changed from time to time, but shall not be increased beyond the rate specified in any mortgage, agreement for sale or other contract entered into by The Saskatchewan Farm Loan Board prior to the first day of January, 1945, or heretofore or hereafter entered into by the Provincial Treasurer (2nd. Sess.) c.46, s.7; R.S.S. 1953, c.208, s.8. Procedure where amount repaid exceeds instalment next accruing due 9 A borrower may upon the due date of any payment of principle or interest on his loan make a payment equal to or larger than the payment then next accruing due. When any sum so paid is more than sufficient to meet the next accruing payment the excess shall be credited first upon the last deferred payment of principal, then so far as it will extend on the next latest deferred payment and so on while any part of the principal remains unpaid, but such payment shall not relieve the borrower making it from meeting his immediately subsequent payments punctually as they fall due (2nd. Sess.) c.46, s.8; R.S.S. 1953, c.208, s.9. Regulations re payments 10 All payments made under the provisions of section 8 shall be accepted by the Provincial Treasurer upon such terms and conditions as are provided by regulations of the Treasury Board for the purpose (2nd. Sess.) c.46, s.9; R.S.S. 1953, c.208, s.10. Remedy against defaulting mortgagor 11 If a mortgagor fails to apply the proceeds of any loan to the purposes agreed upon between himself and the Provincial Treasurer, or if a mortgagor allows his property to depreciate in value to such an extent as may in the opinion of the Provincial Treasurer prejudice his security under the mortgage, the Provincial Treasurer may, in addition to any other remedy provided by law or in the mortgage, declare the whole or any portion of the unpaid balance of principal and interest on the mortgage immediately due and payable, and thereupon the Provincial Treasurer shall possess and may exercise all rights given to him as mortgagee of a mortgage in arrears by law or by the terms of the mortgage (2nd. Sess.) c.46, s.10; R.S.S. 1953, c.208, s.11. Power to borrow 12 The Provincial Treasurer may, subject to the approval of the Lieutenant Governor in Council, borrow from any person, bank or corporation such sum or sums of money as are required for the purposes of this Act (2nd. Sess.) c.46, s.11; R.S.S. 1953, c.208, s.12.

6 6 c. 208 FARM LOANS Payments of principal 13 All sums of principal paid to the Provincial Treasurer shall be deposited in the consolidated fund and shall be disposed of subject to the approval of the Treasury Board and may be used for the following purposes: (a) for the purpose of making advances under section 3; or (b) expended in the purchase of bonds issued under the provisions of The Saskatchewan Farm Loans Act, chapter 196 of The Revised Statutes of Saskatchewan, 1940, or any former Saskatchewan Farm Loans Act; (c) for transfer to the general sinking fund (2nd. Sess.) c.46, s.12; 1945, c.78, s.3; R.S.S. 1953, c.208, s.13. Financial year and annual report 14 The financial year of the branch shall end on the thirty-first day of March in each year, and as soon as possible thereafter a financial statement setting forth the position of the branch and the results of the previous year s business shall be prepared and audited and a copy shall be forwarded together with a report concerning the work of the branch during the previous year to the Lieutenant Governor in Council, to be laid before the Legislative Assembly within fifteen days from the commencement of the session next following the end of the year for which such report is made (2nd. Sess.) c.46, s.13; R.S.S. 1953, c.208, s.14. Regulations 15 For the purposes of carrying out the provisions of this Act according to their true intent and of supplying any deficiency therein the Lieutenant Governor in Council may make regulations not inconsistent with the spirit of this Act which shall have the same force and effect as if incorporated herein (2nd. Sess.) c.46, s.14; R.S.S. 1953, c.208, s.15. Regina, Saskatchewan Printed by the authority of THE QUEEN S PRINTER