Veterans’ Land Act — V-1.5 13
ector of the land, improvements and building materials, or (b) seventy-six and two-thirds per cent of such surplus or portion whichever is the lesser, shall be applied in reduction of the amount owing under the contract, and for the purposes of subsection 11(5) the total outstanding cost to the Director shall be reduced by the amount of such surplus or portion. Payment of balance of surplus to veteran (6) Subject to subsections (6.1) and (6.2), where by the application of the surplus in accordance with subsections (4) and (5) the amount owing under the contract is paid in full and a balance of the surplus remains, such balance shall be paid to the veteran. Balance of surplus paid into court (6.1) Where the Director has notice of an unsatisfied court order or judgment obtained against the veteran for the recovery or payment of money or of an unsatisfied court order or judgment referred to in section 37 obtained against the veteran, the Director may pay into court the balance of the surplus referred to in subsection (6) or such part thereof as would satisfy the order or judgment and related costs. Remainder of balance of surplus paid to veteran (6.2) Where the Director pays less than the total balance of the surplus into court pursuant to subsection (6.1), he shall pay the remainder of the balance to the veteran. Use of proceeds from sale of livestock or farm equipment (7) Where the property sold or otherwise disposed of pursuant to subsection (1) consists of livestock or farm equipment, the Director may use the proceeds for one or more of the following purposes: (a) to purchase for the veteran other or additional livestock or farm equipment, which shall for the purposes of the contract be substituted for the livestock or farm equipment so sold; (b) to purchase, subject to the conditions set out in subsection 11(1), land for sale to the veteran; (c) to effect, subject to the conditions set out in subsection 11(1), improvements to the lands sold to the veteran or to any other lands purchased for sale to him; or (d) to pay debts that, in the opinion of the Director, were reasonably incurred by the veteran to effect improvements on the land sold to him. Acquisition of veterans’ lands by Her Majesty (8) Where all or any part of the land sold by the Director to a veteran by a contract made under this Part is acquired by Her Majesty in right of Canada for public purposes, the compensation money or purchase price shall be ascertained as though the Director were not an agent of Her Majesty and shall for the purposes of this section be deemed to be proceeds of the sale of the land. Definitions (9) For the purposes of this section land includes mines, minerals and timber and any rights in respect thereof; ( terre ou bien-fonds ) proceeds , (a) in the case of a contract for the sale of land, improvements or building materials to a veteran certified by the Director to be qualified to participate in the benefits of this Act, means the amount the veteran would be required to pay to the Director under subsection 11(5) to obtain an immediate transfer, together with the amount, other than the ten per cent of the cost to the Director of the land, improvements and building materials, paid by the veteran under paragraph 11(1)(b) or 11(3)(c) and together with the outstanding amount of any loan under Part III approved by the Director for the purchase of the property and the amount of any payment made by the veteran to the Director under Part III, (b) in the case of a contract for the sale of livestock or farm equipment to a veteran, means an amount equal to the amount that the veteran would be required to pay under subsection 11(5) for an immediate transfer thereof, (c) in the case of a sale or other disposition of property, except timber, to any other person, means the amount received, and (d) in the case of a sale of timber to any person means the stumpage value of that timber, as determined by the Director. ( produit ) Insurance money (10) For the