hordruma/ontario_laws_and_regs huggingface dataset:
Guarantee of bank loans
27. (1) The Lieutenant Governor in Council may, upon such terms as it considers proper, agree to guarantee and may guarantee payment of losses sustained by a chartered bank as a result of loans made to junior farmers for the establishment, development and operation of their farms, in an amount not to exceed 10 per cent of the aggregate principal amount of the bank loans, where, (a) the junior farmer has a loan from the Corporation; (b) the bank loan was made pursuant to an application by the borrower in the form prescribed by the Corporation, stating the purpose of the bank loan; (c) an officer of the bank certifies that he or she has scrutinized and checked the application for the bank loan with the care required of him or her by the bank in the conduct of its ordinary business; (d) the principal amount of the bank loan at the time of its making, together with the amount owing in respect of other bank loans guaranteed under this Act previously made to the borrower and disclosed in his or her application or of which the bank had knowledge, (i) where the farm is owned by a junior farmer or his or her spouse, or both of them, or by a partnership, did not exceed the sum of $5,000, or (ii) where the farm is a family farm or an incorporated family farm, did not exceed the sum of $10,000; and (e) the bank loan was repayable in full by the terms thereof in not more than ten years and the rate of interest charged by the bank on the loan did not exceed the current rates of interest. Form of guarantee (2) The form and manner of the guarantee shall be such as the Lieutenant Governor in Council approves, and the guarantee shall be signed by the Treasurer or such other officer or officers as are designated by the Lieutenant Governor in Council, and, upon being so signed, the Province of Ontario is liable for the payment of the loss thereon guaranteed according to the terms of the guarantee. Payment of guarantee (3) The Lieutenant Governor in Council may make arrangements for supplying the money necessary to fulfil the requirements of any guarantee and to advance the amount necessary for that purpose out of the public funds of the Province of Ontario. Idem (4) A claim for loss by a bank in respect of the amount guaranteed shall be made to the Treasurer not sooner than ninety days nor later than one year after the entire amount of the loan becomes due and payable. R.S.O. 1990, c.J.2, s.27. ______________ Français