8 (1) The Lieutenant Governor in Council may, in accordance with subsection (2), guarantee the payment of one or more of the following loans, or any part of such loans, and guarantee the payment of any interest on the loans or the part of the loans, if the loans or the part of the loans are made for the encouragement of any branch of agriculture, food or rural affairs: 1. Loans made to farmers. 2. Loans made to entities that provide loans directly to farmers. 2019, c. 4, Sched. 1, s. 13 (1). Terms of guarantee (1.1) A guarantee under subsection (1), whether given as part of a loan guarantee program established under section 6.2 or otherwise, shall set out the terms of the guarantee, including the amount of the guarantee, the duration of the guarantee and the circumstances under which the guarantee would become null and void. 2019, c. 4, Sched. 1, s. 13 (1). Form of guarantee (2) The form and manner of any such guarantee shall be such as the Lieutenant Governor in Council approves by order and the guarantee shall be signed by the Minister of Finance or by 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 loan or part thereof and interest thereon guaranteed according to the terms of the guarantee.  2009, c. 33, Sched. 1, s. 21; 2019, c. 4, Sched. 1, s. 13 (2). Payment of interest (3) Where a guarantee is given under subsection (1), the Lieutenant Governor in Council may, upon the recommendation of the Minister, authorize the payment by the Province of Ontario of the whole or any part of the interest on any such loan for the whole or any part of the term of the guarantee.  R.S.O. 1990, c. M.16, s. 8 (3). Payment of guarantee, interest (4) The Lieutenant Governor in Council may make arrangements for supplying the money necessary to fulfil the requirements of any guarantee or to provide for payment of interest under subsection (3), and to advance the amount necessary for that purpose out of the public funds of the Province of Ontario.  R.S.O. 1990, c. M.16, s. 8 (4). Payment of loss sustained (5) Where a guarantee is given under subsection (1), the Lieutenant Governor in Council may, subject to such terms and conditions as he or she may prescribe, authorize the payment by the Province of Ontario out of the money appropriated therefor by the Legislature, of the whole or any part of the loss sustained by a person to whom a guarantee is given in collecting or attempting to collect money payable under a loan that is made pursuant to a guarantee and that is in default.  R.S.O. 1990, c. M.16, s. 8 (5). Payment of loss limited (6) Payment of loss under subsection (5) is limited to, (a) fees, disbursements, allowances or charges owing by the person to whom the guarantee is given to the person’s solicitor respecting matters for which costs may be taxed under the rules of court; and (b) expenses, other than those referred to in clause (a), that are reasonably and necessarily incurred in the course of collecting or attempting to collect money payable under a loan that is made pursuant to the guarantee and that is in default.  R.S.O. 1990, c. M.16, s. 8 (6). Section Amendments with date in force (d/m/y) 2009, c. 33, Sched. 1, s. 21 - 15/12/2009 2019, c. 4, Sched. 1, s. 13 (1, 2) - 01/02/2023