Document ID: chunk:federal_register_of_legislation:F2022C00406:reg:5
Version: federal_register_of_legislation:F2022C00406
Segment Type: reg
Provision Reference: reg 5
Character Range: 5289–6027

5  Prescription of the program
 (1) For the purposes of subsection 8(5) of the Act, the program is prescribed.

     Purpose of program
 (2) The purpose of the program is to provide loans to assist:
 (a) first farmers to purchase, establish or develop a farm business in which they hold or will hold the sole or a controlling interest; or
 (b) farm businesses, farm business successors and farm asset successors with succession arrangements.

     Specified constitutional basis of program
 (3) For the purposes of paragraph 8(5)(a) of the Act, the constitutional basis for the program is the power of the Parliament to make laws with respect to:
 (a) trade and commerce with other countries, and among the States; and
 (b) a Territory.