Copyright and Disclaimer Print


AR 139/97 RURAL ELECTRIFICATION LOAN REGULATION

(Consolidated up to 62/2013)

ALBERTA REGULATION 139/97

Rural Electrification Long Term Financing Act
Rural Electrification Loan Act

RURAL ELECTRIFICATION LOAN REGULATION

Table of Contents

                1       Interpretation

                2       Assignment of loan agreements

                3       Disclosure of information

                4       Interest rate prescribed

                5       Forms

                6       Repeals

Schedules


Interpretation

1   In this Regulation,

                                 (a)    “Acts” means the REL Act and the RELTF Act;

                                 (b)    “assignee” means a person to whom an assignment under section 2 has been made and that person’s successors and assigns;

                                 (c)    “Minister” means the Minister of Energy;

                                 (d)    “REL Act” means the Rural Electrification Loan Act;

                                 (e)    “RELTF Act” means the Rural Electrification Long Term Financing Act.

AR 139/97 s1;206/2001

Assignment of loan agreements

2(1)  The Minister may assign

                                 (a)    a loan agreement entered into between the Director and an association under the RELTF Act or Part 1 of the REL Act, and

                                 (b)    a loan agreement entered into between the Director and a person, other than an association, under the RELTF Act or Part 1 of the REL Act, and any lien note given by that person in connection with the loan.

(2)  Where the Minister makes an assignment under subsection (1), the following applies on and from the effective date stated in the assignment, subject to the qualifications and exceptions set out in subsection (3):

                                 (a)    all accounts receivable, proceeds, charges, rights (subrogated and otherwise), powers and obligations in respect of the assigned loan agreement or the assigned loan agreement and lien note, as the case may be, that are conferred on the Crown in right of Alberta, the Director or the President of Treasury Board and Minister of Finance by the Act and the loan agreement or the loan agreement and lien note, as the case may be, are vested in the assignee;

                                 (b)    subject to receiving notice of the assignment, an association referred to in subsection (1)(a) that has entered into a loan agreement with the Director shall remit or cause to be remitted to the assignee all subsequent payments in respect of the loan agreement that it receives from the members of the association;

                                 (c)    subject to receiving notice of the assignment, a person referred to in subsection (1)(b) who has given a lien note shall remit all subsequent payments in respect of the lien note to the assignee;

                                 (d)    the obligation in sections 15(1) and 16(1) of the REL Act and sections 10(4) and 17(1) of the RELTF Act to remit money to the Director and to pay money to the President of Treasury Board and Minister of Finance does not apply to the subsequent payments to be remitted to the assignee;

                                 (e)    if a lien note is executed under section 7(2) of the REL Act, or section 8(2) of the RELTF Act in respect of a loan agreement assigned under subsection (1), the beneficial interest in the lien note is vested in the assignee.

(3)  Despite the making of an assignment under subsection (1), the following qualifications and exceptions to subsection (2) apply:

                                 (a)    the Director retains the right to direct and instruct the power company for the purposes of sections 7(2)(b) and 16(3) of the REL Act and sections 8(2)(b), 11(2) and 17(3) of the RELTF Act;

                                 (b)    the Director retains the rights, powers and obligations conferred or imposed on him by sections 20 to 29 of the REL Act and sections 21 to 30 of the RELTF Act in respect of the lien until a transfer of the lien to the assignee is registered in the appropriate land titles office, and in carrying out those rights, powers and obligations, the Director shall act on the instructions of the assignee, subject to the terms of any agreement between the assignee and the Crown in right of Alberta.

(4)  Where an assignment under subsection (1) occurs, the Acts, the loan agreements and the lien notes shall be interpreted so as to give effect to the assignment and this Regulation.

AR 139/97 s2;251/2001;27/2002;108/2004;
68/2008;31/2012;62/2013

Disclosure of information

3(1)  The Director may, for purposes related to an assignment referred to in section 2, disclose to an assignee or potential assignee personal information about a borrower under a loan agreement or a person who has given a lien note.

(2)  Subsection (1) constitutes an authorization for the purposes of section 40(1)(f) of the Freedom of Information and Protection of Privacy Act.

AR 139/97 s3;251/2001

Interest rate prescribed

4   On and from September 1, 1997 the interest rate for the purposes of section 5(4)(b) of the REL Act and section 3(1)(b) of the RELTF Act is the prime rate of The Toronto‑Dominion Bank.

AR 139/97 s4;251/2001


Forms

5(1)  The Forms set out in Schedule 1 are the forms prescribed for the purposes of the Rural Electrification Long Term Financing Act.

(2)  The Forms set out in Schedule 2 are the forms prescribed for the purposes of the Rural Electrification Loan Act.

Repeals

6   The Rural Electrification Long Term Financing Regulation (AR 253/91) and the Rural Electrification Loan Regulation (AR 254/91) are repealed.

Schedule 1

Rural Electrification Long
Term Financing Act

Form 1

Lien Note (Member)

I,                                   of                                        , in the Province of Alberta, farmer, a member of the Rural Electrification Association Limited (herein referred to as “the Association”), hereby promise to pay to the Association, the sum of $                (hereinafter referred to as “the principal”), together with interest thereon (or so much as shall from time to time remain unpaid) at the rate of     % per annum.  The interest on the principal shall be computed from           , 20      .  The principal and accrued interest shall be repayable in        monthly instalments of $          .  The first instalment is to be made 30 days after the principal is advanced with subsequent instalments due monthly thereafter, until the required payments have been made.

DESCRIPTION OF LAND:        1/4 Section        , Township          , Range             , W     M.

Executed before me and certified            )
by me at the                                              )
of                                                            ,)                                                     
in the Province of Alberta, this                )         Signature of Applicant        
                            day of                           )                                                     
20     .                                                      )
                                                                 )                                                     
                                                               
 )
Officer of the                                           )                                                     
Rural Electrification Association Limited )   Signature of Registered Owner(s)

Form 2

Lien Note (Person)

I,                                of                          , in the Province of Alberta, farmer, hereby promise to pay to the Crown in right of Alberta, the sum of $                (hereinafter referred to as “the principal”), together with interest thereon (or so much as shall from time to time remain unpaid) at the rate of               % per annum.  The interest on the principal shall be computed from              , 20    .  The principal and accrued interest shall be repayable in           monthly instalments of $       .  The first instalment is to be made 30 days after the principal is advanced, with subsequent instalments due monthly thereafter, until the required number of payments have been made.

DESCRIPTION OF LAND:        1/4 Section        , Township          , Range             , W     M.

Dated at                 in the Province of           )                                                 
Alberta                , 20                                   )   Signature of Applicant      
                                                                    )                                                 
Executed in the presence of:                        )
                                                                    )                                                 
                 Witness                                       ) Signature of Registered Owner(s)

Affidavit of Execution

Canada                           )     I,                      (Name In Full)                 
Province of Alberta      )     of the                (Residence)                     
To Wit:                            )     in the Province of                     , Canada,
                                                      (Occupation)     m
ake oath and say:

1.  I was personally present and did see         (Name(s))         named in the above lien note, who (is/are) personally known to me to be the person(s)                             named therein, duly sign and execute the lien note for the purpose named therein.

2.  The lien note was executed at the                          of                  in the                       of                      and I am the subscribing witness thereto.

3.  I know the said            (Name(s))           and    (he/she/each)    is in my belief of the full age of eighteen years.

Sworn before me at                                   )
in the Province of Alberta this                 )
day of                    20                                  )          (Witness sign here)     
                                                                      )
                                                                      )
A Commissioner for Oaths in and          )
for the Province of Alberta                      )

      Nota Bene - All affidavits sworn outside the Province of Alberta must be sworn before a Notary Public, who must affix his seal.

Form 3

Notice of Lien

To the Registrar

                            Land Registration District.

Take notice that the                             Rural Electrification Association Limited (hereinafter referred to as “the Association”), of                                   in the Province of Alberta, or that the Crown in right of Alberta (hereinafter referred to as “the Crown”), under the Rural Electrification Long Term Financing Act (hereinafter referred to as “the Act”), holds a lien note executed and made by                                                       and, pursuant to the provisions of the Act, the Association or the Crown, has a lien on the interest of the said person(s) in the land described as follows:                                        to the amount of the said lien note held by the Association or the Crown, and the Registrar of Land Titles shall maintain the registration of the notice of lien in respect of the land until the notice of lien has been cancelled, and the lien is to secure the payment of money advanced under the Act in part on the security of the said lien note.

Dated at Edmonton, Alberta                                         .

                                                                                                                        
                                       Director of Rural Electrification Associations

Form 4

Discharge of Lien

Account Number:

To the Registrar

                    Alberta Land Registration District.

Take notice that the lien note executed by                                 under the Rural Electrification Long Term Financing Act and endorsed by memorandum on the title of the following land, namely:

          1/4 Section          , Township          , Range          , W    M.

has been discharged and therefore the memorandum is to be cancelled forthwith.

Dated at Edmonton, Alberta                             .

                                                                                                                        
                                      
Director of Rural Electrification Associations

Lien Registered as No.                                                                               

Schedule 2

Rural Electrification Loan Act

Form 1

Lien Note (Member)

I,                                of                                  , in the Province of Alberta, farmer, a member of the                 Rural Electrification Association Limited (hereinafter referred to as “the Association”), hereby promise to pay to the Association the sum of $       (hereinafter referred to as “the principal”), together with interest thereon (or so much as shall from time to time remain unpaid) at the rate of        % per annum.  The interest on the principal shall be computed from      , 20      .  The principal shall be repayable within         years by           annual instalments of $           together with the accrued interest on the unpaid principal.  The first annual instalment of principal and accrued interest is due one year after the said principal is advanced, with subsequent instalments due on the anniversary date thereafter, until the required payments have been made.

DESCRIPTION OF LAND:        1/4 Section        , Township          , Range             , W     M.

Executed before me and certified            )
by me at the                                              )
of                                                            ,)                                                     
in the Province of Alberta, this                )         Signature of Applicant        
                            day of                           )                                                     
20     .                                                      )
                                                                 )                                                     
                                                               
 )
Officer of the                                           )                                                     
Rural Electrification Association Limited )   Signature of Registered Owner(s)

Form 2

Lien Note (Person)

I,                                 of                        , in the Province of Alberta, farmer, hereby promise to pay to the Crown in right of Alberta, the sum of $                 (hereinafter referred to as “the principal”), with interest thereon (or so much as shall from time to time remain unpaid) at the rate of       % per annum. Interest on the principal shall be computed from           , 20    .  The principal shall be repaid within         years by              annual instalments of $       together with the accrued interest on the unpaid principal.  The first instalment of principal and accrued interest is due one year after the principal is advanced, with subsequent instalments due on the anniversary date thereafter, until the required payments have been made.

DESCRIPTION OF LAND:        1/4 Section        , Township          , Range             , W     M.

Dated at                 in the Province of           )                                                 
Alberta                , 20                                   )   Signature of Applicant      
                                                                    )                                                 
Executed in the presence of:                        )
                                                                    )                                                 
                 Witness                                       ) Signature of Registered Owner(s)

Affidavit of Execution

Canada                           )     I,                      (Name In Full)                 
Province of Alberta      )     of the                (Residence)                     
To Wit:                            )     in the Province of                     , Canada,
                                                      (Occupation)     m
ake oath and say:

1.     I was personally present and did see       (Name(s))       named in the above lien note, who (is/are) personally known to me to be the person(s)                       named therein, duly sign and execute the lien note for the purpose named therein.

2.     The lien note was executed at the                          of                 , in the Province of Alberta and I am the subscribing witness thereto.

3.     I know the said       (Name(s))       and    (he/she/each)    is in my belief of the full age of eighteen years.

Sworn before me at                                   )
in the Province of Alberta this                 )
day of                    20                                  )          (Witness sign here)     
                                                                      )
                                                                      )
A Commissioner for Oaths in and          )
for the Province of Alberta                      )

          Nota Bene - All affidavits sworn outside the Province of Alberta must be sworn before a Notary Public, who must affix his seal.

Form 3

Notice of Lien

To the Registrar

                            Land Registration District.

Take notice that the                                      Rural Electrification Association Limited (hereinafter referred to as “the Association”), of                                         in the Province of Alberta, or that the Crown in right of Alberta (hereinafter referred to as “the Crown”), under the Rural Electrification Loan Act (hereinafter referred to as “the Act”), holds a lien note executed and made by                            and, pursuant to the provisions of the Act, the Association or the Crown, has a lien on the interest of the said person(s) in the land described as follows:                                      to the amount of the said lien note held by the Association or the Crown, and the Registrar of Land Titles shall maintain the registration of the notice of lien in respect of the land until the notice of lien has been cancelled, and the lien is to secure the payment of money advanced under the Act in part on the security of the said lien note.

Dated at Edmonton, Alberta                                         .

                                                                                                                        
                                       Director of Rural Electrification Associations

Form 4

Discharge of Lien

Account Number:

To the Registrar

                    Alberta Land Registration District.

Take notice that the lien note executed by                             under the Rural Electrification Loan Act and endorsed by memorandum on the title of the following land, namely:

          1/4 Section         , Township          , Range          ,W        M.
has been discharged and therefore the memorandum is to be cancelled forthwith.

Dated at Edmonton, Alberta                        .

                                                                                                                        
                                      
Director of Rural Electrification Associations

Lien Registered as No.