Bill S-4
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INTEREST ON MONEYS SECURED BY MORTGAGE ON REAL PROPERTY OR HYPOTHEC ON IMMOVABLES |
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| Interest
recoverable in
certain cases
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6. (1) Whenever any principal money or
interest secured by mortgage on real property
or hypothec on immovables is, by the
mortgage or hypothec, made payable on a
sinking fund plan, on any plan under which the
payments of principal money and interest are
blended, on any plan that involves an
allowance of interest on stipulated payments
or on any fund or plan described in the
regulations, no interest whatever shall be
chargeable, payable or recoverable on any
part of the principal money advanced unless
the mortgage or hypothec contains an express
statement showing the amount of the principal
money and the rate of interest chargeable on
that money, calculated in accordance with the
regulations.
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| Coming into
force
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(2) Subsection (1) comes into force on the
later of the coming into force of section 92
of this Act and section 18 of the Agreement
on Internal Trade Implementation Act,
chapter 17 of the Statutes of Canada, 1996.
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PART 9 |
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TRANSITIONAL PROVISION AND COMING INTO FORCE |
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Transitional Provision |
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| Bankruptcy
and
Insolvency
Act -
``secured
creditor''
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177. (1) The definition ``secured
creditor'' in subsection 2(1) of the
Bankruptcy and Insolvency Act, as enacted
by section 25 of this Act, applies only to
bankruptcies or proposals in respect of
which proceedings are commenced after
the coming into force of that section, but
nothing in this subsection shall be construed
as changing the status of any person who
was a secured creditor in respect of a
bankruptcy or a proposal in respect of
which proceedings were commenced before
the coming into force of that section.
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| Bankruptcy
and
Insolvency
Act -
par. 136(1)(e)
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(2) Paragraph 136(1)(e) of the
Bankruptcy and Insolvency Act, as enacted
by section 31 of this Act, applies only to
bankruptcies or proposals in respect of
which proceedings are commenced after
the coming into force of that section, but
nothing in this subsection shall be construed
as changing the status of any person who
was a secured creditor in respect of a
bankruptcy or a proposal in respect of
which proceedings were commenced before
the coming into force of that section.
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| Bankruptcy
and
Insolvency
Act -
par. 178(1)(d)
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(3) Paragraph 178(1)(d) of the
Bankruptcy and Insolvency Act, as enacted
by section 32 of this Act, applies only to
bankruptcies in respect of which
proceedings are commenced after the
coming into force of that section.
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Coming into Force |
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| Coming into
force
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178. The provisions of this Act, other than
Part 8, come into force on a day or days to
be fixed by order of the Governor in
Council.
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