Issue of exemption certificate
15 Issue of exemption certificate
The
Commission must issue an exemption certificate to a creditor who is entitled to a certificate under section 14.
If mediation has taken place under this Act, the Commission must have regard to the report of the mediator who conducted the mediation to determine whether satisfactory mediation has occurred.
If an exemption certificate has been issued in respect of a farm mortgage, this Act (other than this Division) does not apply to the creditor who holds the farm mortgage while the certificate is in force.
The expiry of an exemption certificate does not affect any proceedings for recovery of a farm debt, or for the exercise or enforcement of any right of the creditor, already taken or commenced by a creditor while the exemption certificate was in force, and any proceedings may be continued and concluded as if the certificate were still in force.
The reference in subsection (4) to the commencement of proceedings does not include a reference to the giving of any statutory enforcement notice or other action taken in order to fulfil a condition precedent to the enforcement of a right otherwise than through proceedings in a court or tribunal.
This Act’s bill:Second reading speech
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