Nova Scotia Farm Loan Board

Other forms of name:
Nova Scotia Farm Board
Nova Scotia. Provincial Farm Loan Board
Nova Scotia Land Settlement Board

The Nova Scotia Farm Board was established in 1919 to provide loans to farmers on the security of farm mortgages. In 1928 the federal government's scheme for establishing a system of long-term mortgage credit for farmers was extended to Nova Scotia and the board, renamed the Provincial Farm Loan Board, empowered to administer it. In 1939 the board was renamed the Nova Scotia Land Settlement Board. In 1967 the Agriculture and Rural Credit Act was passed and the Nova Scotia Farm Loan Board succeeded the Nova Scotia Land Settlement Board. The Farm Loan Board is an agricultural development agency serving the needs of agriculture and forestry through the provision of long-term credit at fixed interest rates. It makes loans to or guarantees loans of a borrower for the purpose of acquiring or improving any farm, plant, machinery or equipment; acquires, holds, leases and disposes of farms or buildings; acquires, holds, leases, subdivides and disposes of agricultural lands; acquires, holds, leases and disposes of livestock, agricultural machinery and equipment; erects buildings, makes permanent improvements and carries on farming operations on farms or other lands owned by the Board; collaborates with the Department of Agriculture regarding the extension of credit to further agricultural production; acquires for the purpose of encouraging agricultural production any land expropriated under the Expropriation Act; and approves or rejects applications for the purchase of farms, stock, agricultural machinery or equipment.

Notes: Authority record based on Statutes of Nova Scotia 1919 c. 27, 1928 c. 11, 1939 c. 4, 1967 c. 3.