Mr. Speaker, the purpose of this bill is to restore the Farmers' Creditors Arrangement Act to some measure of usefulness. Certain limitations in the original act regarding the date prior to which debt must be incurred in order to qualify have rendered it useless and inoperative. The amendments eliminate those limitations and restore the act as an instrument of some little usefulness which was intended in the original legislation.
Motion agreed to and bill read the first time.
Subtopic: AMENDMENTS REMOVING LIMITATIONS RESPECTING DATE OF DEBT, ETC.