4Definitions

4 Definitions

Note: A number of expressions used in this instrument are defined in the Act, including the following:
(a) Board;
(b) Corporation;
(d) responsible Ministers;
(e) constitutional trade or commerce.

In this instrument: Act means the Regional Investment Corporation Act 2018. agristarter loan means a first farmer loan or a succession loan.

farm asset successor means a person who holds the sole or a controlling interest in a farm business and:

(a) has recently inherited or will inherit farm assets; or
(b) has recently acquired or will acquire farm assets under a succession plan.

Note: Examples of farm assets include farm land, farm infrastructure and farm equipment.

farm business successor means a person who:

(a) has recently inherited or will inherit an interest in a farm business; or
(b) has recently acquired or will acquire an interest in a farm business under a succession plan.

first farmer means a person who is seeking to purchase, establish or develop a farm business in which the person holds or will hold the sole or a controlling interest.

first farmer loan means a loan made to a first farmer under section 9.

member of a farm business means, where the farm business is carried on by:

(a) a sole trader—the sole trader; or
(b) a partnership—a partner of the partnership; or
(c) a trust—a beneficiary or unit‑holder of the trust; or
(d) a corporation (within the meaning of the Corporations Act 2001)—a member of the corporation.

principal business pursuit of a person means a business pursuit:

(a) to which the person contributes or plans to contribute at least 50 per cent of their labour; and
(b) from which the person derives or plans to derive at least 50 percent of their income.

program means the Agristarter Loans Program. program guidelines has the meaning set out in subsection 14(1).

succession arrangements mean the succession planning process or activities identified in the succession planning process.

succession loan means a loan made to a farm business, a farm business successor or a farm asset successor under section 8.