Bill C-72
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| R.S., c. 38
(4th Supp.), s.
3
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8. Subsection 8(1) of the Act is replaced
by the following:
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| Payment of
expenses
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8. (1) The Corporation may , at the time of
realization, use every profit realized by it on
the sale of bonds, debentures, notes or other
evidences of indebtedness acquired by it
under paragraph 6(1) (c.1) in payment of
expenses incurred by the Corporation in its
operations or may credit the profit to the
contingency fund established under paragraph
6(1)(c.3) .
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| R.S., c. 38
(4th Supp.), s.
4
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9. The heading before section 12 and
sections 12 to 17 of the Act are repealed.
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10. Section 18 of the Act is amended by
adding the following after subsection (1):
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| Directors
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(1.1) The directors shall cause the direc
tions to be implemented and, in so far as they
act in accordance with section 3.93, they are
not accountable for any consequences arising
from the implementation of the directions.
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| Best interests
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(1.2) Compliance by the Corporation with
directions is deemed to be in the best interests
of the Corporation.
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| 1991, c. 33, s.
1
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11. Section 19 of the Act and the heading
before it are replaced by the following:
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Plans, Borrowings and Guarantees |
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| Corporate
plan
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19. (1) The Corporation shall submit annu
ally a corporate plan to the Minister for the
approval of the Minister in consultation with
the Minister of Finance.
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| Scope and
content of
corporate plan
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(2) The corporate plan shall encompass all
the business and activities of the Corporation
and shall contain any information that the
Minister considers appropriate.
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| Borrowing
plan
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(3) The Corporation shall submit annually
to the Minister of Finance for approval a plan
indicating the amount of money that the
Corporation intends to borrow in the coming
crop year for the purposes of carrying out its
corporate plan.
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| Terms and
conditions
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(4) The Corporation shall not undertake any
borrowings described in the borrowing plan
approved under subsection (3) unless the
Minister of Finance has approved the time,
terms and conditions of the borrowings.
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| Guarantee of
borrowings
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(5) The repayment with interest, if any, of
money borrowed by the Corporation in accor
dance with the terms and conditions approved
under subsection (4) is guaranteed by the
Minister of Finance on behalf of Her Majesty.
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| Loans and
guarantee of
credit sales
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(6) The Minister of Finance, on behalf of
Her Majesty, may, on such terms and condi
tions as the Governor in Council may approve,
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12. (1) The portion of subsection 24(1) of
the Act before paragraph (a) is replaced by
the following:
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| Conditions for
delivery of
grain to
elevator
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24. (1) Notwithstanding anything in the
Canada Grain Act, and except with the
permission of the Corporation or pursuant to
a contract under section 39.1, no person shall
deliver grain to an elevator, and no manager or
operator of an elevator shall receive delivery
of grain unless
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(2) Subsection 24(2) of the French version
of the Act is replaced by the following:
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| Consignation
et inscription
du poids net
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(2) Dès la livraison terminée, le directeur ou
l'exploitant inscrit fidèlement et correcte
ment dans le carnet de livraison qui permet la
livraison le poids net en tonnes, après extrac
tion des impuretés, du grain livré, et il paraphe
l'inscription.
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(3) Section 24 of the Act is amended by
adding the following after subsection (2):
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| Exemption
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(3) Paragraphs (1)(a), (c) and (e) do not
apply in respect of deliveries of grain to an
elevator that has been exempted, by order of
the Canadian Grain Commission under para
graph 117(b) of the Canada Grain Act, from
the requirements of section 60 of that Act to
the extent that the elevator is owned or leased
by a producer.
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| R.S., c. 38
(4th Supp.), s.
7
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13. The portion of subsection 25(1) of the
Act before paragraph (a) is replaced by the
following:
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| Conditions for
delivery of
grain to
railway car
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25. (1) Notwithstanding anything in the
Canada Grain Act, and except with the
permission of the Corporation or pursuant to
a contract under section 39.1, no person shall
deliver to a railway car grain that has not
previously been delivered to an elevator under
a permit book in accordance with subsection
24(1) unless
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14. Section 26 of the Act is amended by
adding the following after subsection (4):
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| Requirement
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(5) Any producer who delivers grain under
a permit book shall produce the permit book
on demand to any representative of the
Corporation.
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15. Subsection 29(1) of the Act is replaced
by the following:
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| Inquiries
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29. (1) The Governor in Council may
empower the Corporation to make inquiries
and investigations to ascertain the availability
of delivery and transportation facilities, sup
plies of grain and all matters connected with
the interprovincial or export marketing of
grain, and for that purpose empower the
Corporation and the directors to exercise the
powers of commissioners under Part I of the
Inquiries Act.
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16. Section 31 of the Act is replaced by the
following:
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| Definition of
pool period
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31. Subject to section 40, in this part, ``pool
period'' means such period or periods, not
exceeding one year, as the Corporation may
order as a pool period in respect of wheat.
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| 1995, c. 31, s.
2(1)
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17. (1) Paragraphs 32(1)(a) and (b) of the
Act are replaced by the following:
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(2) Paragraph 32(1)(d) of the Act is
replaced by the following:
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(3) Subsection 32(3) of the Act is replaced
by the following:
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| Storage and
other
delivery-
related
payments
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(3) The Corporation may, by order, set, for
any pool period and pay to each producer,
under the conditions set by the Corporation, a
sum per tonne on account of storage of wheat
on the producer's farm, interest costs and
other delivery-related amounts. Payment shall
be made from the account maintained by the
Corporation for the pool period during which
the wheat was delivered.
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| 1991, c. 33, s.
2
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18. (1) The portion of subsection 33(1) of
the Act before paragraph (a) is replaced by
the following:
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| Deductions
from receipts
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33. (1) As soon as the Corporation receives
payment in full for all wheat sold and
delivered to it during any pool period and all
credit sales of the wheat in respect of which
payment is guaranteed pursuant to section 19
have been concluded, there shall be deducted,
from the aggregate of the total amount so
received, the principal so guaranteed and any
interest that accrues during that pool period in
respect of sales of wheat on credit concluded
during any pool period, all moneys disbursed
by or on behalf of the Corporation
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(2) Subparagraph 33(1)(a)(i) of the Act is
replaced by the following:
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(3) Subparagraph 33(1)(a)(iii) of the Act
is repealed.
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| R.S., c. 38
(4th Supp.), s.
8; 1994, c. 39,
s. 1; 1995, c.
31, s. 3
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(4) Subsections 33(1.1) to (5) of the Act
are replaced by the following:
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| Additional
payment
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(1.1) In addition to any payment authorized
by section 32, the Corporation may fix and
pay in respect of any pool period a sum per
tonne to each producer who has sold and
delivered wheat to the Corporation in a
railway car during the pool period.
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| Distribution
of balance
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(2) Subject to sections 33.1 to 33.5, the
Corporation shall, after the end of any pool
period, distribute the balance remaining in its
account in respect of wheat purchased by it
during the pool period, after making the
deductions from the account provided for in
subsection (1) and the payments provided for
in subsection (1.1), among holders of certifi
cates issued by the Corporation pursuant to
this Part during the pool period, by paying on
surrender to it of each certificate, unless the
Corporation , by order, waives the surrender,
to the holder of the certificate , the appropriate
sum determined by the Corporation as pro
vided in this Act for each tonne of wheat
referred to therein according to grade.
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| Interim
payments
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(3) Notwithstanding subsection (1), the
Corporation may make interim payments on
account of the distribution of the balance
referred to in subsection (2), if the Corpora
tion is of the opinion that interim payments
can be made without loss.
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| Expenses in
relation to
international
wheat
marketing
organizations
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(4) Expenses incurred by the Corporation
with respect to any international organization
for the purposes of marketing wheat and the
expenses of any director or officer of the
Corporation of and incidental to attendance at
meetings of that international organization or
any committee thereof shall be deemed to be
expenses incurred in connection with the
operations of the Corporation within the
meaning of this section, but nothing in this
subsection shall be construed as authorizing
the payment by the Corporation of any
contributions required to be paid by Canada to
or in support of that international organization
or any committee thereof.
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| Determina- tion of amounts
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(5) The Corporation shall determine and fix
the amounts to which holders of certificates
are entitled per tonne according to grade under
certificates issued pursuant to this Part so that
each holder of a certificate receives, in respect
of wheat sold and delivered to the Corporation
during each pool period for the same grade of
wheat, the same price basis at a pooling point
and that each price bears a proper price
relationship to the price for each other grade.
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19. (1) Paragraph 37(1)(c) of the Act is
replaced by the following:
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(2) Subsection 37(2) of the Act is re
pealed.
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20. Sections 38 and 39 of the Act are
replaced by the following:
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| Transfer of
wheat from
one pool
period to
subsequent
pool period
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38. The Corporation may adjust its ac
counts at any time by transferring to the then
current pool period all wheat delivered during
a preceding pool period and then remaining
unsold, and the Corporation shall credit to the
accounts for that preceding pool period, and
charge against the accounts for the current
pool period, such amount as the Corporation
considers to be a reasonable price for the
wheat so transferred, and all wheat so trans
ferred shall
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| Transfer of
undistributed
balances
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39. (1) Where producers of any grain sold
and delivered during a pool period have been
for six years or more entitled to receive from
the Corporation payments in respect thereof
under certificates issued pursuant to this Act
or out of an equalization fund, or otherwise,
and there is an undistributed balance remain
ing in the accounts of the Corporation in
respect of that grain, the Corporation may
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| How
transferred
balances to be
used
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(2) Any balance transferred to the separate
account pursuant to subparagraph (1)(a)(ii),
other than such part thereof as is required for
the payments referred to in paragraph (1)(b),
shall be used for such purposes as the Corpora
tion may consider to be for the benefit of
producers.
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