Bill C-4
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Object and Powers |
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4. Subsections 4(2) and (3) of the Act are
replaced by the following:
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| Status
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(2) The Corporation is not an agent of Her
Majesty and is not a Crown corporation within
the meaning of the Financial Administration
Act.
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| Legal
proceedings
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(3) Actions taken by or against the
Corporation in respect of rights and
obligations acquired or incurred by the
Corporation on behalf of Her Majesty before
the date referred to in section 3.08, for all
purposes, are deemed to have been taken by or
against Her Majesty, as the case may be.
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5. The heading before section 5 of the Act
is repealed.
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6. (1) Section 6 of the Act is renumbered
as subsection 6(1).
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| R.S., c. 38
(4th Supp.),
s. 2
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(2) Paragraphs 6(1)(c) and (c.1) of the Act
are replaced by the following:
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(3) Section 6 of the Act is amended by
adding the following after subsection (1):
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| Regulations
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(2) The Governor in Council may make
regulations authorizing the Corporation to
deduct an amount from any amount it receives
in the course of its operations under this Act
and to credit the amount so deducted to the
contingency fund established under paragraph
(1)(c.3).
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| Sufficiency of
contingency
fund
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(3) The Minister shall publish in the
Canada Gazette a notice of the date on which,
in the Minister's opinion, the amount in the
contingency fund established under paragraph
(1)(c.3) is sufficient to guarantee adjustments
to initial payments provided for in
subparagraph 32(1)(b)(ii).
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| Contingency
fund balance
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(4) For greater certainty, the balance at any
particular time of the contingency fund
established under paragraph (1)(c.3) need not
be positive.
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| Property of
the
Corporation
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(5) For greater certainty, the property held
by the Corporation on behalf of Her Majesty
in right of Canada on the date referred to in
section 3.08 is the property of the Corporation
on that date.
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7. Subsections 7(2) and (3) of the Act are
replaced by the following:
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| Profits
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(2) Profits realized by the Corporation from
its operations in wheat under this Act during
any crop year, other than profits from its
operations under Part III and profits that are
credited to the contingency fund, with respect
to the disposition of which no provision is
made elsewhere in this Act, shall be paid to the
Receiver General for the Consolidated
Revenue Fund.
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| Losses
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(3) Losses sustained by the Corporation,
other than losses that are charged to the
contingency fund,
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for which no provision is made in any other
Part shall be paid out of moneys provided by
Parliament.
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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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| Audit
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8.1 Within two years after the day this
section comes into force, the Auditor
General of Canada may commence an audit
of the accounts and financial transactions of
the Corporation for such fiscal years as the
Auditor General considers appropriate and
a report of the audit shall be made to the
Corporation and the Minister.
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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
directions to be implemented and, in so far as
they act in accordance with section 3.12, 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
annually 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
accordance 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 any terms and
conditions that the Governor in Council may
approve,
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12. (1) 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 correctement
dans le carnet de livraison qui permet la
livraison le poids net en tonnes, après
extraction des impuretés, du grain livré, et il
paraphe l'inscription.
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(2) Section 24 of the Act is amended by
adding the following after subsection (2):
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| Exemption
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(3) The Corporation may, by order, exempt
deliveries of grain to an elevator from the
requirements of any of paragraphs (1)(a), (c)
and (e), but only to the extent that the elevator
is owned or leased by a producer.
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13. The Act is amended by adding the
following after section 25:
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| Certain
provisions not
to apply
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25.1 Paragraphs 24(1)(c), (d) and (e) and
25(1)(c), (d) and (e) do not apply to deliveries
made under a contract under section 39.1.
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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. Section 28 of the Act is amended by
adding the following after paragraph (h):
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16. 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,
supplies 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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17. 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 any period or periods, not
exceeding one year in the aggregate, that 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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18. (1) Paragraphs 32(1)(a) and (b) of the
Act are replaced by the following:
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(2) Paragraphs 32(1)(c) and (d) of the Act
are 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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19. (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 a pool period and all
credit sales of the wheat in respect of which
payment is guaranteed under 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) Paragraph 33(1)(a) of the Act is
amended by adding the word ``and'' at the
end of subparagraph (ii) and by repealing
subparagraph (iii).
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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
certificates issued by the Corporation under
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
provided in this Act for each tonne of wheat
referred to in the certificate 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 Corporation
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 of its committees are deemed to be
expenses incurred in connection with the
operations of the Corporation within the
meaning of this section, but nothing in this
subsection is to 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 of its committees.
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| Determi- nation 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 under 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 so that each price bears a proper price
relationship to the price for each other grade.
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20. The Act is amended by adding the
following after section 33:
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