Bill C-25

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	1st Session, 37th Parliament, 49-50 Elizabeth II, 2001
	House of Commons of Canada
	BILL C-25
	An Act to amend the Farm Credit Corporation Act and to make consequential amendments to other Acts
	Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1993, c. 14	FARM CREDIT CORPORATION ACT
	*1. The long title of the Farm Credit Corporation Act* is replaced by the following:**
	An Act respecting Farm Credit Canada
	2. Section 1 of the Act is replaced by the following:
Short title	1. This Act may be cited as the Farm Credit Canada Act.
	3. (1) The definition ``Corporation'' in section 2 of the Act is replaced by the following:
``Corporation' ' « Société »	``Corporation'' means Farm Credit Canada continued by subsection 3(1);
	(2) Section 2 of the Act is amended by adding the following in alphabetical order:
``business related to farming'' « entreprise liée à l'agriculture »	``business related to farming'' means a business that primarily produces, transports, stores, distributes, supplies, processes or adds value to inputs to or outputs from farming operations;
``subsidiary'' « filiale »	``subsidiary'' has the same meaning as in subsection 83(6) of the Financial Administration Act;
	4. Subsection 3(1) of the Act is replaced by the following:
Corporation continued	3. (1) The Farm Credit Corporation, established by section 3 of the Farm Credit Act, is continued as a body corporate under the name Farm Credit Canada.
	5. (1) Subsection 4(1) of the Act is replaced by the following:
Purpose	4. (1) The purpose of the Corporation is to enhance rural Canada by providing specialized and personalized business and financial services and products to farming operations, including family farms, and to those businesses in rural Canada, including small and medium-sized businesses, that are businesses related to farming. The primary focus of the activities of the Corporation shall be on farming operations, including family farms.
	(2) Subparagraph 4(2)(a)(iii) of the Act is replaced by the following:
	(iii) to pay costs associated with carrying on a farming operation or a business related to farming,
	(3) Subparagraph 4(2)(a)(v) of the Act is replaced by the following:
	(v) to acquire, develop or improve real or personal property used or to be used in a business related to farming;
	(4) Subsection 4(2) of the Act is amended by adding the following after paragraph (f):
	(f.1) provide business services and products that complement those available from the public and private sectors;
	(f.2) procure the incorporation, dissolution or amalgamation of subsidiaries and acquire or dispose of any shares in them;
	(f.3) provide lease financing for assets used or to be used in a farming operation or a business related to farming;
	(f.4) acquire and dispose of short- or medium-term equity interests in farming operations or in businesses related to farming, within parameters that are satisfactory to the Minister of Finance;
	(f.4.1) dispose of farmland acquired by it, provided that the disposal is at fair market value and is done as quickly as possible, and in any case no longer than five years, after the acquisition;
	(f.5) provide its business and financial services and products, including loans, guarantees, lease financing and equity investments, directly, through arrangements with other persons or bodies or, in the case of financial services, as a member of a financing syndicate;
	6. (1) Subsections 7(1) and (2) of the Act are replaced by the following:
Chairperson and President	7. (1) The Governor in Council shall appoint a Chairperson of the Board and a President of the Corporation for such terms as the Governor in Council considers appropriate.
Chief executive officer	(2) The President is the chief executive officer and is responsible for the supervision of the business of the Corporation.
	(2) Subsection 7(4) of the Act is replaced by the following:
Acting Chairperson	(4) If the Chairperson is absent or unable to act or if the office of Chairperson is vacant, the Board may authorize a director to act as Chairperson and that director has all of the duties and may exercise all of the powers of the Chairperson during the absence, inability or vacancy.
	(3) Section 7 of the Act is amended by adding the following after subsection (5):
Acting President	(6) If the President is absent or unable to act or if the office of President is vacant, the Board may authorize an officer or employee of the Corporation to act as President and that officer or employee has all of the duties and may exercise all of the powers of the President during the absence, inability or vacancy. A person may not act as President for a period of more than 90 days without the approval of the Governor in Council.
	7. Section 14 of the Act is replaced by the following:
Financial management	14. (1) The Corporation may enter into any transaction for the financial management of the Corporation, including any instrument or agreement for the management of financial risks, such as interest rate or currency exchange agreements, options, futures contracts and any other similar agreements.
Pledging assets	(2) Notwithstanding section 100 of the Financial Administration Act, the Corporation may pledge any securities or cash held by it or give deposits as security for the performance of its obligations under any financial management instrument or agreement.
	TRANSITIONAL PROVISIONS
References	8. Every reference to the Farm Credit Corporation in any deed, contract, agreement, instrument or other document executed by the Farm Credit Corporation in its own name is to be read as a reference to Farm Credit Canada, unless the context requires otherwise.
Continuation of property and rights	9. (1) All rights and property of the Farm Credit Corporation continue to be the rights and property of Farm Credit Canada.
Continuation of obligations and liabilities	(2) All obligations and liabilities of the Farm Credit Corporation continue to be the obligations and liabilities of Farm Credit Canada.
Continuation of legal proceedings	(3) Any action, suit or other legal proceeding to which the Farm Credit Corporation is a party that is pending in any court immediately before the day on which this Act comes into force may be continued by or against Farm Credit Canada in like manner and to the same extent as it could have been continued by or against the Farm Credit Corporation.
	CONSEQUENTIAL AMENDMENTS
R.S., c. A-1	Access to Information Act
	*10. Schedule I to the Access to Information Act* is amended by striking out the following under the heading ``Other Government Institutions'':**
	Farm Credit Corporation
	Société du crédit agricole
	*11. Schedule I to the Act is amended by adding the following in alphabetical order under the heading ``Other Government Institutions'':*
	Farm Credit Canada
	Financement agricole Canada
R.S., c. F-8; 1995, c. 17, s. 45(1)	Federal-Provincial Fiscal Arrangements Act
	*12. Schedule I to the Federal-Provincial Fiscal Arrangements Act* is amended by striking out the following:**
	Farm Credit Corporation
	Société du crédit agricole
	13. Schedule I to the Act is amended by adding the following in alphabetical order:
	Farm Credit Canada
	Financement agricole Canada
R.S., c. F-11	Financial Administration Act
	*14. Part I of Schedule III to the Financial Administration Act* is amended by striking out the following:**
	Farm Credit Corporation
	Société du crédit agricole
	15. Part I of Schedule III to the Act is amended by adding the following in alphabetical order:
	Farm Credit Canada
	Financement agricole Canada
R.S., c. M-13; 2000, c. 8, s. 2	Payments in Lieu of Taxes Act
	*16. Schedule III to the Payment in Lieu of Taxes Act* is amended by striking out the following:**
	Farm Credit Corporation
	Société du crédit agricole
	17. Schedule III to the Act is amended by adding the following in alphabetical order:
	Farm Credit Canada
	Financement agricole Canada
R.S., c. P-21	Privacy Act
	*18. The schedule to the Privacy Act* is amended by striking out the following under the heading ``Other Government Institutions'':**
	Farm Credit Corporation
	Société du crédit agricole
	*19. The schedule to the Act is amended by adding the following in alphabetical order under the heading ``Other Government Institutions'':*
	Farm Credit Canada
	Financement agricole Canada

Bill C-25

BILL C-25