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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is repealed.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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(c) subject to the approval of the Minister of
Finance, to enter into commercial banking
arrangements;
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(c.01) subject to section 19, to borrow
money by any means, including the issuing,
reissuing, selling and pledging of bonds,
debentures, notes and other evidences of
indebtedness of the Corporation;
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(c.1) subject to the approval of the Minister
of Finance, to invest moneys of the
Corporation in bonds, debentures, notes or
other evidences of indebtedness of or
guaranteed by
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(i) the Government of Canada or of any
province of Canada,
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(ii) the government of a foreign country
or of any province or state of that country,
or
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(iii) a financial institution whether in or
outside Canada;
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(c.2) in the course of its operations, to enter
into and deal with any contracts and
transactions that the Corporation considers
necessary for risk management purposes,
including options, futures contracts,
forward contracts and currency, commodity
and interest rate swaps;
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(c.3) to establish a contingency fund
consisting of the amounts specified by the
regulations, that may be used
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(i) to guarantee adjustments to initial
payments provided for in subparagraph
32(1)(b)(ii), or
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(ii) to provide for potential losses from
operations under section 33.01 or 39.1;
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(c.4) to issue negotiable certificates in
accordance with this Act;
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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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(a) as a result of the payment of the sum
certain per tonne fixed under subparagraph
32(1)(b)(i) at the beginning of any pool
period fixed under Part III, or
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(b) from its operations under Parts I, II, IV
and VI of this Act during any crop year,
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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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| 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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| 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
|
(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
|
(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
|
(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
|
(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
|
(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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(a) make loans or advances to the
Corporation; or
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(b) guarantee payment with interest of
amounts owing to the Corporation in
respect of the sale of grain on credit.
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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
|
(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
|
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
|
(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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(h.1) exempt any elevator from the
provisions of this Part, in whole or in part,
either generally or for a specified period or
otherwise;
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16. Subsection 29(1) of the Act is replaced
by the following:
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| Inquiries
|
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
|
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)
|
18. (1) Paragraphs 32(1)(a) and (b) of the
Act are replaced by the following:
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(a) buy all wheat produced in the designated
area and offered by a producer for sale and
delivery to the Corporation at an elevator, in
a railway car or at any other place in
accordance with this Act and the
regulations and orders of the Corporation;
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(b) pay to producers selling and delivering
wheat produced in the designated area to
the Corporation, at the time of delivery or at
any time afterwards that may be agreed on,
a sum certain per tonne basis in storage at a
pooling point to be fixed
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(i) initially, at the beginning of the pool
period
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(A) by regulation of the Governor in
Council in respect of wheat of a base
grade to be prescribed in the
regulations, or
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(B) by order of the Corporation, with
the approval of the Governor in
Council, in respect of each other grade
of wheat, and
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(ii) from time to time afterwards, by
order of the Corporation;
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(2) Paragraphs 32(1)(c) and (d) of the Act
are replaced by the following:
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(c) if, under paragraph (b), the sum certain
payable to producers in respect of wheat of
any grade is increased during a pool period,
pay to the holder of a certificate that is
referred to in paragraph (d) the amount of
the increase in respect of each tonne of
wheat of that grade produced in the
designated area and sold and delivered to
the Corporation during the pool period
before the day on which the increase
becomes effective; and
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(d) issue to a producer, who sells and
delivers wheat produced in the designated
area to the Corporation, a certificate
indicating the number of tonnes purchased
and delivered and the grade of the wheat,
which certificate entitles the holder to share
in the equitable distribution of the surplus,
if any, arising from the operations of the
Corporation with regard to the wheat
produced in the designated area sold and
delivered to the Corporation during the
same pool period.
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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
|
(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
|
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
|
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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(i) the remuneration and allowances of
the officers, clerks and employees of the
Corporation,
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(i.1) the remuneration and expenses of
the directors of the Corporation,
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(i.2) the costs of an election of directors
of the Corporation in accordance with
sections 3.06 to 3.08,
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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).
|
|
| R.S., c. 38
(4th Supp.),
s. 8; 1994, c.
39, s. 1;
1995, c. 31,
s. 3
|
(4) Subsections 33(1.1) to (5) of the Act
are replaced by the following:
|
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| Additional
payment
|
(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
|
(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
|
(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
|
(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
|
(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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| Early
payment
|
33.01 (1) The Corporation may, in
accordance with this section, pay to holders of
certificates issued by the Corporation under
this Part who apply for such a payment, an
amount instead of the amount that would be
distributed under paragraph 32(1)(c) or
section 33.
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