An Act to amend the Farm Credit Corporation Act and to make consequential amendments to other Acts

Link to law: http://laws-lois.justice.gc.ca/eng/AnnualStatutes/2001_22/FullText.html

An Act to amend the Farm Credit Corporation Act and to make consequential amendments to other Acts

S.C. 2001, c. 22

Assented to 2001-06-14

An Act to amend the Farm Credit Corporation Act and to make consequential amendments to other Acts

SUMMARY

This enactment amends the Farm Credit Corporation Act by

(a) changing the name of the Corporation to Farm Credit Canada and making consequential amendments to other Acts and to regulations;

(b) providing that the primary focus of the Corporation is on farming operations, including family farms;

(c) authorizing the Corporation to provide business services, as well as financial services, and to provide loans and guarantees to businesses related to farming, as well as to farming operations, including family farms;

(d) extending the Corporation’s capabilities in the provision of financial services by means of the incorporation of subsidiaries, lease financing and equity financing, either directly or through arrangements with other persons or bodies;

(e) authorizing the Corporation to enter into agreements for the management of financial risk and to pledge securities or cash or give deposits as security for the performance of its obligations under those agreements; and

(f) making improvements in corporate governance by designating the President of the Corporation as its chief executive officer and by providing for the appointment of an acting Chairperson and an acting President.

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 Canada2. Section 1 of the Act is replaced by the following:

Marginal note: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:

Marginal note: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:

Marginal note: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.41) 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:

Marginal note: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.

Marginal note: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:

Marginal note: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):

Marginal note: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:

Marginal note: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.

Marginal note: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

Marginal note: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.

Marginal note: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.

Marginal note: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.

Marginal note: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-1Access 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-11Financial 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. 2Payments 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-21Privacy 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

R.S., c. P-36Public Service Superannuation Act

20. Part III of Schedule I to the Public Service Superannuation Act is amended by striking out the following:

Farm Credit Corporation

Société du crédit agricole

21. Part III of Schedule I to the Act is amended by adding the following in alphabetical order:

Farm Credit Canada

Financement agricole Canada

Regulations and other Instruments

Marginal note:References in regulations, etc.

22. Every reference to “Farm Credit Corporation” is replaced by a reference to “Farm Credit Canada”, and every reference to “Société du crédit agricole” or “Société de crédit agricole” is replaced by a reference to “Financement agricole Canada”, with any grammatical modifications or changes in order that are required, in regulations, as defined in section 2 of the Statutory Instruments Act, and in any other instrument made in the execution of a power conferred by or under an Act of Parliament or by or under the authority of the Governor in Council, and more particularly in the following provisions with the changes indicated:

(a) section 7100 of the Income Tax Regulations, with the French version of that reference being placed in alphabetical order;

(b) paragraph 8604(u) of the Income Tax Regulations;

(c) the schedule to the Designation of Certain Portions of the Public Service Order, with the French version of that reference being placed in alphabetical order;

(d) Schedule I to the Public Service Superannuation Regulations, with the French version of that reference being placed in alphabetical order;

(e) item 39 of the schedule to the English version of the Access to Information Act Heads of Government Institutions Designation Order;

(f) item 100 of the schedule to the French version of the Access to Information Act Heads of Government Institutions Designation Order, with that item being renumbered and placed as item 75.1;

(g) item 42 of the schedule to the English version of the Privacy Act Heads of Government Institutions Designation Order;

(h) item 105 of the schedule to the French version of the Privacy Act Heads of Government Institutions Designation Order, with that item being renumbered and placed as item 79.1;

(i) item 43 of the schedule to the English version of the Canadian Security Intelligence Service Act Deputy Heads of the Public Service of Canada Order, made by Order in Council P.C. 1993-1073 of May 25, 1993 and registered as SI/93-81;

(j) item 104 of the schedule to the French version of the Canadian Security Intelligence Service Act Deputy Heads of the Public Service of Canada Order, made by Order in Council P.C. 1993-1073 of May 25, 1993 and registered as SI/93-81, with that item being renumbered and placed as item 75.1; and

(k) paragraph 13(c) of the Crown Corporation General Regulations, 1995.
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