Marginal note:Winding-up expenses

50. All charges, costs and expenses properly incurred in the winding-up of the Corporation, including the remuneration of any liquidator appointed under section 52, are payable out of the assets of the Corporation, in priority to all other claims.

Marginal note:Surplus

• 51. (1) Any surplus that remains after the satisfaction of the debts and liabilities of the Corporation and the winding-up charges, costs and expenses belongs to Her Majesty in right of Canada.

• Marginal note:Unsatisfied debts and liabilities

  (2) Any debts and liabilities of the Corporation that remain unsatisfied on the day on which the Corporation is dissolved become the debts and liabilities of Her Majesty in right of Canada.

Marginal note:Appointment

52. If the Minister considers it necessary to fully carry out the purpose of this Part, the Minister may appoint a liquidator, who is to hold office during pleasure, to administer the final pool period and wind up the Corporation.

Marginal note:Powers, duties and functions

53. On appointment of a liquidator,

• (a) the president, chairperson and other directors cease to hold their respective offices and the liquidator may exercise all of the powers and perform all the duties and functions of the Corporation; and

• (b) the by-laws made under section 9 of the Canadian Wheat Board (Interim Operations) Act are deemed to be revoked.

Marginal note:Refusal to honour

54. The liquidator may refuse to honour any gratuitous contract, or conveyance or contract without consideration or with a merely nominal consideration, respecting either real or personal property or immovables or movables, made by the Corporation before the appointment of the liquidator.

Marginal note:Dissolution

55. The Corporation is dissolved on a day fixed by order of the Governor in Council.

Marginal note:Application of Part

56. This Part applies when the Corporation is continued under Part 3 or dissolved under Part 4.

Marginal note:Library and Archives of Canada Act

57. Despite sections 58 and 63, the Library and Archives of Canada Act continues to apply to the Corporation but only in respect of government records, as defined in that Act, that were under the control of the Corporation on the day before the day on which this Part applies.