Farm Credit Canada Act (S.C. 1993, c. 14)

Marginal note:Debt obligations

• 12 (1) The Corporation may borrow money otherwise than from Her Majesty and is hereby authorized to so borrow by any means, including by the issuance and sale of bonds, debentures, investment certificates, notes and any other evidence of indebtedness of the Corporation.

• Marginal note:Loans to the Corporation

  (2) At the request of the Corporation, the Minister of Finance may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as that Minister may fix.

• Marginal note:Aggregate liabilities

  (3) The aggregate of

  • (a) the direct liabilities of the Corporation, including debt obligations issued by the Corporation, and

  • (b) the contingent liabilities of the Corporation, in the form of guarantees given by it,

  shall not, at any time, exceed twelve times the capital of the Corporation.

• Marginal note:Power of Governor in Council

  (4) The Governor in Council may, by order, increase the factor of twelve mentioned in subsection (3) to any factor that does not exceed fifteen.

• Marginal note:Dividends

  (5) The Corporation may pay to the Receiver General such dividends out of the retained earnings of the Corporation as the Board may declare.

Marginal note:Investments

13 The Corporation may invest any money administered by it

• (a) in debentures, bonds, stocks, bankers’ acceptances or other securities of or guaranteed by the government of Canada or of a province or by any member of the Canadian Payments Association; or

• (b) in any other manner that may be approved by the Minister of Finance.

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.

Marginal note:Fiscal year

15 Notwithstanding section 121 of the Financial Administration Act, the fiscal year of the Corporation is the period of twelve months beginning on April 1 and ending on the next March 31, unless the Governor in Council directs otherwise.

Marginal note:Debts due to Her Majesty

• 16 (1) All amounts due to the Corporation are debts due to Her Majesty and recoverable as such in the Federal Court or any other court of competent jurisdiction or in any other manner provided for by law.

• Marginal note:Appropriate Minister

  (2) For the purposes of subsection 155(1) of the Financial Administration Act, the “appropriate Minister responsible for the recovery or collection of the amount of the indebtedness” within the meaning of that subsection, in respect of debts due to the Corporation, is the Minister of Agriculture and Agri-Food.

Repeals and Transitional

17 [Repeal]

Marginal note:Repeal of R.S., c. F-5

• 18 (1) The Farm Syndicates Credit Act is repealed.

• Marginal note:Transitional

  (2) Until such time as all advances made to the Corporation under the Farm Syndicates Credit Act are repaid by the Corporation or otherwise forgiven or written off, the special account referred to in subsection 8(1) of that Act remains open.