AMENDMENTS NOT IN FORCE
— 2012, c. 31, s. 361
1994, c. 45, s. 10; 2001, c. 4, s. 88(E)
361 Subsections 45(1) and (2) of the Act are replaced by the following:
Issue of licences — elevator operators and grain dealers
45 (1) If a person who proposes to operate an elevator or to carry on business as a grain dealer applies in writing to the Commission for a licence and the Commission is satisfied that the applicant and the elevator, if any, meet the requirements of this Act and any conditions that the Commission may specify, the Commission may issue to the applicant the licence of a class or subclass determined by the Commission to be appropriate to the type of operation of that elevator or the business of that grain dealer.
— 2012, c. 31, s. 362
362 The Act is amended by adding the following after section 45:
45.1 (1) Unless exempted by regulation or by order of the Commission, a licensee shall obtain any prescribed security for the purpose of covering the licensee’s potential obligations for the payment of money or the delivery of grain to holders of cash purchase tickets, elevator receipts or grain receipts issued under this Act and shall maintain that security for as long as they are a licensee.
Proof of security
(2) The licensee shall, on request, provide the Commission with proof of that security.
45.2 The Commission may enter into agreements with third parties in respect of any prescribed security.
— 2012, c. 31, s. 363
1994, c. 45, s. 10
1994, c. 45, s. 10
(2) Subsection 46(2) of the Act is replaced by the following:
Refusal to issue grain dealer’s licence
(2) The Commission may refuse to issue a grain dealer’s licence if the applicant has not obtained security as required by subsection 45.1(1).
— 2012, c. 31, s. 364
R.S., c. 37 (4th Supp.), s. 17(1); 1994, c. 45, s. 12; 1998, c. 22, s. 6(3) and par. 25(b)(F)
364 Section 49 of the Act is replaced by the following:
49 (1) If the Commission has reason to believe that any security obtained by a licensee under this Act is not sufficient, the Commission may, by order, require the licensee to obtain, within any period that the Commission considers reasonable, any additional security that it considers is sufficient.
Limitation — prescribed percentage
(2) Despite any other provision of this Act, the Commission may prescribe by regulation the percentage of the value of a cash purchase ticket, an elevator receipt or a grain receipt that may be realized or enforced against security obtained by a licensee, and the security may be realized or enforced in relation to the cash purchase ticket, elevator receipt or grain receipt only to the extent of the prescribed percentage.
Interpretation — failure to meet payment obligations
(3) If the failure on the part of a licensee to meet the licensee’s payment obligations is a result of their giving to the producer a cash purchase ticket or other bill of exchange that the bank or other financial institution on which it is drawn subsequently refuses to honour, that failure occurs when the cash purchase ticket or other bill of exchange is given to the producer.
— 2014, c. 8, ss. 14(1), (2)
1998, c. 22
14 (1) In this section, “other Act” means An Act to amend the Canada Grain Act and the Agriculture and Agri-Food Administrative Monetary Penalties Act and to repeal the Grain Futures Act, chapter 22 of the Statutes of Canada, 1998.
(2) If section 4 of this Act comes into force before section 21 of the other Act, then, on the day on which that section 21 comes into force, subsection 95(1) of the Canada Grain Act is amended by adding the following after paragraph (a):
(a.1) the licensee has failed to comply with an arbitrator’s decision made under section 92.1;
- Date modified: