Canadian Wheat Board Act (R.S.C., 1985, c. C-24)

Marginal note:Body corporate

• 4. (1) The Corporation is a body corporate having capacity to contract in the name of the Corporation.

• Marginal note:Status

  (2) The Corporation is not an agent of Her Majesty and, despite Part X of the Financial Administration Act, is not a Crown corporation within the meaning of the Financial Administration Act. The directors, officers, clerks and employees of the Corporation are not part of the federal public administration.

• Marginal note:Legal proceedings

  (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.

Marginal note:Object

5. The Corporation is incorporated with the object of marketing in an orderly manner, in interprovincial and export trade, grain grown in Canada.

Marginal note:Powers

• 6. (1) The Corporation possesses the following powers:

  • (a) to buy, take delivery of, store, transfer, sell, ship or otherwise dispose of grain;

  • (b) to enter into contracts or agreements for the purchase, sale, handling, storage, transportation, disposition or insurance of grain;

  • (c) subject to the approval of the Minister of Finance, to enter into commercial banking arrangements;

  • (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;

  • (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

    • (i) the Government of Canada or of any province of Canada,

    • (ii) the government of a foreign country or of any province or state of that country, or

    • (iii) a financial institution whether in or outside Canada;

  • (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;

  • (c.3) to establish a contingency fund consisting of the amounts specified by the regulations, that may be used

    • (i) to guarantee adjustments to initial payments provided for in subparagraph 32(1)(b)(ii), or

    • (ii) to provide for potential losses from operations under section 33.01 or 39.1;

  • (c.4) to issue negotiable certificates in accordance with this Act;

  • (d) to acquire, hold and dispose of real and personal property, but the Corporation shall not acquire or dispose of any real property without the approval of the Governor in Council;

  • (e) to employ such technical, professional or other officers, clerks or employees as may be necessary for the conduct of its business;

  • (f) to establish branches or employ agents in Canada or elsewhere;

  • (g) to establish, utilize and employ such marketing agencies or facilities as it deems necessary for the purpose of its operations under this Act;

  • (h) to operate elevators, either directly or by means of agents, and subject to the Canada Grain Act, to pay such agents, commissions, storage and other charges, remuneration or compensation as may be agreed on with the approval of the Canadian Grain Commission;

  • (i) to authorize any officer or employee of the Corporation or any other person to act on behalf of the Corporation in the conduct of its operations under this Act;

  • (j) to act as agent for or on behalf of any minister or agent of Her Majesty in right of Canada in respect of any operations that it may be directed to carry out by the Governor in Council; and

  • (k) generally to do all such acts and things as may be necessary or incidental to carrying on its operations under this Act.

• Marginal note:Regulations

  (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).

• (3) [Not in force]

• Marginal note:Contingency fund balance

  (4) For greater certainty, the balance at any particular time of the contingency fund established under paragraph (1)(c.3) need not be positive.

• Marginal note:Property of the Corporation

  (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.