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

Act current to 2016-04-12 and last amended on 2006-12-12. Previous Versions

Farm Credit Canada Act

S.C. 1993, c. 14

Assented to 1993-04-02

An Act respecting Farm Credit Canada

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Farm Credit Canada Act.

  • 1993, c. 14, s. 1;
  • 2001, c. 22, s. 2.

Interpretation

Marginal note:Definitions

 In this Act,

Board

conseil

Board means the Board of Directors of the Corporation; (conseil)

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; (entreprise liée à l’agriculture)

Chairperson

Version anglaise seulement

Chairperson means the Chairperson of the Board appointed under subsection 7(1); (Version anglaise seulement)

Corporation

Société

Corporation means Farm Credit Canada continued by subsection 3(1); (Société)

director

Version anglaise seulement

director means a member of the Board; (Version anglaise seulement)

farming

agriculture

farming includes livestock raising, bee-keeping, dairying, fruit growing, tillage of the soil and any other husbandry activity that the Corporation determines, under subsection 4(3), to be farming for the purposes of this definition; (agriculture)

President

Version anglaise seulement

President means the President of the Corporation appointed under subsection 7(1); (Version anglaise seulement)

subsidiary

filiale

subsidiary has the same meaning as in subsection 83(6) of the Financial Administration Act. (filiale)

  • 1993, c. 14, s. 2;
  • 2001, c. 22, s. 3.

Corporation Continued

Marginal note:Corporation continued
  •  (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.

  • Marginal note:Head office

    (2) The head office of the Corporation shall be at Regina or at such other place in Canada as the Governor in Council may, by order, determine.

  • Marginal note:Agent of Her Majesty

    (3) The Corporation is an agent of Her Majesty in right of Canada.

  • 1993, c. 14, s. 3;
  • 2001, c. 22, s. 4.

Purpose, Capacity and Powers

Marginal note:Purpose
  •  (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.

  • Marginal note:Powers

    (2) In carrying out its purpose, the Corporation has the power to

    • (a) make loans or guarantee loans made to persons or bodies for the following purposes, namely,

      • (i) to acquire, develop or improve farm lands and buildings, or personal property used or to be used in a farming operation,

      • (ii) to discharge liabilities or consolidate debts,

      • (iii) to pay costs associated with carrying on a farming operation or a business related to farming,

      • (iv) to assist in the development of a diversified enterprise on farm lands and buildings, and

      • (v) to acquire, develop or improve real or personal property used or to be used in a business related to farming;

    • (b) acquire and hold security interests of any kind and in any form for loans made, guarantees given or agreements entered into;

    • (c) acquire, by judicial proceedings or in any other manner, any interest in security acquired or held by it, and hold, exchange, lease, sell or otherwise dispose of any such interest;

    • (d) acquire and hold, exchange, lease, sell or otherwise dispose of any interest in real and personal property for use in the management of its business;

    • (e) enter into agreements with any department or agency of the government of Canada or of a province, or with any other person or body;

    • (f) provide specialized counselling services;

    • (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 investments in farming operations or in businesses related to farming, including shares of corporations that carry on those operations or businesses, 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;

    • (g) determine and charge interest on loans made by it and fees for guarantees given and services provided by it;

    • (h) carry out such other duties or functions as may be assigned to it by the Minister of Agriculture and Agri-Food in relation to the administration of any program benefiting rural Canada, or as are assigned to it pursuant to any other Act, to the extent that it is able to recover the costs of carrying out those duties or functions; and

    • (i) do such other things as it considers are incidental to the exercise of its powers.

  • Marginal note:Idem

    (3) The Corporation may, in writing, determine which husbandry activities, other than those mentioned in the definition "farming" in section 2, constitute farming for the purposes of that definition.

  • Marginal note:Capacity

    (4) In carrying out its powers, the Corporation has the capacity of a natural person.

  • 1993, c. 14, s. 4;
  • 1994, c. 38, s. 25;
  • 2001, c. 22, s. 5;
  • 2003, c. 15, s. 41.

Corporate Organization

Board of Directors

Marginal note:Composition
  •  (1) The Corporation shall consist of a Board of Directors comprising a Chairperson, a President and not fewer than three nor more than ten other directors.

  • Marginal note:Appointment

    (2) The directors, other than the Chairperson and the President, shall be appointed by the Minister of Agriculture and Agri-Food, with the approval of the Governor in Council, for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

  • Marginal note:Acting directors

    (3) The Governor in Council may appoint one or more persons to act as a director in the event that any director is absent or unable to act.

  • Marginal note:Reappointment

    (4) A director whose term of office has expired is eligible for reappointment to the Board in the same or another capacity.

  • Marginal note:Incumbent director

    (5) Notwithstanding subsection (2), if a director is not appointed to take office on the expiration of the term of an incumbent director, the incumbent director continues in office until that director is reappointed or until a successor is appointed.

  • 1993, c. 14, s. 5;
  • 1994, c. 38, s. 25;
  • 2006, c. 9, s. 255.
 
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