Agricultural Product Priority Claim (Banks) Regulations (SOR/2007-201)

Regulations are current to 2014-12-08 and last amended on 2007-10-01. Previous Versions

Agricultural Product Priority Claim (Banks) Regulations

SOR/2007-201

BANK ACT

Registration 2007-09-18

Agricultural Product Priority Claim (Banks) Regulations

P.C. 2007-1348 2007-09-18

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subparagraph 427(7)(b)(ii)Footnote a and section 978Footnote b of the Bank ActFootnote c, hereby makes the annexed Agricultural Product Priority Claim (Banks) Regulations.

PRESCRIBED AMOUNT

 For the purpose of subparagraph 427(7)(b)(ii) of the Bank Act, the prescribed amount is the amount determined by the formula

A × B

where

A 
is the value of the most recent annual Farm Product Price Index for Canada (the “annual Index”) published by Statistics Canada at the time the bankruptcy order or claim is made; and
B 
is equal to
  • (a) $1,322, if the annual Index has not been adjusted or re-established on a revised base after April 25, 2001, or

  • (b) for each adjustment or re-establishment of the annual Index on a revised base after April 25, 2001, the amount, rounded up to the nearest dollar, determined by the formula

    C × D/E

    where

    C 
    is, for the first adjustment or re-establishment, $1,322, and for each subsequent adjustment or re-establishment, the value that was determined for B for the previous adjustment or re-establishment,
    D 
    is the value of the most recent annual Index immediately before the adjustment or re-establishment, and
    E 
    is the value of the most recent annual Index immediately following the adjustment or re-establishment.

COMING INTO FORCE

 These Regulations come into force on October 1, 2007.