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.
A × B
- 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
- 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
- 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,
- is the value of the most recent annual Index immediately before the adjustment or re-establishment, and
- is the value of the most recent annual Index immediately following the adjustment or re-establishment.
Coming into Force
2 These Regulations come into force on October 1, 2007.
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