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

Marginal note:Debt obligations

• 12 (1) The Corporation may borrow money otherwise than from Her Majesty and is hereby authorized to so borrow by any means, including by the issuance and sale of bonds, debentures, investment certificates, notes and any other evidence of indebtedness of the Corporation.

• Marginal note:Loans to the Corporation

  (2) At the request of the Corporation, the Minister of Finance may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as that Minister may fix.

• Marginal note:Aggregate liabilities

  (3) The aggregate of

  • (a) the direct liabilities of the Corporation, including debt obligations issued by the Corporation, and

  • (b) the contingent liabilities of the Corporation, in the form of guarantees given by it,

  shall not, at any time, exceed twelve times the capital of the Corporation.

• Marginal note:Power of Governor in Council

  (4) The Governor in Council may, by order, increase the factor of twelve mentioned in subsection (3) to any factor that does not exceed fifteen.

• Marginal note:Dividends

  (5) The Corporation may pay to the Receiver General such dividends out of the retained earnings of the Corporation as the Board may declare.