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Farm Income Protection Act

Version of section 8 from 2002-12-31 to 2007-12-13:


Marginal note:Additional elements respecting net income stabilization account programs

  •  (1) An agreement that provides for the establishment of a net income stabilization account program shall, in addition to the required elements referred to in subsection 5(1), provide for

    • (a) the eligible net sales, eligible production costs, gross margin and maximum eligible net sales, or the methods of determining the sales, costs and margin, that enable a producer to participate in the program;

    • (b) subject to subsection (2), the manner in which an account for each producer is to be established and the procedure for making deposits to and withdrawals from the account;

    • (c) the maximum balance of any such account;

    • (d) the maximum annual contribution of a producer; and

    • (e) the manner of determining the contribution to be made by Canada and the provinces, including any interest and bonus in respect of each producer’s account.

  • Marginal note:Division of account into two funds

    (2) The account for each producer participating in a net income stabilization program shall be composed of

    • (a) Fund No. 1, to which shall be credited all amounts paid by the producer in respect of the program; and

    • (b) Fund No. 2, to which shall be credited all other amounts paid in respect of that producer as or on account of contributions, interest and bonuses.

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