Distribution of Assets

Marginal note:Distribution of property

• 48. (1) The property of the Corporation is to be applied in satisfaction of its debts and liabilities, and the charges, costs and expenses incurred in winding-up its affairs.

• Marginal note:Clarification

  (2) For greater certainty, the contingency fund established under subsection 18(1) of the Canadian Wheat Board (Interim Operations) Act forms part of the property of the Corporation.

Marginal note:Deadline for claims

• 49. (1) The Minister may fix a date by which all claims against the Corporation are to be submitted to the Corporation and must publish a notice of that date in the Canada Gazette at least 60 days before that date.

• Marginal note:Failure to submit

  (2) Any claim against the Corporation that is not submitted in accordance with subsection (1) is void.

Marginal note:Winding-up expenses

50. All charges, costs and expenses properly incurred in the winding-up of the Corporation, including the remuneration of any liquidator appointed under section 52, are payable out of the assets of the Corporation, in priority to all other claims.

Marginal note:Surplus

• 51. (1) Any surplus that remains after the satisfaction of the debts and liabilities of the Corporation and the winding-up charges, costs and expenses belongs to Her Majesty in right of Canada.

• Marginal note:Unsatisfied debts and liabilities

  (2) Any debts and liabilities of the Corporation that remain unsatisfied on the day on which the Corporation is dissolved become the debts and liabilities of Her Majesty in right of Canada.

Appointment of Liquidator

Marginal note:Appointment

52. If the Minister considers it necessary to fully carry out the purpose of this Part, the Minister may appoint a liquidator, who is to hold office during pleasure, to administer the final pool period and wind up the Corporation.

Marginal note:Powers, duties and functions

53. On appointment of a liquidator,

• (a) the president, chairperson and other directors cease to hold their respective offices and the liquidator may exercise all of the powers and perform all the duties and functions of the Corporation; and

• (b) the by-laws made under section 9 of the Canadian Wheat Board (Interim Operations) Act are deemed to be revoked.

Marginal note:Refusal to honour

54. The liquidator may refuse to honour any gratuitous contract, or conveyance or contract without consideration or with a merely nominal consideration, respecting either real or personal property or immovables or movables, made by the Corporation before the appointment of the liquidator.

Dissolution Date

Marginal note:Dissolution

55. The Corporation is dissolved on a day fixed by order of the Governor in Council.

PART 5REPEAL OF THE CANADIAN WHEAT BOARD (INTERIM OPERATIONS) ACT

Application

Marginal note:Application of Part

56. This Part applies when the Corporation is continued under Part 3 or dissolved under Part 4.

Transitional Provision

Marginal note:Library and Archives of Canada Act

57. Despite sections 58 and 63, the Library and Archives of Canada Act continues to apply to the Corporation but only in respect of government records, as defined in that Act, that were under the control of the Corporation on the day before the day on which this Part applies.

Consequential Amendments

R.S., c. A-1Access to Information Act

Marginal note:2006, c. 9, s. 165

58. Schedule 1 to the Access to Information Act is amended by striking out the following under the heading “OTHER GOVERNMENT INSTITUTIONS”:

R.S., c. G-10Canada Grain Act

59. Section 55 of the Canada Grain Act is amended by adding the following after subsection (1):

1996, c. 10Canada Transportation Act

Marginal note:2000, c. 16, s. 9(3)

60. The definition “government hopper car” in section 147 of the Canada Transportation Act is replaced by the following:

R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act

61. Schedule 1 to the Federal-Provincial Fiscal Arrangements Act is amended by striking out the following:

R.S., c. M-13; 2000, c. 8, s. 2Payments in Lieu of Taxes Act

62. Schedule III to the Payments in Lieu of Taxes Act is amended by striking out the following:

R.S., c. P-21Privacy Act

63. The schedule to the Privacy Act is amended by striking out the following under the heading “OTHER GOVERNMENT INSTITUTIONS”:

Repeal

Marginal note:Repeal

64. The Canadian Wheat Board (Interim Operations) Act is repealed.