Farm Income Protection Act

Marginal note:Establishment

• 15 (1) If an agreement that provides for the establishment and administration by the Government of Canada of a net income stabilization account program in respect of an agricultural product or class of agricultural products indicates that the accounts of producers participating in the program are to be in the accounts of Canada, there shall be established in the accounts of Canada a Net Income Stabilization Account.

• Marginal note:Credits to Net Income Stabilization Account

  (2) There shall be paid into the Consolidated Revenue Fund and credited to a Net Income Stabilization Account separately in respect of each producer participating in a net income stabilization account program established under an agreement

  • (a) all amounts received by Her Majesty in right of Canada under the agreement in respect of that producer as or on account of payments of contributions, interest and bonuses; and

  • (b) all amounts returned or recovered pursuant to that agreement or section 155 of the Financial Administration Act as or on account of repayments of stabilization payments made pursuant to that agreement.

• Marginal note:Amounts in Consolidated Revenue Fund to be credited to Net Income Stabilization Account

  (3) There shall be credited to a Net Income Stabilization Account and charged to the Consolidated Revenue Fund, at the times required by the agreement, an amount equal to Canada’s share of the contributions, interest and bonuses under the agreement to which that Account relates.

• Marginal note:Annual adjustment

  (4) The Minister of Finance shall, as of the end of each fiscal year, credit or charge to a Net Income Stabilization Account such amount as will adjust the aggregate amount that has been credited to the Account for that fiscal year pursuant to subsection (3) to the aggregate amount that should have been credited to the Account for that fiscal year pursuant to that subsection.

• Marginal note:Postponement of transfer of amounts

  (5) Notwithstanding subsections (3) and (4), the Minister of Finance may credit and charge the amounts to be credited and charged pursuant to those subsections, together with interest authorized under subsection (6) as if the amounts were credited and charged at the times referred to in those subsections, at such later time as the Minister of Finance may fix.

• Marginal note:Interest

  (6) The Minister of Finance may authorize, in accordance with such terms and conditions and at such rates as the Minister of Finance may fix, after considering any advice furnished by the Minister, the payment of interest on the amount standing to the credit of a Net Income Stabilization Account, and that interest shall be credited to the Net Income Stabilization Account and charged to the Consolidated Revenue Fund.

• Marginal note:Charges to Net Income Stabilization Accounts

  (7) Subject to paragraph 8(1)(b), there shall be paid out of the Consolidated Revenue Fund and charged to a Net Income Stabilization Account, separately in respect of each producer participating in the net income stabilization account program, all amounts paid under the agreement providing for that program in respect of that producer.