Farm Income Protection Act

Marginal note:Revenue Insurance Fund

• 16 (1) Where an agreement provides for the establishment and administration by Canada of a revenue insurance program in respect of an agricultural product or class of agricultural products, there shall be established in the accounts of Canada an account, to be known as the Revenue Insurance Fund, in respect of that agricultural product or class.

• Marginal note:Balance of Stabilization Accounts credited

  (2) The Stabilization Account for a particular agricultural commodity established in the accounts of Canada by section 13.1 of the Agricultural Stabilization Act, as that section read immediately before the coming into force of this Act, is hereby continued, and any balance standing to the credit of the Stabilization Account for that commodity shall be transferred to the Revenue Insurance Fund for the equivalent agricultural product or class of agricultural products.

• Marginal note:Credits to Revenue Insurance Fund

  (3) There shall be paid into the Consolidated Revenue Fund and credited to the Revenue Insurance Fund established in respect of a particular revenue insurance program

  • (a) all amounts received by Her Majesty in right of Canada under an agreement in respect of the revenue insurance program as or on account of payments of premiums and interest; 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 payments made pursuant to that agreement.

• Marginal note:Amounts in Consolidated Revenue Fund to be credited to Revenue Insurance Fund

  (4) There shall be credited to a Revenue Insurance Fund and charged to the Consolidated Revenue Fund, at the times required by the agreement, an amount equal to Canada’s share of the premiums under the agreement to which that Revenue Insurance Fund relates, reduced in proportion to any unpaid portion of the share of the premiums payable by the provinces or by producers.

• Marginal note:Annual adjustment

  (5) The Minister of Finance shall, as of the end of each fiscal year, credit or charge to a Revenue Insurance Fund such amount as will adjust the aggregate amount that has been credited to the Fund for that fiscal year pursuant to subsection (4) to the aggregate amount that should have been credited to the Fund for that fiscal year pursuant to that subsection.

• Marginal note:Postponement of transfer of amounts

  (6) Notwithstanding subsections (4) and (5), 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 (7) 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

  (7) 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 Revenue Insurance Fund, and that interest shall be credited to the Revenue Insurance Fund and charged to the Consolidated Revenue Fund.

• Marginal note:Charges to Revenue Insurance Fund

  (8) There shall be paid out of the Consolidated Revenue Fund and charged to a Revenue Insurance Fund established in respect of a revenue insurance program all amounts paid under the agreement providing for that program.