M-35 - Farm Products Marketing Act

Section 91.1 Disposition versions

1988-06-17

91.1. The Board may, by order,

(a)  prescribe that any person or group of persons buying, holding or receiving from a producer, directly or through an agent, a farm product that it determines, must be the holder of a certificate issued by the Board and establishing that he or it has deposited with the Board a security to guarantee his or its financial liability;

(b)  determine the amount of the security to be deposited and a method according to which this amount is to be adjusted to take into account the fluctuations in the amount of the transactions carried out by the person or group of persons contemplated in paragraph a;

(c)  determine the conditions to be fulfilled by any person or group of persons contemplated in paragraph a for the issue or renewal of the certificate as well as the information and documents that must be furnished;

(d)  determine the term of the certificate, its form and its content and fix a tariff of fees for the issue and renewal of the certificate;

(e)  establish the time when a producer’s claim becomes payable;

(f)  determine the conditions that a producer must fulfill to dispose of the security;

(g)  establish the procedure to be followed for the realization of the security.

If the amount of the security cannot adequately cover all existing claims or if the financial situation in the farming sector so justifies, the Board may determine pro rata the amount that can be paid to each creditor.

1988, c. 28, s. 2.