Farm Income Protection Act — F-3.3 15.1
Agreement with financial institutions 15.1 (1) If an agreement that provides for the establishment 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 financial institutions, the Minister may enter into an agreement with one or more financial institutions to provide for their holding of Net Income Stabilization Accounts of producers participating in the program. Contents — terms and conditions (2) An agreement with a financial institution must set the terms and conditions required for the holding of Net Income Stabilization Accounts including, but not limited to, the prescribed terms and conditions and the following terms and conditions: (a) the financial institution may hold only one Net Income Stabilization Account in respect of any particular producer; and (b) the financial institution may permit withdrawals to be made from a Net Income Stabilization Account only as provided for in the agreement. Contents — additional provisions (3) In addition to the terms and conditions required by subsection (2), an agreement with a financial institution must provide for (a) the nature of the investments that may be held in a Net Income Stabilization Account; (b) the account transactions that the financial institution must perform in accordance with the agreement; (c) the information that must be submitted to the Minister by the financial institution in the periods specified in the agreement; (d) the Minister’s right of access to and right to audit any records held by the financial institution that contain information relating to the Net Income Stabilization Accounts held by it and the manner in which those rights are to be exercised; (e) the penalties that may be imposed if the financial institution does not comply with the agreement; (f) the terms and conditions respecting the amendment, termination or expiry of the agreement; and (g) the manner of transferring Net Income Stabilization Accounts held by the financial institution on the termination or expiry of the agreement. Limit of one Account (4) A particular producer may hold only one Net Income Stabilization Account at financial institutions at any time in respect of the program to which the Account relates. Payments to Her Majesty (5) A financial institution that holds a Net Income Stabilization Account of a particular producer shall, on the direction of the Minister, pay from the Account to Her Majesty in right of Canada or in right of a province (a) any amount that is owing by the producer in respect of amounts paid into the Account in excess of the producer’s entitlement under the program to which the Account relates or any other program established under this Act; (b) any administrative fees or penalties under the program to which the Account relates or any other program in respect of which amounts were paid into the Account; or (c) all or part of any other amount that is owing by the producer to Her Majesty. No assignments, etc. (6) Except for the purposes of the Agricultural Marketing Programs Act , an amount in a Net Income Stabilization Account of a producer may not be assigned or given as security, and any transaction that purports to do so is void to that extent. Exemption from attachment, etc. (7) An amount in a Net Income Stabilization Account of a producer is exempt from attachment, seizure and execution, except in the case of a producer who has the status of a bankrupt, or if the attachment, seizure or execution is for the purpose of satisfying the provisions of an agreement or court order relating to separation or divorce that provides for the division of the Account into separate Net Income Stabilization Accounts. 2007, c. 35, s. 159