AI-assisted research summary: The regulations set the prescribed amount for the relevant Bank Act priority claim and state that the regulations start on October 1, 2007.
Agricultural Product Priority Claim (Banks) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subparagraph 427(7)(b)(ii)a and section 978b of the Bank Actc, hereby makes the annexed Agricultural Product Priority Claim (Banks) Regulations. S.C. 1997, c. 15, s. 47(1) S.C. 2005, c. 54, s. 135 S.C. 1991, c. 46 For the purpose of subparagraph 427(7)(b)(ii) of the Bank Act, the prescribed amount is the amount determined by the formula is the value of the most recent annual Farm Product Price Index for Canada (the “annual Index”) published by Statistics Canada at the time the bankruptcy order or claim is made; and is equal to (a)$1,322, if the annual Index has not been adjusted or re-established on a revised base after April 25, 2001, or $1,322, if the annual Index has not been adjusted or re-established on a revised base after April 25, 2001, or (b)for each adjustment or re-establishment of the annual Index on a revised base after April 25, 2001, the amount, rounded up to the nearest dollar, determined by the formulaC × D/EwhereCis, for the first adjustment or re-establishment, $1,322, and for each subsequent adjustment or re-establishment, the value that was determined for B for the previous adjustment or re-establishment,Dis the value of the most recent annual Index immediately before the adjustment or re-establishment, andEis the value of the most recent annual Index immediately following the adjustment or re-establishment. for each adjustment or re-establishment of the annual Index on a revised base after April 25, 2001, the amount, rounded up to the nearest dollar, determined by the formula is, for the first adjustment or re-establishment, $1,322, and for each subsequent adjustment or re-establishment, the value that was determined for B for the previous adjustment or re-establishment, is the value of the most recent annual Index immediately before the adjustment or re-establishment, and is the value of the most recent annual Index immediately following the adjustment or re-establishment. These Regulations come into force on October 1, 2007.