Fonds paa-3500 - Alberta Agricultural Development Corporation sous-fonds

Dates of Founding and/or Dissolution:;Alberta Agricultural Development Corporation was established in 1972. This corporation was in operation until 1993. Functional Responsibility:;In 1972, The Alberta Agricultural Development Corporation was designed to provide financial and educational assistance to improve the quality of Alberta rural life, help preserve the family farm and make rural centres viable entities. The corporation's function was to meet legitimate credit needs of Albertans involved in the agricultural industry, and who were unable to borrow from other sources on reasonable terms and conditions. The function later evolved to providing financial assistance to farmers and agricultural processors in the province. The Alberta Agricultural Development Corporation was incorporated with the Royal assent of the Agricultural Development Act, (S.A. Chapter 5, 1972). Predecessor and Successor Bodies:;In 1957 the Farm Purchase Credit Act, (S.A. Chapter 23, 1957), provided farmers with financial assistance with the purchase of economic farm units. The administration of the Farm Purchase Credit Act was transferred from the Treasury Department to the Department of Agriculture in 1957. Local Farm Purchase Boards were in existence from 1957 to 1960. In 1963 these local boards were replaced by the Alberta Farm Purchase Board, also known as Farm Credit, (S.A. Chapter 17, 1963). The local boards became known as Farm Purchase Advisory Committees and the main function was to process applications. The Alberta Agricultural Development Act rescinded the Alberta Farm Purchase Act and transferred all assets and liabilities to the Alberta Agricultural Development Corporation. The legislation also deemed that any reference to the Alberta Farm Purchase Board would be a reference to the Alberta Agricultural Development Corporation. The Farm Purchase Credit Board is not to be confused with The Farm Credit Stability Program implemented in 1986 to stabilize the cost of credit to Alberta farmers or the Farm Credit Corporation, which is a federal agency. In 1993 the Alberta Agricultural Development Corporation merged with the Alberta Hail and Crop Insurance Corporation and under new legislation formed the Agriculture Financial Services Corporation. Administrative Relationships:;The chairman of the board of directors for the Alberta Agricultural Development Corporation reported tot the Minister of Agriculture until 1986 and then began reporting to the Associate Minister of Agriculture. The corporation was funded by debentures issued to the Heritage Savings Trust Fund, which bore interest at current market rates at the time of issue. Operating expenses that included farm loan incentives, interest expense on debentures, salaries, and provisions for losses on doubtful accounts were offset by a contribution from the General Revenue Fund of the Province of Alberta. Administrative Structure:;For administrative purposes of the corporation, the province was divided into seven regions with a headquarters in charge of each. In the original enabling legislation the Minister of Agriculture appointed the board of directors for the corporation. The Minister could appoint no less than three persons as directors and not more then twelve. The act required that at least one-third of the directors were engaged in the business of farming. Names of the Corporate bodies:;The Alberta Agricultural Development Act made all reference to the Farm Purchase Board or Farm Credit to be that of Alberta Agricultural Development Corporation. Name of Chief Officers:;Lorne C. Ordze, 1973 to 1980, H. Ben McEwen, 1980 to 1981, J Harold Hanna, 1981 to 1986, Gloria M. Paquette, 1986 to 1988, Brian R. Heidecker, 1987 to 1988 (acting), Harold Thorton, 1988-1993.