The BC Milk Board recently conducted an in-depth review of the going concern transfer policy.
The review brought awareness to quota registration policies and the accuracy of documents relating to corporations, specifically the Central Securities Registration (CSR) and the Register of Directors. The Central Securities Register (CSR) is the shareholder registry, and the Register of Directors (ROD) identifies the President who is the authorized signatory for the IRMA
The Board requires notification on ANY changes to these documents one month prior to any change. (BCMMB C.O. Section 17)
To assure the registration of all quota in a corporate structure is compliant with the consolidated order, the Milk Board has amended the registration of quota requirements and has applied a fee for legal review on all going concerns and farm sale transactions Amending Order 9 – Consolidated Order – June 2020 – Quota Registration – Review Change. The legal review will provide the Board with a deeper understanding of any complicated ownership structures allowing the Board to ensure compliance with the consolidated order.
In addition to the changes in the consolidated order, the Board has also directed the quota officer to conduct a continuous review of producer files to ensure their accuracy. Each year, 20% of producers who have quota registered in a corporation will be contacted for current CSR and Register of Director documents. Producers are encouraged to cooperate with the quota team and provide documents in a timely manner. Any discrepancy’s that result in non-compliance with the consolidated order may result in the suspension of the offending producer’s licence and quota for such time as the Board may determine.
All changes are effective August 1, 2021.