CONSTITUTION OF THE BANK
Marginal note:Bank constituted
3. (1) There is hereby established a bank to be called the Bank of Canada.
Marginal note:Body corporate
(2) The Bank is a body corporate.
- R.S., c. B-2, s. 3.
Marginal note:Head office
4. (1) The head office of the Bank shall be in the city of Ottawa.
Marginal note:Branches and agencies
(2) The Bank may establish branches and agencies and appoint agents or mandataries in Canada and may also, with the approval of the Governor in Council, establish branches and appoint agents or mandataries elsewhere than in Canada.
- R.S., 1985, c. B-2, s. 4;
- 2004, c. 25, s. 5(E).
Marginal note:Board of Directors
5. (1) The Bank shall be under the management of a Board of Directors composed of a Governor, a Deputy Governor and twelve directors appointed in accordance with this Act.
Marginal note:Deputy Minister of Finance to be member of Board
(2) In addition to the members of the Board as constituted by subsection (1), the Deputy Minister of Finance or, if he or she is absent or unable to act or the office is vacant, such other officer of the Department of Finance as the Minister may nominate, is a member of the Board but does not have the right to vote.
- R.S., 1985, c. B-2, s. 5;
- 2001, c. 9, s. 186(E).
Marginal note:Governor and Deputy Governor
6. (1) The Governor and Deputy Governor shall be appointed by the directors with the approval of the Governor in Council.
(2) The Governor and Deputy Governor shall be persons of proven financial experience and shall devote the whole of their time to the duties of their offices under this Act or any other Act of Parliament.
Marginal note:Tenure and remuneration
(3) The Governor and Deputy Governor
(a) shall each be appointed for a term of seven years during good behaviour;
(b) are eligible for re-appointment on the expiration of their terms of office; and
(c) subject to the approval of the Governor in Council, shall be paid such salaries as the directors determine, but no such remuneration shall be in the form of a commission or be computed by reference to the income or profits of the Bank.
(4) No person is eligible to be appointed or to continue as Governor or Deputy Governor who
(a) is not a Canadian citizen;
(b) is a member of the Senate or House of Commons or a member of a provincial legislature;
(c) is employed in any capacity in the federal public administration or the public service of a province or holds any office or position for which any salary or other remuneration is payable out of public moneys; or
(d) except as authorized by or under any Act of Parliament, is a director, partner, officer, employee or shareholder of
(i) a member of the Canadian Payments Association,
(ii) a clearing house or participant, as defined in section 2 of the Payment Clearing and Settlement Act,
(iii) an investment dealer that acts as a primary distributor of new Government of Canada securities, or
(iv) an institution that controls or is controlled by an institution referred to in any of subparagraphs (i) to (iii).
(e) [Repealed, 2007, c. 6, s. 392]
Marginal note:Prohibitions — federal credit union
(5) Neither the Governor nor the Deputy Governor shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
- R.S., 1985, c. B-2, s. 6;
- 1997, c. 15, s. 94;
- 2001, c. 9, s. 187;
- 2003, c. 22, s. 93(E);
- 2007, c. 6, s. 392;
- 2010, c. 12, s. 2110.
- Date modified: