Budget Implementation Act, 1997

Marginal note:Board of directors

• 9 (1) There shall be a board of directors of the foundation which shall supervise the management of the business and affairs of the foundation and, subject to the by-laws of the foundation, exercise all its powers.

• Marginal note:Appointment of directors

  (2) Subject to subsection (3), the board consists of

  • (a) a Chairperson of the board, who is resident in Canada, appointed by the Governor in Council on the recommendation of the Minister;

  • (b) five persons, who are resident in Canada, appointed by the Governor in Council on the recommendation of the Minister; and

  • (c) seven persons, who are resident in Canada and none of whom are employees or agents of Her Majesty in right of Canada or in right of a province or members of the Senate, the House of Commons or the legislature of a province, appointed by the members in accordance with the by-laws of the foundation.

• Marginal note:Initial organization

  (3) Where the Chairperson is appointed before directors are appointed under paragraph (2)(c), the Chairperson and such other directors, if any, as may have been appointed under paragraph (2)(b) constitute the board until directors are appointed under paragraph (2)(c) and may

  • (a) undertake the organization of the foundation including the appointment of officers and employees;

  • (b) make banking arrangements for the foundation;

  • (c) enact organizational by-laws for the foundation; and

  • (d) receive on behalf of the foundation any moneys paid to the foundation.

• Marginal note:Limitation on initial organization

  (4) Until directors are appointed under paragraph (2)(c), the board shall not make any grants from or out of the funds of the foundation or enter into any agreements or arrangements, or review any applications, for or in respect of grants to be made from or out of the funds of the foundation.

• Marginal note:Foundation not owned by Crown

  (5) The operation of the foundation under subsection (3) by the Chairperson and directors, if any, appointed under paragraph (2)(b) shall not, notwithstanding subsection 83(2) of the Financial Administration Act, result in the foundation being considered, for the purposes of Part X of that Act or for any other purpose, to be wholly owned directly by Her Majesty in right of Canada.