Budget Implementation Act, 1998

Marginal note:Terms of office of Governor in Council appointees

• 9 (1) Subject to subsection (3), the Chairperson and the directors appointed under paragraph 8(2)(b) shall be appointed to hold office during pleasure for terms of five years but, except if they cease to be directors under subsection (6), they shall continue to hold office until their successors are appointed.

• Marginal note:Terms of office of other directors

  (2) Subject to subsection (3), the directors appointed under paragraph 8(2)(c) shall hold office for terms of five years, but they may be removed from office by a special resolution of the members and, except if they cease to be directors under subsection (6), they shall continue to hold office until their successors are appointed.

• Marginal note:Term of first directors

  (3) Of the first directors appointed under subsection 8(2), including the Chairperson, one-third shall be appointed for terms of six years, one-third shall be appointed for five years and one-third shall be appointed for four years but, except if they cease to be directors under subsection (6), they shall continue to hold office until their successors are appointed.

• Marginal note:Additional terms of office

  (4) A director is eligible to be reappointed for one or more additional terms of office. If a first director is reappointed, the new term of office shall be five years.

• Marginal note:Replacements

  (5) A person appointed to fill a vacancy in the office of a director who has ceased to hold the office before the expiry of the director’s term of office shall be appointed to hold office for the unexpired portion of that term.

• Marginal note:Ceasing to be director

  (6) A director ceases to be a director when

  • (a) the director

    • (i) dies,

    • (ii) resigns,

    • (iii) ceases to be resident in Canada, or

    • (iv) becomes disqualified under subsection 105(1) of the Canada Business Corporations Act;

  • (b) in the case of a director appointed by the Governor in Council, the appointment is terminated by the Governor in Council before the expiry of the term of the appointment; or

  • (c) in the case of a director appointed by the members, the director

    • (i) is removed from office before the expiry of the term by a special resolution of the members,

    • (ii) is appointed to the Senate,

    • (iii) is elected to the House of Commons or the legislature of a province, or

    • (iv) becomes an employee or agent of Her Majesty in right of Canada or a province.

• Marginal note:Reappointments and new appointments

  (7) Any reappointment or new appointment of a director, including an appointment to fill a vacancy, shall be made in accordance with subsection 8(2).