Canadian Payments Act

Marginal note:Stakeholder Advisory Council

• 21.2 (1) There shall be a Stakeholder Advisory Council consisting of not more than twenty persons appointed in accordance with subsections (3) and (4).

• Marginal note:Object

  (2) The object of the Council is to provide counsel and advice to the Board on payment and clearing and settlement matters and any other matter relating to the objects of the Association.

• Marginal note:Appointment of directors

  (3) The Board shall appoint up to two directors elected under subsection 9(2) to be members of the Council.

• Marginal note:Appointment of other members

  (4) The remaining members shall be appointed by the Board, in consultation with the Minister, for a term of not more than three years, except that as far as possible one third of the first members shall be appointed for a term of three years, one third shall be appointed for a term of two years and one third shall be appointed for a term of one year.

• Marginal note:Representative character

  (5) The Council must be broadly representative of users and service providers to payment systems.

• Marginal note:Chairperson and vice-chairperson

  (6) The members of the Council shall elect a chairperson and a vice-chairperson of the Council from among the members of the Council for a term of not more than two years.

• Marginal note:Remuneration

  (7) The members of the Council shall serve without remuneration but may be paid by the Association any reasonable travel and living expenses incurred by them when engaged on the business of the Council while absent from their ordinary places of residence.