Canadian Payments Act
Marginal note:Term of office — elected directors
9.1 (1) The elected directors hold office for a term of three years and are eligible to be elected for only one further term.
Marginal note:Removal of elected directors
(2) If a resolution passed by a two-thirds majority of the members who are present at a special meeting of members called to consider the resolution provides for the recall of an elected director, then, despite subsection (1), that director ceases to be a director of the Association at the time notice of the resolution is given to the director or at any other time that may be fixed by by-law.
(3) A director referred to in paragraph 8(1)(d) shall be paid by the Association the remuneration that is fixed by by-law.
- 2014, c. 39, s. 337
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