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Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

Assented to 2001-06-14

184. Schedules I and II to the Act are replaced by Schedules I and II set out in Schedule 2 to this Act.

Marginal note:R.S., c. B-2

Bank of Canada Act

185. The definition “notes” in section 2 of the Bank of Canada Act is replaced by the following:

“notes”

« billets »

“notes” means notes intended for circulation in Canada.

186. Subsection 5(2) of the English version of the Act is replaced by the following:

  • 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.

Marginal note:1997, c. 15, s. 94

187. Paragraph 6(4)(d) of the Act is replaced by the following:

  • (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); or

188. Subsection 8(3) of the Act is replaced by the following:

  • Marginal note:Absence, etc., of Governor and Deputy

    (3) The Board may authorize one of the directors or one of the persons appointed under section 7 to act as the Governor in the event that the Governor and Deputy Governor are absent or unable to act or the offices are vacant, but no such person has authority to act as Governor for a period exceeding one month without the approval of the Governor in Council.

  • 189. (1) Subsection 9(1) of the Act is replaced by the following:

    Marginal note:Directors

    • 9. (1) The Minister, with the approval of the Governor in Council, shall appoint directors to hold office, during good behaviour, subject to removal by the Governor in Council at any time for cause, to replace the directors whose terms of office have expired. The term of a director begins on the day he or she is appointed and ends immediately before March 1 of the year that is three years after the year in which the term of office of the director’s predecessor expired.

    • Marginal note:Continuation in office

      (1.1) If, on the expiry of a director’s term of office, no new director is appointed, the director whose term of office expired may continue in office until a director is appointed under subsection (1).

  • (2) Subsection 9(2) of the English version of the Act is replaced by the following:

    • Marginal note:Vacancy

      (2) If a person ceases to be a director during the term for which he or she was appointed, the Minister shall, with the approval of the Governor in Council, appoint a qualified person to hold office for the remainder of the term.