Bank of Canada Act (R.S.C., 1985, c. B-2)

Act current to 2016-06-06 and last amended on 2014-12-16. Previous Versions

Liability

Marginal note:No liability if in good faith

 No action lies against Her Majesty, the Minister, any officer, employee or director of the Bank or any person acting under the direction of the Governor for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.

  • 2001, c. 9, s. 200.

Offences and Punishment

Marginal note:Holding office when ineligible

 Every person who holds office or continues to hold office as the Governor or as a Deputy Governor or director of the Bank, knowing that he or she is not eligible for that office, is guilty of an offence and liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.

  • R.S., 1985, c. B-2, s. 31;
  • 2001, c. 9, s. 201.
Marginal note:Verifying false statement, account or list

 Every director, officer or auditor of the Bank who verifies any statement, account or list required to be furnished to the Minister pursuant to this Act, or who has to do with the delivering or transmitting of that statement, account or list to the Minister, knowing it to be false in any material particular, is guilty of an offence and liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.

  • R.S., 1985, c. B-2, s. 32;
  • 2001, c. 9, s. 201.
Marginal note:Contravention of Act

 Any officer of the Bank or any officer of a bank or any other person who fails or omits to comply with any provision of this Act is guilty of an offence and, unless otherwise provided by this Act, liable on summary conviction to a fine of not more than one hundred thousand dollars or to imprisonment for a term of not more than six months or to both.

  • R.S., 1985, c. B-2, s. 33;
  • 2001, c. 9, s. 201.

Liquidation or Winding-up

Marginal note:Insolvency and winding-up

 No statute relating to the insolvency or winding-up of any corporation applies to the Bank and in no case shall the affairs of the Bank be wound up unless Parliament so provides, but if provision is made for winding up the Bank the notes of the Bank outstanding are the first charge on the assets.

  • R.S., c. B-2, s. 30.

By-laws

Marginal note:By-laws
  •  (1) The Board, with the approval of the Governor in Council, may make by-laws with respect to

    • (a) the calling of meetings of the Board and of the Executive Committee and what number of persons shall constitute a quorum in each case, and how questions considered at those meetings shall be determined;

    • (b) the fees of directors;

    • (c) the duties and conduct of officers and employees of the Bank;

    • (d) the form of the annual statement of accounts; and

    • (e) generally, the management and disposition of the stock, property and undertakings of the Bank.

  • Marginal note:Publication

    (2) Every by-law and every amendment or repeal thereof shall take effect when published in the Canada Gazette.

  • R.S., 1985, c. B-2, s. 35;
  • 1997, c. 15, s. 106(E);
  • 2001, c. 4, s. 60(F).
 
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