ESTABLISHMENT AND ORGANIZATION OF THE BANK
Status of the Bank
Marginal note:Continuation of Federal Business Development Bank
3. (1) The Federal Business Development Bank established by the Federal Business Development Bank Act is continued as a body corporate under the name “Business Development Bank of Canada”.
Marginal note:Head office
(2) The head office of the Bank must be at a place in Canada that the Governor in Council may designate.
(3) The Bank has, in respect of its powers, all the rights, powers, privileges and capacity of a natural person.
Marginal note:Agent of the Crown
(4) The Bank is for all purposes an agent of the Crown.
Marginal note:Purpose of Bank
4. (1) The purpose of the Bank is to support Canadian entrepreneurship by providing financial and management services and by issuing securities or otherwise raising funds or capital in support of those services.
Marginal note:Consideration to small and medium-sized enterprises
(2) In carrying out its activities, the Bank must give particular consideration to the needs of small and medium-sized enterprises.
Board of Directors
Marginal note:Membership of Board
5. (1) The Bank has a Board of Directors comprised of the Chairperson, the President and not fewer than three, but no more than 11, other directors.
Marginal note:Limit on directors from public service
(2) No more than two of the directors, excluding the Chairperson and President, may be appointed from the federal public administration.
- 1995, c. 28, s. 5;
- 2003, c. 22, s. 224(E);
- 2010, c. 12, s. 1660.
Marginal note:Appointment of Chairperson
6. (1) The Chairperson is to be appointed by the Governor in Council to hold office during pleasure for a term that the Governor in Council considers appropriate.
Marginal note:Appointment of President
(2) Notwithstanding subsection 105(5) of the Financial Administration Act, the President is to be appointed by the Governor in Council to hold office during good behaviour for a term that the Governor in Council considers appropriate and may be removed for cause.
(3) The President is eligible for reappointment on the expiration of his or her term of office.
Marginal note:Appointment of directors
(4) The other directors are to be appointed by the Designated Minister, with the approval of the Governor in Council, for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than half of the directors.
Marginal note:Acting directors
(5) The Governor in Council may appoint an individual to act as a director if a director is absent or unable to act.
(6) No individual is eligible to be appointed or to continue as President, Chairperson or a director if the individual is
(a) neither a Canadian citizen nor a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act;
(b) a Canadian citizen who is not ordinarily resident in Canada;
(c) a permanent resident, within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act, who has been ordinarily resident in Canada for more than one year after first becoming eligible to apply for Canadian citizenship;
(d) a member of the Senate or House of Commons or a member of the legislature of a province; or
(e) employed in the public service of a province.
- 1995, c. 28, s. 6;
- 2001, c. 27, s. 208;
- 2006, c. 9, s. 229.
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