Marginal note:Remuneration of directors

• 13. (1) The Chairperson and each director, except the President and any director employed in the federal public administration, are entitled to be paid by the Bank the remuneration fixed by the Governor in Council for their time to attend meetings of the Board or any committee of the Board and to perform their duties under this Act.

• Marginal note:Remuneration of President

  (2) The President is entitled to be paid by the Bank the remuneration fixed by the Governor in Council.

• Marginal note:Expenses of directors

  (3) Directors are entitled to be paid by the Bank reasonable travel and living expenses incurred in connection with the performance of their duties under this Act while absent from their ordinary places of residence.

• Marginal note:Other remuneration and expenses

  (4) Officers, employees, agents or mandataries, advisers and consultants are entitled to be paid by the Bank the remuneration, expenses and benefits that the Bank may determine.

• Marginal note:Pension fund

  (5) The Board may make by-laws respecting

  • (a) the establishment, management and administration of a pension fund for the officers and employees of the Bank and their dependants;

  • (b) the contributions to be made to the fund by the Bank;

  • (c) the provision of benefits under the fund;

  • (d) the payment of pensions; and

  • (e) the investment of the money of the fund.

Marginal note:Loans, investments and guarantees

• 14. (1) The Bank may make loans to, or investments in, any person, or give guarantees in relation to any person.

• Marginal note:How loans, etc., may be made

  (2) The loans, investments and guarantees may be made or given directly, through arrangements with other financial institutions or by the Bank as a member of a financing syndicate.

• Marginal note:Criteria for making loans, etc.

  (3) The loans, investments and guarantees may be made or given only where, in the opinion of the Board or any committee or officer designated by the Board,

  • (a) the person is engaged, or is about to engage, in an enterprise in Canada;

  • (b) the amount invested, or to be invested, in the enterprise by persons other than the Bank and the character of the investment are such that the Bank may reasonably expect that those persons will have a continuing commitment to the enterprise; and

  • (c) the enterprise may reasonably be expected to prove successful.

• Marginal note:Complementary to commercial financial institutions

  (4) The loans, investments and guarantees are to fill out or complete services available from commercial financial institutions.

• Marginal note:Acquiring and dealing with property

  (5) In any circumstances in which the Bank may make a loan or investment to a person, or give a guarantee in relation to a person, under this section, the Bank may

  • (a) purchase or otherwise acquire real or personal property or immovables or movables including accounts receivable; and

  • (b) subject to any right of redemption that may exist, hold, lease to the person or subsequently sell, dispose of or otherwise deal with the property.