Canadian Payments Act (R.S.C., 1985, c. C-21)

Act current to 2012-05-02 and last amended on 2011-10-17. Previous Versions

Chairperson

Marginal note:Chairperson

  • 15. (1) The Chairperson of the Board shall be the director appointed by the Bank of Canada and shall perform such duties as may be prescribed by the by-laws.

  • Marginal note:Absence of Chairperson

    (2) Where the Chairperson is unable to act by reason of absence or incapacity, the alternate director appointed by the Bank of Canada under subsection 9(1) shall preside at meetings of the Board and perform the other duties of the Chairperson.

  • Marginal note:Additional vote

    (3) The Chairperson or, in the absence or incapacity of the Chairperson, his or her alternate has, in the event of a tie vote on any matter before the Board at a meeting of the Board, a second vote.

  • R.S., 1985, c. C-21, s. 15;
  • 2001, c. 9, ss. 232(E), 245(E);
  • 2007, c. 6, s. 427(F).
Previous Version

President

Marginal note:President

  • 16. (1) The directors shall appoint the President of the Association.

  • Marginal note:Duties

    (2) The President is the chief executive of the Association and has, on behalf of the Board, the direction and management of the business of the Association with authority to act in all matters that are not by the by-laws or by resolution of the Board specifically reserved to be done by the Chairperson, the Board or the Executive Committee.

  • Marginal note:Exercise of powers by officers and employees

    (3) Except as otherwise provided by the President, and subject to any terms and conditions that may be specified by the President, an officer or employee of the Association may exercise any power and perform any duty or function of the Association if the officer or employee is appointed to serve in a capacity appropriate to the exercise of the power or performance of the duty or function.

  • R.S., 1985, c. C-21, s. 16;
  • 2001, c. 9, s. 245(E);
  • 2007, c. 6, s. 428.
Previous Version

Duties and Powers of Board

Marginal note:Duties and powers of Board

  • 17. (1) The Board shall direct and manage the affairs of the Association and may for such purposes exercise all the powers of the Association.

  • Marginal note:Power to borrow

    (2) Subject to the by-laws, the Board may

    • (a) borrow money on the credit of the Association;

    • (b) issue, reissue, sell or pledge debt obligations of the Association; and

    • (c) mortgage, pledge or otherwise create a security interest in all or any property of the Association owned or subsequently acquired, to secure any obligation of the Association.

  • Marginal note:Definitions

    (3) For the purposes of this section,

    “debt obligation”

    « titre de créance »

    “debt obligation” means a bond, debenture, note or other evidence of indebtedness or guarantee of the Association, whether secured or unsecured;

    “security interest”

    « sûreté »

    “security interest” means an interest in or charge on the property of the Association by way of mortgage, pledge or otherwise, taken by a creditor to secure payment of an obligation of the Association.

  • 1980-81-82-83, c. 40, s. 71.