6. (1) The Governor in Council shall appoint a person of proven financial ability to be Chairperson of the Board.
Marginal note:Term of office
(2) Notwithstanding subsection 105(5) of the Financial Administration Act, the Chairperson shall be appointed to hold office during good behaviour for such term as the Governor in Council deems appropriate but may be reappointed on the expiration of his or her term of office and may be removed at any time by the Governor in Council for cause.
(3) No person is eligible to be appointed or to continue as Chairperson who
(a) is not a Canadian citizen ordinarily resident in Canada;
(b) is a member of the Senate or House of Commons or a member of a provincial legislature; or
(c) is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.
(d) [Repealed, 2007, c. 6, s. 402]
Marginal note:Presiding at meetings
(4) The Chairperson shall preside at all meetings of the Board but where at any meeting the Chairperson is absent, one of the directors present thereat who is chosen so to act by the directors present shall preside and have all the powers of the Chairperson.
Marginal note:Remuneration of Chairperson
(5) The Chairperson shall be paid by the Corporation such remuneration as may be fixed by the Governor in Council.
- R.S., 1985, c. C-3, s. 6;
- 1996, c. 6, s. 47(E);
- 2007, c. 6, s. 402;
- 2010, c. 12, s. 2096;
- 2012, c. 5, s. 206(E).
OBJECTS, POWERS AND DUTIES
7. The objects of the Corporation are
(a) to provide insurance against the loss of part or all of deposits;
(b) to promote and otherwise contribute to the stability of the financial system in Canada; and
(c) to pursue the objects set out in paragraphs (a) and (b) for the benefit of persons having deposits with member institutions and in such manner as will minimize the exposure of the Corporation to loss.
- R.S., 1985, c. C-3, s. 7;
- R.S., 1985, c. 18 (3rd Supp.), s. 49;
- 1996, c. 6, s. 22;
- 2005, c. 30, s. 98.
Marginal note:Power of Governor in Council
7.1 (1) The Governor in Council may, by order, exempt the Corporation from the requirement that it pursue its objects in a manner that will minimize its exposure to loss when it takes any action to address a situation that is specified in the order.
Marginal note:Condition precedent
(2) The Governor in Council may make the order only if the Minister is of the opinion, after consultation with the Board, the Governor of the Bank of Canada and the Superintendent, that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of a situation that will be specified in the order, might have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.
(3) The Governor in Council may repeal the order only if the Minister is of the opinion that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of the situation specified in the order, will no longer have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.
- 2009, c. 2, s. 234.
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