Marginal note:Cooperation

• 28.1 (1) The Corporation may cooperate with any person, group of persons, organization, municipality or department or agency of the government of Canada or a province in the exercise of any of the Corporation’s powers and functions, and for that purpose may participate in joint ventures.

• Marginal note:Agreements

  (2) The Corporation may enter into agreements with a party that is a person, group of persons, organization, municipality or department or agency of the government of Canada or a province

  • (a) for that party to have any of the powers, duties, functions, rights, obligations and liabilities of the Corporation; or

  • (b) for the Corporation to have any of the powers, duties, functions, rights, obligations and liabilities of that party.

Marginal note:Reserve fund

• 29. (1) The Corporation shall establish a reserve fund.

• Marginal note:Profits credited to fund

  (2) Subject to subsection (3), the profits of the Corporation in each fiscal year remaining after such provision as the Board thinks proper for bad and doubtful debts, depreciation in assets, anticipated future losses and all other matters whatever that in the opinion of the Board should be provided for in carrying out the purposes of the Corporation shall be credited to the reserve fund established under subsection (1).

• Marginal note:Maximum amount of fund

  (3) When the reserve fund established under subsection (1) has reached a total of an amount designated from time to time by the Governor in Council, any profits of the Corporation that would be credited to the reserve fund shall be paid to the Receiver General.

Marginal note:Auditor

• 30. (1) The auditor of the Corporation shall be appointed annually by the Governor in Council and may be removed at any time by the Governor in Council.

• Marginal note:Qualifications of auditor

  (2) The auditor must be

  • (a) an accountant who is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province and who has for at least six years preceding the date of the appointment practised the profession of accountant; or

  • (b) a partnership of accountants, one of whom is designated by the partnership, with the approval of the Corporation, to conduct the audit on behalf of the partnership and who meets the requirements of paragraph (a).

• (3) [Repealed, R.S., 1985, c. 1 (4th Supp.), s. 4]