CONSTITUTION OF THE BOARD
Marginal note:Board established
3. (1) There is established a corporation to be known as the Canada Pension Plan Investment Board.
Marginal note:Not agent of Her Majesty
(2) The Board is not an agent of Her Majesty.
Marginal note:Not part of federal public administration
(3) Directors, officers, employees and agents of the Board are not part of the federal public administration.
Marginal note:Acts not applicable to Board
- 1997, c. 40, s. 3;
- 2003, c. 22, s. 224(E);
- 2009, c. 23, s. 317.
CAPITAL AND SHARES
4. (1) The capital of the Board is $100. The Minister shall pay the capital of the Board out of the Consolidated Revenue Fund.
(2) The capital is divided into 10 shares having a par value of $10 each. The shares shall be issued to the Minister to be held on behalf of Her Majesty in right of Canada.
(3) The shares issued to the Minister shall be registered by the Board in the name of the Minister.
OBJECTS AND POWERS
5. The objects of the Board are
(a) to assist the Canada Pension Plan in meeting its obligations to contributors and beneficiaries under the Canada Pension Plan;
(b) to manage any amounts transferred to it under section 108.1 of the Canada Pension Plan, and its right, title or interest in any designated securities, in the best interests of the contributors and beneficiaries under that Act; and
(c) to invest its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the factors that may affect the funding of the Canada Pension Plan and the ability of the Canada Pension Plan to meet its financial obligations on any given business day.
- 1997, c. 40, s. 5;
- 2003, c. 5, s. 13.
Marginal note:Powers of Board
6. (1) The Board has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.
Marginal note:No inconsistent business or activity
(2) The Board and its subsidiaries shall not, directly or indirectly, carry on any business or activity or exercise any power that is inconsistent with the Board’s objects, or that the Board is restricted by this Act from carrying on or exercising, and shall not, directly or indirectly, exercise any of its powers in a manner contrary to this Act.
Marginal note:No invalidity
(3) No act of the Board, including a transfer of property, is invalid by reason only that the Board was without the capacity or power to so act.
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