Financial Administration Act (R.S.C., 1985, c. F-11)

Act current to 2014-09-15 and last amended on 2014-06-19. Previous Versions

Marginal note:Validity of acts

 An act of a director, chairperson, chief executive officer or other officer of a parent Crown corporation is not invalid by reason only of an irregularity in his appointment or a defect in his qualifications.

  • R.S., 1985, c. F-11, s. 106;
  • 2005, c. 30, s. 133(E).

Resignation

Marginal note:Resignation
  •  (1) A resignation of a director, chairperson or chief executive officer of a parent Crown corporation becomes effective at the time the corporation receives a written resignation from him or at the time specified in the resignation, whichever is later.

  • Marginal note:Copy of resignation

    (2) A parent Crown corporation shall send a copy of the resignation to the Clerk of the Privy Council within fifteen days after the parent Crown corporation receives it.

  • R.S., 1985, c. F-11, s. 107;
  • 1991, c. 24, s. 31;
  • 2005, c. 30, s. 133(E).

Remuneration

Marginal note:Remuneration
  •  (1) The rate of any remuneration paid to a director, chairperson or chief executive officer of a parent Crown corporation for his services in respect of that office and, in the case of a chairperson or chief executive officer, any other office of the corporation or an affiliate thereof shall be fixed by the Governor in Council.

  • Marginal note:Other benefits

    (2) Any benefits, other than remuneration, provided to a director, chairperson or chief executive officer of a parent Crown corporation for his services in respect of that office and, in the case of a chairperson or chief executive officer, any other office of the corporation or an affiliate thereof shall be fixed by the board of directors of the corporation in accordance with the regulations.

  • Marginal note:Wholly-owned subsidiary

    (2.1) The rate of any remuneration paid to a director, chairperson or chief executive officer of a wholly-owned subsidiary who is not also an officer-director of the parent Crown corporation for the director’s, chairperson’s or officer’s services in respect of that subsidiary shall be fixed by the board of directors of the parent Crown corporation.

  • Marginal note:Regulations

    (3) For the purposes of this section, the Governor in Council may make regulations

    • (a) defining the term “remuneration”; and

    • (b) respecting the provision and fixing of benefits, other than remuneration, to or for any director, chairperson or chief executive officer.

  • R.S., 1985, c. F-11, s. 108;
  • 1991, c. 24, s. 32;
  • 2005, c. 30, s. 133(E).

Management

Marginal note:Management

 Subject to this Part, the board of directors of a Crown corporation is responsible for the management of the businesses, activities and other affairs of the corporation.

  • 1984, c. 31, s. 11.