Farm Credit Canada Act (S.C. 1993, c. 14)

Act current to 2014-10-27 and last amended on 2006-12-12. Previous Versions

CORPORATE ORGANIZATION

Board of Directors

Marginal note:Composition
  •  (1) The Corporation shall consist of a Board of Directors comprising a Chairperson, a President and not fewer than three nor more than ten other directors.

  • Marginal note:Appointment

    (2) The directors, other than the Chairperson and the President, shall be appointed by the Minister of Agriculture and Agri-Food, with the approval of the Governor in Council, for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

  • Marginal note:Acting directors

    (3) The Governor in Council may appoint one or more persons to act as a director in the event that any director is absent or unable to act.

  • Marginal note:Reappointment

    (4) A director whose term of office has expired is eligible for reappointment to the Board in the same or another capacity.

  • Marginal note:Incumbent director

    (5) Notwithstanding subsection (2), if a director is not appointed to take office on the expiration of the term of an incumbent director, the incumbent director continues in office until that director is reappointed or until a successor is appointed.

  • 1993, c. 14, s. 5;
  • 1994, c. 38, s. 25;
  • 2006, c. 9, s. 255.
Marginal note:Management
  •  (1) The Board shall direct and manage the affairs of the Corporation and may for those purposes exercise all the powers of the Corporation.

  • Marginal note:Meetings

    (2) A meeting of the Board shall be held, at least once every four months, at such place in Canada as the Chairperson may designate for that meeting.

  • Marginal note:Quorum

    (3) Five directors constitute a quorum of the Board.

Officers, Committees and Staff

Marginal note:Chairperson and President
  •  (1) The Governor in Council shall appoint a Chairperson of the Board and a President of the Corporation for such terms as the Governor in Council considers appropriate.

  • Marginal note:Chief executive officer

    (2) The President is the chief executive officer and is responsible for the supervision of the business of the Corporation.

  • Marginal note:Duties of Chairperson

    (3) The Chairperson shall preside at all meetings of the Board and shall perform any other duties that are imposed, and exercise any powers that are conferred, on the Chairperson under the by-laws of the Corporation or by resolution of the Board.

  • Marginal note:Acting Chairperson

    (4) If the Chairperson is absent or unable to act or if the office of Chairperson is vacant, the Board may authorize a director to act as Chairperson and that director has all of the duties and may exercise all of the powers of the Chairperson during the absence, inability or vacancy.

  • Marginal note:Duties of President

    (5) The President shall perform any duties that are imposed, and may exercise any powers that are conferred, on the President under the by-laws of the Corporation or by resolution of the Board.

  • Marginal note:Acting President

    (6) If the President is absent or unable to act or if the office of President is vacant, the Board may authorize an officer or employee of the Corporation to act as President and that officer or employee has all of the duties and may exercise all of the powers of the President during the absence, inability or vacancy. A person may not act as President for a period of more than 90 days without the approval of the Governor in Council.

  • 1993, c. 14, s. 7;
  • 2001, c. 22, s. 6.