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

Act current to 2014-06-12 and last amended on 2014-02-13. Previous Versions

Application

Marginal note:Provision not applicable

 Section 268 of the Canada Business Corporations Act does not apply to a parent Crown corporation.

  • R.S., 1985, c. F-11, s. 103;
  • 1994, c. 24, s. 34(F).
Marginal note:Act not applicable

 The Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, does not apply to a parent Crown corporation.

  • 1984, c. 31, s. 11.

Division IIDirectors and Officers

Interpretation

Definition of “officer-director”

 In this Division, “officer-director”, in respect of a parent Crown corporation, means the chairperson and the chief executive officer of the corporation, by whatever name called.

  • 1991, c. 24, s. 29;
  • 2004, c. 16, s. 7.

Appointment

Marginal note:Appointment of directors
  •  (1) Each director, other than an officer-director, of a parent Crown corporation shall be appointed by the appropriate Minister, with the approval of the Governor in Council, to hold office during pleasure 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 of the corporation.

  • Marginal note:Officer or employee not to be director

    (2) No officer or employee of a Crown corporation or any of its affiliates, other than the chief executive officer of a parent Crown corporation, shall be a director of the parent Crown corporation.

  • Marginal note:Transitional provision

    (2.1) Any officer or employee of a Crown corporation or any of its affiliates, other than the chief executive officer of a parent Crown corporation, who was a director of the parent Crown corporation immediately before the day on which this subsection comes into force may continue as a director of that corporation for six months after that day or, if it is shorter, the remainder of his or her term.

  • Marginal note:Re-appointment

    (3) A director of a parent Crown corporation is eligible for re-appointment on the expiration of his term of office.

  • Marginal note:Continuation in office

    (4) Despite subsection (1), if a director of a parent Crown corporation is not appointed to take office on the expiration of the term of an incumbent director, other than an officer-director, the incumbent director continues in office until his or her successor is appointed.

  • Marginal note:Appointment of officer-directors

    (5) Each officer-director of a parent Crown corporation shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

  • Marginal note:Consultation

    (6) Before an officer-director of a parent Crown corporation is appointed, the appropriate Minister shall consult the board of directors of the corporation with respect to the appointment.

  • Marginal note:Appointment of subordinate officers

    (7) Subject to any other Act of Parliament that was in force on September 1, 1984, the board of directors of a parent Crown corporation is responsible for the appointment of officers of the corporation, other than officer-directors.

  • Marginal note:Qualifications preserved

    (8) Nothing in this section is to be construed as empowering the appointment or re-appointment as a director or officer-director of a parent Crown corporation, or the continuation in office as a director of a parent Crown corporation, of any person who does not meet any qualifications for the appointment, re-appointment or continuation established by any other Act of Parliament.

  • Marginal note:Exception

    (9) This section does not apply to an ex officio director or officer-director of a parent Crown corporation.

  • (10) [Repealed, 1991, c. 24, s. 30]

  • R.S., 1985, c. F-11, s. 105;
  • R.S., 1985, c. 1 (4th Supp.), s. 44(E);
  • 1991, c. 24, s. 30;
  • 2004, c. 16, s. 8;
  • 2006, c. 9, s. 267;
  • 2009, c. 2, s. 371.