Bank of Canada Act

Marginal note:Governor and Deputy Governor

• 6 (1) The Governor and Deputy Governor shall be appointed by the directors with the approval of the Governor in Council.

• Marginal note:Qualifications

  (2) The Governor and Deputy Governor shall be persons of proven financial experience and shall devote the whole of their time to the duties of their offices under this Act or any other Act of Parliament.

• Marginal note:Tenure and remuneration

  (3) The Governor and Deputy Governor

  • (a) shall each be appointed for a term of seven years during good behaviour;

  • (b) are eligible for re-appointment on the expiration of their terms of office; and

  • (c) subject to the approval of the Governor in Council, shall be paid such salaries as the directors determine, but no such remuneration shall be in the form of a commission or be computed by reference to the income or profits of the Bank.

• Marginal note:Disqualifications

  (4) No person is eligible to be appointed or to continue as Governor or Deputy Governor who

  • (a) is not a Canadian citizen;

  • (b) is a member of the Senate or House of Commons or a member of a provincial legislature;

  • (c) is employed in any capacity in the federal public administration or the public service of a province or holds any office or position for which any salary or other remuneration is payable out of public moneys; or

  • (d) except as authorized by or under any Act of Parliament, is a director, partner, officer, employee or shareholder of

    • (i) a member of the Canadian Payments Association,

    • (ii) a clearing house or participant, as defined in section 2 of the Payment Clearing and Settlement Act,

    • (iii) an investment dealer that acts as a primary distributor of new Government of Canada securities, or

    • (iv) an institution that controls or is controlled by an institution referred to in any of subparagraphs (i) to (iii).

  • (e) [Repealed, 2007, c. 6, s. 392]

• Marginal note:Prohibitions — federal credit union

  (5) Neither the Governor nor the Deputy Governor shall

  • (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or

  • (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.