Business Development Bank of Canada Act

Marginal note:Duties of President

• 9 (1) The President is the chief executive officer of the Bank and has, on behalf of the Board, responsibility for the direction and management of the business and affairs of the Bank with authority to act in all matters that are not by this Act or any by-law or resolution specifically reserved to be done by the Board or a committee of the Board.

• Marginal note:Absence or incapacity

  (2) If the President is absent or unable to act or the office of President is vacant, the Board may authorize an officer or employee of the Bank to act as President, but that person is not authorized to act as President for a period of more than 180 days without the approval of the Governor in Council.