Canadian Payments Act

Marginal note:Term of office — elected directors

• 9.1 (1) The elected directors hold office for a term of three years and are eligible to be elected for two further terms.

• Marginal note:Removal of elected directors

  (2) If a resolution passed by a two-thirds majority of the members who are present at a special meeting of members called to consider the resolution provides for the recall of an elected director, then, despite subsection (1), that director ceases to be a director of the Association at the time notice of the resolution is given to the director or at any other time that may be fixed by by-law.

• Marginal note:Remuneration

  (3) A director referred to in paragraph 8(1)(d) shall be paid by the Association the remuneration that is fixed by by-law.