Canada Deposit Insurance Corporation Act

Marginal note:Board of Directors

• 5 (1) There shall be a Board of Directors of the Corporation consisting of

  • (a) the person appointed as the Chairperson under subsection 6(1);

  • (a.1) the person appointed as the President and Chief Executive Officer of the Corporation under subsection 105(5) of the Financial Administration Act;

  • (b) the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada;

  • (b.1) a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and

  • (c) not more than six other members appointed by the Minister with the approval of the Governor in Council.

• Marginal note:Disqualifications

  (1.1) A person is not eligible to be appointed under paragraph (1)(c) or, having been appointed under that paragraph, to continue as a member of the Board, if the person is

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

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

  • (c) a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.

• Marginal note:Alternate director

  (2) A director referred to in paragraph (1)(b) may, from time to time with the approval of the Minister, designate in writing an alternate to attend in the director’s absence at any meeting of the Board of Directors, and the alternate shall be deemed to be a member of the Board while so attending a meeting of the Board.

• Marginal note:Vacancy

  (3) A vacancy on the Board does not impair the right of the remaining directors to act.

• Marginal note:Acting chairperson

  (4) Where the office of Chairperson is vacant, the Minister may appoint, for a period not exceeding ninety days, an acting Chairperson who shall, while so acting, be a member of the Board and have all the powers of the Chairperson.

• Marginal note:Expenses of directors

  (5) A director shall be paid by the Corporation reasonable travel and living expenses incurred by the director while absent from his or her ordinary place of residence in the course of his or her duties as a director but no director referred to in paragraph (1)(b) shall receive any other remuneration for his or her services on the Board.

• Marginal note:Remuneration of certain directors

  (5.1) A director referred to in paragraph (1)(c) shall be paid by the Corporation for attendance at meetings of the Board such remuneration as may be fixed by the Governor in Council.