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Canada Infrastructure Bank Act (S.C. 2017, c. 20, s. 403)

Act current to 2020-11-02

Canada Infrastructure Bank Act

S.C. 2017, c. 20, s. 403

Assented to 2017-06-22

An Act to establish the Canada Infrastructure Bank

[Enacted by section 403 of chapter 20 of the Statutes of Canada, 2017, in force on assent June 22, 2017.]

Short Title

Marginal note:Short title

 This Act may be cited as the Canada Infrastructure Bank Act.

Interpretation

Marginal note:Definitions

 The following definitions apply in this Act.

Bank

Bank means the Canada Infrastructure Bank established by subsection 5(1). (Banque)

Board

Board means the board of directors of the Bank. (conseil)

Chairperson

Chairperson means the Chairperson of the Board. (président)

Chief Executive Officer

Chief Executive Officer means the chief executive officer of the Bank. (premier dirigeant)

designated Minister

designated Minister means the member of the Queen’s Privy Council for Canada who is designated as the Minister under section 3. (ministre désigné)

director

director means a member of the Board. (administrateur)

infrastructure projects

infrastructure projects means projects described in section 6. (projets d’infrastructures)

joint venture

joint venture means an association of persons, when the relationship among those associated persons does not constitute a corporation, partnership or trust. (coentreprise)

person

person includes a trust, a partnership, a joint venture and an association of natural persons or corporations. (personne)

subsidiary

subsidiary means a subsidiary within the meaning of subsection 83(6) of the Financial Administration Act. (filiale)

wholly-owned subsidiary

wholly-owned subsidiary has the same meaning as in subsection 83(1) of the Financial Administration Act. (filiale à cent pour cent)

Designation and Appropriate Minister

Marginal note:Designation of Minister

 The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purposes of this Act.

Marginal note:Appropriate Minister

 The designated Minister is the appropriate Minister for the Bank for the purposes of Part X of the Financial Administration Act.

Establishment and Organization of the Bank

Status of the Bank

Marginal note:Establishment

  •  (1) A corporation is established to be known as the Canada Infrastructure Bank.

  • Marginal note:Head office

    (2) The head office of the Bank is to be at a place in Canada that is designated by the Governor in Council.

  • Marginal note:Capacity

    (3) The Bank has the capacity and, subject to the provisions of this Act and of the regulations, the rights, powers and privileges of a natural person.

  • Marginal note:Not a Crown agent

    (4) The Bank is not an agent of Her Majesty in right of Canada, except when

    • (a) giving advice about investments in infrastructure projects to ministers of Her Majesty in right of Canada, to departments, boards, commissions and agencies of the Government of Canada and to Crown corporations as defined in subsection 83(1) of the Financial Administration Act;

    • (b) collecting and disseminating data in accordance with paragraph 7(1)(g);

    • (c) acting on behalf of the government of Canada in the provision of services or programs, and the delivery of financial assistance, specified in paragraph 18(h); and

    • (d) carrying out any activity conducive to the carrying out of its purpose that the Governor in Council may, by order, specify.

Purpose and Functions

Marginal note:Purpose of Bank

 The purpose of the Bank is to invest, and seek to attract investment from private sector investors and institutional investors, in infrastructure projects in Canada or partly in Canada that will generate revenue and that will be in the public interest by, for example, supporting conditions that foster economic growth or by contributing to the sustainability of infrastructure in Canada.

Marginal note:Functions of Bank

  •  (1) In order to carry out its purpose, the Bank may do only the following:

    • (a) structure proposals and negotiate agreements, with the proponents of infrastructure projects and with investors in infrastructure projects, with regard to the Government of Canada’s support of those projects;

    • (b) invest in infrastructure projects, including by means of innovative financial tools, and seek to attract investment from private sector investors and institutional investors in infrastructure projects;

    • (c) receive unsolicited proposals for infrastructure projects that come from private sector investors or from institutional investors;

    • (d) support infrastructure projects by, among other things, fostering evidence-based decision making;

    • (e) act as a centre of expertise on infrastructure projects in which private sector investors or institutional investors are making a significant investment;

    • (f) provide advice to all levels of governments with regard to infrastructure projects;

    • (g) collect and disseminate data, in collaboration with the federal, provincial and municipal governments, in order to monitor and assess the state of infrastructure in Canada and to better inform investment decisions in regards to infrastructure projects; and

    • (h) perform any other function conducive to the carrying out of its purpose that the Governor in Council may, by order, specify.

  • Marginal note:Cessation of order’s effect

    (2) An order made under paragraph (1)(h) ceases to have effect on the second anniversary of the day on which it is made.

Board and Chief Executive Officer

Marginal note:Membership of Board

  •  (1) The Bank has a board of directors composed of the Chairperson and not fewer than eight, but not more than 11, other directors.

  • Marginal note:Appointment of directors

    (2) Each director, other than the Chairperson, is to be appointed by the Governor in Council to hold office during pleasure for a term of not more than four years that will ensure, to the extent possible, the expiry in any one year of the terms of office of not more than one half of the directors.

  • Marginal note:Appointment of Chairperson

    (3) The Chairperson is to be appointed by the Governor in Council to hold office during pleasure for a term that the Governor in Council considers appropriate.

  • Marginal note:Committee to advise designated Minister

    (4) The designated Minister may establish a committee to provide him or her with advice on the appointment of directors. The committee is to include representation from the Board.

  • Marginal note:Consultation

    (5) The designated Minister may undertake any other consultations as to the appointment of directors that he or she considers appropriate, including with the provinces.

  • Marginal note:Termination of appointment

    (6) The Governor in Council may terminate the appointment of, or remove or suspend, any director. However, before terminating the appointment of or removing or suspending the Chairperson, the Governor in Council must consult with the Board. The Board may also, with the approval of the Governor in Council, terminate the appointment of or remove or suspend any director.

  • Marginal note:Reappointment

    (7) A director is eligible for reappointment.

  • Marginal note:Continuation in office

    (8) Despite subsection (2), if a director is not appointed to take office on the expiry of the term of an incumbent director, other than the Chairperson, the incumbent director continues in office until their successor is appointed.

  • Marginal note:Absence or incapacity

    (9) If the Chairperson is absent or unable to act or the office of Chairperson is vacant, the Board may authorize one of the other directors to act as Chairperson, but that person is not authorized to act as Chairperson for a period of more than 180 days without the approval of the Governor in Council.

Marginal note:Appointment of Chief Executive Officer

  •  (1) A Chief Executive Officer is to be appointed by the Board to hold office during pleasure for a term to be fixed by the Board. The appointment and term of office are subject to the approval of the Governor in Council.

  • Marginal note:Termination of appointment

    (2) The Governor in Council may, after consulting with the Board, terminate the appointment of or remove or suspend the Chief Executive Officer. The Board may also, with the approval of the Governor in Council, terminate the appointment of or remove or suspend the Chief Executive Officer.

  • Marginal note:Full-time office

    (3) The Chief Executive Officer must carry out the duties and functions of his or her office on a full-time basis.

  • Marginal note:Absence or incapacity

    (4) If the Chief Executive Officer is absent or unable to act or the office of Chief Executive Officer is vacant, the designated Minister may appoint a person to act as Chief Executive Officer.

  • Marginal note:Attendance at Board meetings

    (5) Subject to any by-law of the Board, the Chief Executive Officer may attend meetings of the Board or any committee of the Board.

 
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