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

Act current to 2020-11-02

Establishment and Organization of the Bank (continued)

Board and Chief Executive Officer (continued)

Marginal note:Ineligibility for appointment

 An individual is not eligible to be appointed as the Chief Executive Officer, the Chairperson or a director if the individual

  • (a) is less than 18 years of age;

  • (b) has the status of bankrupt;

  • (c) is employed in the federal public administration or by a provincial, municipal or local authority; or

  • (d) is a member of the Senate or House of Commons or a member of the legislature of a province.

Marginal note:No overlapping offices

 An individual is not entitled to hold the offices of Chairperson and Chief Executive Officer at the same time.

Marginal note:Remuneration

  •  (1) The Chief Executive Officer, the Chairperson and each of the other directors are to be paid by the Bank remuneration for their services in respect of that office.

  • Marginal note:Rate of remuneration — directors

    (2) The rate of any remuneration paid to the Chairperson and the other directors is to be fixed by the Governor in Council.

  • Marginal note:Rate of remuneration — Chief Executive Officer

    (3) The rate of any remuneration paid to the Chief Executive Officer is to be fixed by the Governor in Council on the recommendation of the Board. In making its recommendation, the Board is to take into account the skills required for the position and the remuneration paid to persons in comparable positions.

Marginal note:Expenses of directors

  •  (1) Each director is to be paid by the Bank reasonable travel and living expenses incurred in connection with their services in respect of that office while absent from their ordinary place of residence.

  • Marginal note:Expenses of Chief Executive Officer

    (2) The Chief Executive Officer is to be paid by the Bank reasonable travel and living expenses incurred in connection with his or her services in respect of that office while absent from his or her ordinary place of work.

Marginal note:Accident compensation

 The directors and the officers and the employees of the Bank are deemed to be employees for the purposes of the Government Employees Compensation Act and to be employed in the federal public administration for the purposes of any regulations made under section 9 of the Aeronautics Act.

Marginal note:Committees of Board

  •  (1) The Board may establish any committee of the Board that it considers advisable and may determine the committee’s composition and duties and the tenure of its members.

  • Marginal note:Delegation of powers

    (2) The Board may delegate powers to any of its committees to act in all matters that are not by this Act or any by-law or resolution specifically reserved to the Board.

Financial Management and Control

Marginal note:Corporate plans

 The Bank must annually submit a corporate plan to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Governor in Council.

Marginal note:Operating budgets

  •  (1) The Bank must annually submit an operating budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board.

  • Marginal note:Capital budgets

    (2) The Bank must annually submit a capital budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board.

Certain Bank Powers

Marginal note:Investments, etc.

 In particular, the Bank may

  • (a) make investments in any person, including by way of equity investment in, or by making a loan to or acquiring a derivative from, the person;

  • (b) extend credit or provide liquidity to, or in relation to, any person;

  • (c) acquire and deal with as its own any investment made by another person;

  • (d) acquire and hold security or a security interest, including, in Quebec, a right in a security, of any kind and in any form for the due discharge of obligations under an investment or agreement that it makes;

  • (e) surrender the security, security interest or right in the security and acquire and hold, in exchange, security or a security interest, including, in Quebec, a right in a security, of any kind and in any form;

  • (f) realize the security, security interest or right in the security made, acquired or held by it on the investment or agreement;

  • (g) exchange, sell, assign, convey or otherwise dispose of, or lease, the investment, agreement, security, security interest or right in a security;

  • (h) enter into arrangements or agreements with, and act as agent or mandatary for, any department or agency of the government of Canada or a province, or any other body or person, for the provision of services or programs to, by, on behalf of or jointly with that body or person, and deliver financial assistance on their behalf under the arrangement or agreement;

  • (i) accept any interest or rights in real property or personal property or any rights in immovables or movables as security for the due performance of any arrangement or agreement with the Bank;

  • (j) determine and charge interest and any other form of compensation for services provided by the Bank in the exercise of its powers or the performance of its functions under this Act;

  • (k) acquire and dispose of any interest or right in any entity by any means; and

  • (l) acquire, hold, exchange, sell or otherwise dispose of, or lease, any interest or rights in real property or personal property or any right in immovables or movables and retain and use the proceeds of disposition.

Marginal note:Loan guarantees — limitation

  •  (1) The Bank may provide loan guarantees only in accordance with this section.

  • Marginal note:Recommendation

    (2) The Bank may recommend to the designated Minister that the Minister of Finance approve a loan guarantee with respect to an infrastructure project. If the designated Minister concurs with the recommendation, he or she is to recommend to the Minister of Finance that the Minister of Finance approve the loan guarantee.

  • Marginal note:Power to provide

    (3) The Bank may provide a loan guarantee with respect to an infrastructure project only if the Minister of Finance approves the loan guarantee.

Marginal note:Non-application of provision

 Section 91 of the Financial Administration Act does not apply to or in respect of the Bank or a wholly-owned subsidiary of the Bank.

Marginal note:Subsidiaries — Ministerial authorization

 The Bank or a wholly-owned subsidiary of the Bank may procure the incorporation, dissolution or amalgamation of its subsidiaries, and acquire or dispose of any shares in its subsidiaries, only with the concurrence of the designated Minister.

Powers of Minister of Finance

Marginal note:Recommendation for loan or loan guarantee

  •  (1) The Bank may recommend to the designated Minister that the Minister of Finance make a loan or provide a loan guarantee with respect to an infrastructure project. If the designated Minister concurs with the recommendation, he or she is to recommend to the Minister of Finance that the Minister of Finance make the loan or provide the loan guarantee.

  • Marginal note:Power to make loan or provide loan guarantee

    (2) The Minister of Finance, on the recommendation of the designated Minister, may make a loan or provide a loan guarantee with respect to the infrastructure project.

Marginal note:Capital payments

 The Minister of Finance may pay to the Bank, out of the Consolidated Revenue Fund, amounts of not more than $35,000,000,000 in the aggregate, or any greater aggregate amount that may be authorized from time to time under an appropriation Act.

Marginal note:Loans to the Bank

 At the request of the Bank, the Minister of Finance may lend money to the Bank, on the recommendation of the designated Minister, out of the Consolidated Revenue Fund, on any terms and conditions that the Minister of Finance may fix.

Miscellaneous Provisions

Marginal note:Capital and shares

  •  (1) The capital of the Bank is $100, divided into 10 shares having a par value of $10 each. The shares are to be issued to the designated Minister to be held on behalf of Her Majesty in right of Canada.

  • Marginal note:Registration

    (2) The shares issued to the designated Minister are to be registered by the Bank in the name of the designated Minister.

 
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