Canada Mortgage and Housing Corporation Act

Marginal note:Board of Directors

• 6 (1) The Board of Directors shall consist of the Chairman, the President and eight other members.

• Marginal note:Appointment of Chairman of the Board

  (2) The Chairman shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

• Marginal note:Duties

  (3) The Chairman shall perform such duties and carry out such functions as may be assigned to that office by the by-laws of the Corporation.

• Marginal note:Appointment of directors

  (4) Each director, other than the Chairman and the President, shall be appointed by the Minister, with the approval of the Governor in Council, to hold office during pleasure for a term not exceeding three years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

• Marginal note:Vacancy

  (5) Where the office of a director becomes vacant during the term of the director appointed thereto, the Governor in Council shall appoint a director for the remainder of that term.

• Marginal note:Substitute directors

  (6) Where a director is a member of the federal public administration, the Governor in Council may authorize another member of the federal public administration to act as director in the director’s stead and that member of the federal public administration while so acting is deemed to be a director.

• Marginal note:Directors’ fees

  (7) Any director appointed from outside the federal public administration is entitled to receive for attendance at directors’ meetings and Executive Committee meetings the fees that may be fixed by the Governor in Council.