Farm Credit Canada Act

Marginal note:Composition

• 5 (1) The Corporation shall consist of a Board of Directors comprising a Chairperson, a President and not fewer than three nor more than ten other directors.

• Marginal note:Appointment

  (2) The directors, other than the Chairperson and the President, shall be appointed by the Minister of Agriculture and Agri-Food, with the approval of the Governor in Council, for a term not exceeding four 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:Acting directors

  (3) The Governor in Council may appoint one or more persons to act as a director in the event that any director is absent or unable to act.

• Marginal note:Reappointment

  (4) A director whose term of office has expired is eligible for reappointment to the Board in the same or another capacity.

• Marginal note:Incumbent director

  (5) Notwithstanding subsection (2), if a director is not appointed to take office on the expiration of the term of an incumbent director, the incumbent director continues in office until that director is reappointed or until a successor is appointed.