National Research Council Act

Marginal note:Council established

• 3 (1) There is established a Council, to be called the National Research Council of Canada, consisting of a President, a Chairperson and not more than 10 other members, to be appointed by the Governor in Council.

• Marginal note:Council incorporated

  (2) The Council is a corporation that has power to acquire, hold, sell or otherwise dispose of and loan or lease real, personal, movable and immovable property for the purposes of and subject to this Act.

• Marginal note:Incorporation and acquisition of shares

  (3) The Council, as well as a corporation described in subsection (4), may do anything in respect of which paragraph 90(1)(a) or (b) of the Financial Administration Act applies only with the approval of the Governor in Council and in accordance with any conditions that the Governor in Council may impose.

• Marginal note:Corporation

  (4) Subsection (3) applies with respect to a corporation if any of its shares, within the meaning of Part X of the Financial Administration Act, are held by the Council and either

  • (a) a majority of the corporation’s directors or members are nominated or appointed by or on behalf of Her Majesty in right of Canada or by directors or members who were nominated or appointed by or on behalf of Her Majesty; or

  • (b) Her Majesty otherwise controls the corporation.