Canadian Payments Act

Marginal note:Regulations by Governor in Council

• 35 (1) The Governor in Council may make regulations

  • (a) establishing the number of members of committees of the Board and the number of members of the Board that shall be designated by the Board from each class of members established under subsection 9(3);

  • (b) respecting the election of directors of the Association, including regulations

    • (i) respecting the eligibility of persons to be elected as directors,

    • (ii) determining the number of directors, if any, to be elected in respect of each class established under subsection 9(3), and

    • (iii) prescribing the circumstances when two or more of the classes established under subsection 9(3) are to be deemed to be one class and determining the number of directors to be elected in respect of that deemed class;

  • (c) determining the number of votes that a member is entitled to cast for the election of directors;

  • (d) establishing requirements for membership in the Association to be met by persons or classes of persons;

  • (e) respecting the conditions that a money market mutual fund must satisfy; and

  • (f) generally, for carrying out the purposes and provisions of this Part.

• Marginal note:Deeming

  (2) A director elected in respect of classes that are deemed to be one class under regulations made under subparagraph (1)(b)(iii) is deemed to be elected by and to represent the members of each of the affected classes for the purposes of subsection 9(4) and sections 11 to 13.