Canada Deposit Insurance Corporation Act

Marginal note:Chairperson

• 6 (1) The Governor in Council shall appoint a person of proven financial ability to be Chairperson of the Board.

• Marginal note:Term of office

  (2) Notwithstanding subsection 105(5) of the Financial Administration Act, the Chairperson shall be appointed to hold office during good behaviour for such term as the Governor in Council deems appropriate but may be reappointed on the expiration of his or her term of office and may be removed at any time by the Governor in Council for cause.

• Marginal note:Disqualification

  (3) No person is eligible to be appointed or to continue as Chairperson who

  • (a) is not a Canadian citizen ordinarily resident in Canada;

  • (b) is a member of the Senate or House of Commons or a member of a provincial legislature; or

  • (c) is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.

  • (d) [Repealed, 2007, c. 6, s. 402]

• Marginal note:Presiding at meetings

  (4) The Chairperson shall preside at all meetings of the Board but where at any meeting the Chairperson is absent, one of the directors present thereat who is chosen so to act by the directors present shall preside and have all the powers of the Chairperson.

• Marginal note:Remuneration of Chairperson

  (5) The Chairperson shall be paid by the Corporation such remuneration as may be fixed by the Governor in Council.