An Act to amend the Canadian Commercial Corporation Act

Link to law: http://laws-lois.justice.gc.ca/eng/AnnualStatutes/2002_4/FullText.html

An Act to amend the Canadian Commercial Corporation Act

S.C. 2002, c. 4

Assented to 2002-03-21

An Act to amend the Canadian Commercial Corporation Act

SUMMARY

This enactment amends the Canadian Commercial Corporation Act by

(a) separating the functions of chairperson of the Board and chief executive officer, and describing the roles and responsibilities of the Chairperson and President of the Corporation;

(b) authorizing additional borrowing; and

(c) permitting the Corporation to charge an amount that it considers appropriate for providing services.

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Marginal note:R.S., c. C-14

1. (1) The definition “President” in the English version of section 2 of the Canadian Commercial Corporation Act is repealed.

(2) The definition “Board” in section 2 of the Act is replaced by the following:

“Board”

« conseil »

“Board” means the Chairperson, the President and the other directors of the Corporation;

Marginal note:R.S., c. 1 (4th Supp.), s. 44 (Sch. II, item 7)(E)

2. Section 3 of the Act is replaced by the following:

Marginal note:Corporation established

3. There is hereby established a corporation to be known as the Canadian Commercial Corporation consisting of a Chairperson, a President and not more than nine or less than five other directors.

Marginal note:Appointment of Chairperson and President

3.1 (1) The Chairperson and the President shall be appointed by the Governor in Council to hold office during pleasure for any term that the Governor in Council considers appropriate.

Marginal note:Remuneration of Chairperson and President

(2) The remuneration of the Chairperson and the President, if they are not members of the public service of Canada, shall be fixed by the Governor in Council and paid by the Corporation.

Marginal note:Appointment of directors

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

Marginal note:Duties of Chairperson

3.2 (1) The Chairperson shall preside at all meetings of the Board and shall perform any other duties that are assigned by the by-laws or by resolution of the Board.

Marginal note:Absence of Chairperson

(2) If the Chairperson is absent from a meeting, the directors that are present at the meeting shall choose a director to preside at it. For that purpose, the director has all the powers and duties of the Chairperson.

Marginal note:Duties of President

(3) The President is the chief executive officer of the Corporation and has on behalf of the Board the direction and management of the business of the Corporation. The President shall perform any other duties that are assigned by the by-laws or by resolution of the Board.

Marginal note:Absence or incapacity of President

(4) If the President is absent or unable to act or the office of President is vacant, the Board may appoint a director or an officer of the Corporation to act as President and shall fix the remuneration and terms and conditions of the appointment. No person may be appointed for a term of more than 90 days without the approval of the Governor in Council.

3. Subsection 7(3) of the Act is repealed.

4. Subsection 8(1) of the French version of the Act is replaced by the following:

Marginal note:Personnel

8. (1) La Société peut employer les dirigeants et le personnel qu’elle estime nécessaires à l’exercice de ses activités et fixer leurs conditions d’emploi et leur rémunération.

5. (1) Subsection 11(2) of the Act is replaced by the following:

Marginal note:Borrowing power

(1.1) The Corporation may borrow moneys from the Consolidated Revenue Fund or any other source for any purpose for which the Corporation was established, but the total amount outstanding on all of those loans at any time shall not exceed $90 million or any greater amount that may be specified in an appropriation Act.

Marginal note:Loans to the Corporation

(2) The Minister of Finance may lend moneys from the Consolidated Revenue Fund to the Corporation on any terms and conditions that the Minister of Finance may determine.

(2) Subsection 11(4) of the Act is replaced by the following:

Marginal note:Charges

(4) The Corporation may charge any amount that it considers appropriate for providing services to a person, department or agency, including an amount to cover the risk of any loss that the Corporation may incur as a result of a default or failure by that person, department or agency in respect of a transaction entered into with any of them.

Marginal note:Coming into force

6. This Act comes into force on a day to be fixed by order of the Governor in Council.
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